Viet Nam News

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Việt Nam – Hungary trade hits record of $1 billion

Bilateral trade between Việt Nam and Hungary hit a historic record of more than US$1 billion in 2020, reflecting the enhanced relationship between the two countries in recent years.

According to the Vietnamese Embassy to Hungary, it was the first time in history two-way trade reached $1.297 billion, a rise of 73.88 per cent over 2019.

Of the figure, Việt Nam’s exports to Hungary were worth $925 million, an increase of 126.69 per cent.

The historic record trade demonstrated that the relationship between the two countries was growing stronger than ever, especially since the two countries upgraded relations to a comprehensive partnership in 2018.

The official visit of Hungarian Minister of Foreign Affairs and Trade Peter Szijjártó to Việt Nam in August on the occasion of the 70th anniversary of the two countries’ diplomatic ties reflected that Hungary attached much importance to the relationship with Việt Nam.

Hungary was also among the first countries in the European Union (EU) to approve the EU – Việt Nam Free Trade Agreement (EVFTA) and EU – Việt Nam Investment Protection Agreement (EVIPA) to create a long-term and stable framework to further economic, trade and investment co-operation between Việt Nam and the bloc.

In recent years, Việt Nam mainly exported computers, electronic products and components, machinery and equipment, phones and components and garment products to Hungary. Hungary’s major export products to Việt Nam included animal feed and raw material, machinery and equipment and pharmaceutical products.

In 2018, the two-way trade between Việt Nam and Hungary topped $645 million. — VNS