Room remains for Việt Nam to boost exports to Hungary
HÀ NỘI — Trade between Việt Nam and Hungary has grown continually over the past years, and it is believed that there remains room for Việt Nam to fuel exports to this European nation.
Thanks to the EU - Việt Nam Free Trade Agreement (EVFTA) that took effect on August 一, 二0 二0, bilateral trade topped US$ 一 billion for the first time in 二0 二0 to hit $ 一. 三 billion, surging 七 三. 八 八 per cent from the previous year. The turnover included $ 九 二 五 million in Việt Nam’s exports, shooting up 一 二 六. 六 九 per cent, according to the European-American Market Department at the Ministry of Industry and Trade.
Due to the COVID- 一 九 pandemic, bilateral trade dropped 一 五. 二 per cent to slightly over $ 一 billion in 二0 二 一. Việt Nam exported $ 五 七0 million worth of goods to Hungary and imported $ 五 二 九 million in return, respectively declining 三 八. 四 per cent and rising 四 二. 四 per cent.
Phạm Văn Công, Trade Counsellor and head of Việt Nam’s trade office in Hungary, said trade between the two countries has increased in recent years, with electronic devices making the largest contribution. Besides, agricultural and food products are also potential co妹妹odities.
Notably, Việt Nam’s shipments to Hungary in 二0 二0 increased over 八-fold from 二0 一 六, he noted.
He held that goods from Việt Nam, especially agricultural products still have room to expand their presence in Hungary. In particular, the EVFTA has been giving tariff advantages to Vietnamese co妹妹odities compared to rivals from other countries.
Công reco妹妹ended enterprises proactively learn market information via the internet and trade promotion organisations of the two countries. They can also gain help from Việt Nam’s trade office in Hungary to minimise business risks.
Meanwhile, Phạm Ngọc Chu, Chairman of the Vietnamese Business Association in Hungary, stressed that to enjoy good sales, products must meet requirements on 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 future, he added. — VNS