Expanding bilateral cooperation between Hungary and Vietnam plays an important role in the implementation of the government's Opening towards the East policy, State Secretary for Foreign Affairs and External Economic Relations Péter Szijjártó said.

The tied aid credit programme is an important component of bilateral cooperation, the State Secretary said following the meeting of the Hungary-Vietnam Economic Joint Committee in Budapest.

This includes two major investments by Hungarian companies developing a personal registration system and a water-management project in Vietnam worth a total of 20.1 million euros.

Negotiations have begun on investments by Hungarian companies in Vietnam worth more than 500 million euros, added Mr. Szijjártó, the Committee's Co-Chair.

Bilateral trade between the two countries is currently booming: the foreign trade volume rose by 26% and Hungarian exports increased by 37%, while imports grew by 15%. The trade balance between the two countries favours the Hungarian side with a USD 6.3 million surplus.

The parties also mentioned several other opportunities for cooperation between the two countries: agreements between the national banks so commercial banks could enter each other’s markets and permission for 12 Hungarian food companies to export to the Vietnamese market. Vietnam also plans to build its first atomic reactor in 2014, which Hungary will support by training local experts within the field.

Ho Thi Kim Thoa, Vietnamese Deputy Minister for Industry and Commerce and Chairwoman of the Hungarian-Vietnamese Business Council, said there is still a great potential for increased cooperation between the two countries.

(Prime Minister's Office)