Hungary PM to help speed up EU-Vietnam investment pact

By Minh Son   January 18, 2024 | 07:23 pm PT
Hungary PM to help speed up EU-Vietnam investment pact
Vietnamese Prime Minister Pham Minh Chinh and his Hungarian counterpart Viktor Orban shake hands in Budapest, Hungary on Jan. 18, 2023. Photo by Nhat Bac
Hungarian Prime Minister Viktor Orban, who will become president of the European Council later this year, has promised to push for a key EU investment agreement with Vietnam.

He was meeting with the visiting Vietnamese PM, Pham Minh Chinh, in Budapest on Thursday.

The European Union-Vietnam Investment Protection Agreement, which will replace bilateral investment agreements between Vietnam and 21 EU countries, has to be ratified by the EU and the parliaments of each member country.

Hungary became the first member to approve it, and also actively helped the two sides sign the landmark EU-Vietnam Free Trade Agreement in 2019.

Chinh called on Hungary to create favorable conditions for more Vietnamese goods to enter its market, especially agricultural, forestry and seafood items.

Vietnam is willing to act as a gateway for Hungarian products to Southeast Asia, he said.

Orban said his country welcomes investment by Vietnamese businesses in the information technology and auto industries.

Chinh arrived in Budapest at noon Thursday for a three-day visit after attending the World Economic Forum in Davos, Switzerland. His official visit to Hungary will end on Saturda

Vietnam and Hungary have a history of cooperation for more than 70 years.

In 2018 they upgraded their relationship to Comprehensive Partnership.

In Southeast Asia, Vietnam is the only country with major exports to Hungary, which reached US$1 billion in 2020 and has remained there since.

Hungary has invested $50.66 million in 15 projects to rank 55th out of 105 countries and territories investing in Vietnam.

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