Hanoi: Prime Minister Pham Minh Chinh’s official visit to Hungary from January 18 to 20 will create breakthroughs and impetus for the comprehensive partnership between the two countries, said Vietnamese Ambassador to the European nation Nguyen Thi Bich Thao.
The PM, his spouse, and a high-ranking delegation of Vietnam will pay the official visit at the invitation of Hungarian PM Viktor Orban, following their attendance in the 54th Annual Meeting of the World Economic Forum (WEF) in Davos, Switzerland.
In a recent interview granted to the Vietnam News Agency, Thao said the trip takes place as the traditional friendship and multifaceted cooperation between Vietnam and Hungary have been growing well for nearly 75 years. This will be the first time the two PMs held talks since their countries lifted bilateral ties to the comprehensive partnership in 2018.
Despite numerous difficulties, uncertainties, and risks in the world, with senior leaders’ very high political resolve, the visit will further tighten the po
litical trust, create breakthroughs and impetus for the comprehensive partnership, and especially foster ties in investment, economy, trade, science – technology, education, digital transformation, and green transition to generate practical benefits for both peoples, she remarked.
The ambassador went on to say that during the three-day visit, PM Chinh is scheduled to engage in 15 activities. In particular, the two PMs will witness the signing of cooperation documents in the fields of diplomacy, culture, water management, and crime, along with 10 others between Vietnamese and Hungarian universities. They will attend a business forum with a view to fostering bilateral economic, trade, and investment links.
PM Chinh and the delegation of Vietnam will also visit and have meetings with some Hungarian enterprises operating in such key industries as the pharmaceutical sector. The Government leader is set to deliver an important speech on Vietnam’s foreign policy and relations between the two countries at the Natio
nal University of Public Service of Hungary. In addition, he will visit the Vietnamese Embassy and meet representatives of Vietnamese people there.
Highlighting some major achievements in bilateral economic, trade, and investment ties, Thao noted that implementing its ‘Look East’ policy, Hungary has attached importance to relations with Vietnam, one of its important partners in Southeast Asia, and also supported Vietnam’s enhancement of connections with the EU. In particular, Hungary was one of the first to ratify the EU – Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA), helping bilateral economic and trade links to progress over the recent past.
Thanks to these two deals, Vietnam has become a bridge for goods from Europe, including Hungary, to enter ASEAN and vice versa. Since the signing of the EVFTA, trade between the two countries has grown by a record of 33%, from 354 million USD in 2017 to over 1.2 billion USD in 2022 despite impacts of the COVID-19 pandemic. In 2023,
braving regional and global economic difficulties and an economic recession in Hungary, bilateral trade still reached some 900 million USD, she noted.
Meanwhile, she added, Hungary’s investment in Vietnam remains stable with 22 projects worth 72.28 million USD in total, ranking 51st among the 143 countries and territories investing in the Southeast Asian country.
The diplomat held that there remains huge potential for Vietnam – Hungary cooperation, especially when it has been promoted via frequent meetings between the leaders of the two countries, thereby contributing to the Vietnam – EU relations.
As Hungary is about to hold the rotating Presidency of the Council of the EU in the last half of 2024, during which it will focus on economic recovery, PM Chinh’s visit will help tackle bottlenecks and step up Vietnam’s trade and investment links with the EU via Hungary, according to Ambassador Thao./.
Source: Vietnam News Agency
