Thanks to the E.U. - Vietnam Free Trade Agreement (EVFTA) that took effect on August 1, 2020, bilateral trade topped 1 billion USD for the first time in 2020 to hit 1.297 billion USD, surging 73.88 percent from the previous year. The turnover included 925 million USD in Vietnam’s exports, shooting up 126.69 percent, according to the European-American Market Department at the Ministry of Industry and Trade (MoIT).
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Much room remains for Vietnam to boost exports to Hungary |
Due to the COVID-19 pandemic’s impact, bilateral trade dropped 15.2 percent to slightly over 1 billion USD in 2021. Vietnam exported 570 million USD worth of goods to Hungary and imported 529 million USD in return, respectively declining 38.4 percent and rising 42.4 percent.
Pham Van Cong, Trade Counsellor and head of Vietnam’s trade office in Hungary, said trade between the two countries has increased fast in recent years, with electronic devices making the largest contribution. Besides, agricultural and food products are also potential commodities.
Notably, Vietnam’s shipments to Hungary in 2020 increased by over 8-fold from 2016, he noted.
He held that goods from Vietnam in general and agricultural products in particular still have much room to expand their presence in Hungary. In particular, the EVFTA has been giving tariff advantages to Vietnamese commodities compared to rivals from other countries.
Cong recommended enterprises proactively learn market information via the internet and trade promotion organisations of the two countries. They can also gain help from Vietnam’s trade office in Hungary to minimise business risks.
Meanwhile, Pham Ngoc Chu, Chairman of the Vietnamese Business Association in Hungary, stressed that to enjoy good sales, products must meet requirements about quality, packaging, and language on package. Besides, enterprises also need to guarantee uninterrupted supply and consistent quality.
With their complementary advantages, the two countries definitely have room to explore chances for further enhancing their economic - trade ties in the time ahead, he added.
Source: VNA