Economic relations between Hungary and Vietnam have developed dynamically in recent years, and this process may gain additional impetus from cooperation between the two countries in the field of finance and vocational education, Minister for National Economy Mihály Varga said, as member of the Hungarian delegation headed by PM Viktor Orbán, after the signing of MoUs with the relevant ministries.

The volume of the bilateral trade of goods soared by 40 percent last year and it was up year-on-year by 96 percent in the first half of the year. The number of Hungarian enterprises that show interest in business opportunities in Vietnam is also rising, he added.

Speaking of the agreements, Mihály Varga noted that financial cooperation was expected to enable the development of the financial and fiscal management of Vietnam’s public sector institutions through studying Hungarian experiences, and the adoption of successful government debt management practices. Under the vocational education agreement, vocational and adult education will be promoted, the legal knowhow of the system shared, and joint education and exchange programmes will be organized with Vietnamese partners, the Minister said. Hungary is also ready to share economic regulation and modernization experiences with the aim of fostering Vietnam’s future economic growth, he added.

In recent years, Vietnam has made huge economic and social progress; economic growth repeatedly exceeds 6 percent per year and the fact that Vietnam has officially become a middle-income country is very encouraging when it comes to bilateral relations. We, Hungarians, are looking forward to the signing of the free trade agreement between the EU and Vietnam so that we can begin to profit from subsequent economic advantages as soon as possible, Mihály Varga pointed out.

Regarding business relations, the Minister said that several Hungarian enterprises showed interest in Vietnam, and he hoped that the favourable macro-economic environment in Hungary, optimal logistics and infrastructure conditions would soon invoke a similar attitude from some fast-growing Vietnamese companies, as well.

(Ministry for National Economy)