Hungarian PM solicits Vietnamese investment

Speaking at the Hungarian – Vietnamese Business Forum in Budapest on Friday amid Prime Minister Pham Minh Chinh’s visit, he said: "Vietnam’s economy is growing strongly. We want the strongest representatives of Vietnam to invest in Hungary."

Chinh urged investors in both countries to invest in the other to promote the good bilateral relationship.

"There is no reason not to invest in either Vietnam or Hungary. I hope that investors will deepen their understanding of the other country for the benefit of all."

Orban said Hungary’s economy, though smaller than Vietnam’s, is diversified, and this would be advantageous to businesses.

The rubik's cube, ballpoint pens and coffee machines are all Hungarian inventions, he pointed out.

Though there are concerns that the Russia-Ukraine tension could affect Hungary, he said it was not a problem since Hungary always promotes peace.

"We will not have any policy to push Hungary into ... [a] conflict."

Chinh called on Hungarian businesses to invest in consumer goods, the green and circular economies, digital transformation, and artificial intelligence.

"The government will journey with and protect investors and so they can feel secure about coming to Vietnam. No one wants to invest in a country with unstable policies."

Vietnamese Prime Minister Pham Minh Chinh speaks at the Hungarian-Vietnamese Business Forum in Budapest, Hungary on Jan. 19, 2023. Photo by Tran Thuong

Chinh said the size of Vietnam’s economy had surged 53-fold from US$8 billion in 1986 to $430 billion last year after years of war and trade embargoes.

From being an under-developed country it has grown into a middle-income one, he said.

Its economy is stable and inflation has been under control in recent years despite global challenges, he said.

It would always meet its international commitments and promote free trade and investment protection agreements, he said.

"Hopefully when we celebrate the 150 years of bilateral relations, both countries will be stronger and cooperate more effectively, bringing greater benefits to people and businesses."

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

In 2018 they upgraded their relationship to a Comprehensive Partnership.