9th meeting of VN-Hungary Joint Committee on Economic Cooperation held

9th meeting of VN-Hungary Joint Committee on Economic Cooperation held

At the meeting, Vuong and Istvan Joo highlighted socio-economic development in their respective countries in the past time, and reviewed bilateral cooperation results since the 8th meeting of the committee.

According to statistics from the General Department of Viet Nam Customs, trade value between the two sides during January-October this year was estimated at US$611.6 million, a year-on-year surge of 17.58%.

Viet Nam gained US$340.79 million from exporting garment and textiles and transport vehicles and spare parts, among others to the central European country. Meanwhile, the country splashed out US$270.8 million on purchasing Hungarian pharmaceutical products, chemical, machines and tools.

In the past year, both sides have worked together to carry out their cooperative documents in various sectors so as to boost collaboration in a more practical and effective manner. Particularly, they made efforts to remove bottlenecks for the construction of Can Tho Oncology Hospital after a long time of hiatus.

Viet Nam and Hungary have agreed to boost comprehensive collaboration across politics, economy-trade, science-technology, culture, tourism, finance, agriculture, and security-defense to mark the 70th anniversary of bilateral diplomatic relations (February 1950-2020).

Regarding the financial cooperation framework agreement worth EUR440 million (US$484.7 million), they reached consensus on prioritized sectors of water management, pharmaceutical-medical industry, IT, and technologies in the agricultural sector.

Besides, they will coordinate closely to accelerate the implementation of projects approved by the two governments.

On the occasion, Viet Nam’s Ministry of Industry and Trade and the Vietnamese Embassy in Hungary organized the Viet Nam-Hungary trade and investment promotion forum, drawing the participation of over 20 enterprises form both countries.

The 10th meeting of the Viet Nam-Hungary Joint Committee on Economic Cooperation will take place in Ha Noi, with specific dates and time to be discussed via diplomatic channel.