Hungarian PM takes care of business

Industrial production is one of the key sectors that Hungarian firms want to co-operate with Vietnamese partners

According to Vietnam’s Chamber of Commerce and Industry (VCCI), the visiting Hungarian firms operate in various sectors, such as agriculture, agricultural machinery, foodstuff processing, waste treatment, factory dismantlement and construction, light and heavy industries, healthcare, IT, banking, architecture, construction and building materials, home appliances, and trade.

“Hungarian companies are interested in establishing partnerships with Vietnamese companies. These firms will participate in a business forum in Hanoi,” said Hungary’s Ambassador to Vietnam Csaba Őry. “We see great potential in supplying Vietnam with high-tech agro-food products and technologies, pharmaceutical products, medical devices, machinery, and equipment. We would also like to extend bilateral co-operation in the sectors of ICT, water management, environment protection, and renewable energy.”

According to Őry, Hungary’s firms stand ready to share their expertise and technology with Vietnamese partners in different ways, in the exchange of experts, establishment of joint ventures, and supply of high-tech products and technologies. To foster this co-operation, the Hungarian Eximbank stands ready to provide loans for firms on the basis of preferential commercial credits.

Vietnam-Hungary bilateral trade turnover is rising quickly. Last year, it hit $266 million, up 36.28 per cent year-on-year. In this year’s first half, the figure reached $145 million, up more than 60 per cent year-on-year, according to Vietnam’s Ministry of Foreign Affairs (MoFA).

PM Orbán’s visit is expected to see the signing of many co-operation deals, mainly in the sectors of water management, healthcare, IT, education, and tourism.

According to a MoFA statement on the visit, Hungary wants to “further boost bilateral co-operation with Vietnam in many sectors, especially economy and trade, investment, education and training, healthcare, environment, security and defence, culture, and tourism.”

Orbán will have bilateral talks with Vietnam’s top leaders and meet with some big Vietnamese companies which wish to do business with Hungarian partners in large projects.

According to statistics from Vietnam’s Ministry of Planning and Investment, Hungary currently has 18 valid investment projects in Vietnam, registered at $64 million. The Hungarian investment projects in Vietnam include the $40 million Crest Asia Vietnam, licensed in 2008 in the southern province of Binh Duong, which produces leather products; the $2 million White Stone Co., Ltd., licensed in 2009 in Hanoi and operating in the property consultancy sector; the $2 million Amdocs Vietnam Co., Ltd., licensed in Hanoi and engaging in the ICT sector; and a $1.5 million Vietnam-Hungary joint venture, licensed in 2009 in the north-central province of Thanh Hoa, which produces ashlar paving stones.