Calling on Hungarian investors and businesses to explore opportunities and expand cooperation and investment with Vietnam

Prime Minister Viktor Orbán suggested that ministries, branches, agencies, and businesses of the two countries study opening direct flights between Vietnam and Hungary to shorten the distance between the two peoples, promote people-to-people exchanges, investment cooperation...

Prime Minister Pham Minh Chinh and Hungarian Prime Minister Viktor Orbán attend the Vietnam-Hungary Business Forum. (Source: VNA)

Within the framework of the official visit to Hungary, on the afternoon of January 19 (local time) in Budapest, Prime Minister Pham Minh Chinh and Hungarian Prime Minister Viktor Orbán attended the Vietnam-Hungary Business Forum.

The forum was co-organized by the Ministry of Planning and Investment, the Vietnamese Embassy in Hungary and the Hungarian Export Promotion Agency.

Also attending the forum were leaders of ministries, branches, agencies, associations and many businessmen, representatives of Vietnamese and Hungarian enterprises.

At the forum, delegates were introduced to the potential and investment and business environment of Vietnam and Hungary; and heard about the investment and business capabilities and plans of enterprises of the two countries.

In particular, the forum devoted time for businesses to ask questions and have leaders of ministries and sectors of both sides answer issues of concern such as: economic development strategies of each country; priority areas; policy mechanisms; procedures, infrastructure, human resources, etc. Along with that, businesses of both sides exchanged and connected to cooperate in investment and business.

Prime Minister Pham Minh Chinh speaks at the Vietnam-Hungary Business Forum. (Source: VNA)

Speaking at the forum, Prime Minister Pham Minh Chinh said that after nearly 75 years of establishment, the Vietnam-Hungary relationship has continuously developed well. During this visit, Prime Minister Pham Minh Chinh had talks and meetings with the Prime Minister, President and Vice President of the Hungarian National Assembly. The two sides demonstrated high political trust and agreed to promote cooperation in all fields. This is a favorable political environment, an important foundation for businesses of the two countries to promote investment cooperation.

Informing the forum about the process of gaining national independence and building and developing the country, especially the country's development policy, foreign policy, defense policy, preserving and promoting the nation's cultural values, etc., Prime Minister Pham Minh Chinh said that after nearly 40 years of renovation, from a poor, backward, war-torn country, Vietnam is now among the 40 economies with the largest gross domestic product (GDP) in the world; per capita income increased from 160 USD to nearly 4,300 USD in 2023; and is among the top 20 economies in terms of trade and attracting foreign direct investment (FDI).

To date, Vietnam has signed 16 Free Trade Agreements (FTAs) with more than 60 countries.

In 2023, the world and regional situation has many difficulties and challenges, but Vietnam still achieved many important results. Vietnam's macro-economy is maintained stable; inflation is controlled. GDP increased by 5.05%. Public debt, government debt, national foreign debt, and state budget deficit are well controlled. Total import-export turnover is about 683 billion USD; record trade surplus of 28 billion USD...

Vietnam is mobilizing all social resources, striving to become a developing country with modern industry and high average income by 2030 and a developed country with high income by 2045. Currently, Vietnam is focusing on implementing 3 strategic breakthroughs including: breakthrough in perfecting legal institutions; breakthrough in infrastructure development and breakthrough in human resource training and administrative reform.

Thereby, reducing product input costs, enhancing business competitiveness; reducing compliance costs for businesses, helping businesses invest in stable, long-term and effective business in Vietnam.

The Prime Minister emphasized that Vietnam is renewing the old driving forces of “export, consumption and investment” and adding new driving forces of digital economy, green economy, circular economy and sharing economy. Vietnam always protects the legitimate and legal rights and interests of enterprises; encourages and creates all favorable conditions for enterprises to develop, in the spirit of “harmonized benefits, shared risks”, “harmonized interests between the State, people and enterprises”.

Prime Minister Pham Minh Chinh called on Hungarian investors and businesses to explore opportunities and expand cooperation and investment with Vietnam, for the benefit of each business, for the development of each country, for the Vietnam-Hungary relationship and for peace, cooperation and development in the region and the world.

The Prime Minister wishes and hopes that on the occasion of the 150th anniversary of Vietnam-Hungary diplomatic relations, each country will be stronger and more prosperous; the people of each country will be more prosperous and happier; the Vietnam-Hungary relationship will be stronger, more substantive and more effective; and will contribute more practically to peace, stability, cooperation and development in the region and the world.

Hungarian Prime Minister Viktor Orbán speaks at the Vietnam-Hungary Business Forum. (Source: VNA)

Speaking here, Hungarian Prime Minister Viktor Orbán said that he and Hungarian leaders had just had very successful meetings and talks with Prime Minister Pham Minh Chinh. Hungary congratulated and highly appreciated Vietnam's socio-economic development achievements, with a trade surplus of 28 billion USD in 2023 and many large enterprises of regional and world stature. The two sides also agreed to promote cooperation and investment, especially in areas where one side has strengths and the other side has demand.

Recalling the history and development of Hungary, Prime Minister Viktor Orbán said that Hungary is a diversely developed economy; Hungarians have many scientific and technological innovations; Hungary's GDP is 80% contributed by exports. Hungary is a member of the European Union (EU). These are advantages for businesses in general, including Vietnamese businesses, to have many opportunities to cooperate, invest, develop the economy, and create jobs for people in each country.

Prime Minister Viktor Orbán said that Hungary supports the Vietnam-EU Free Trade Agreement (EVFTA) and the Vietnam-EU Investment Protection Agreement (EVIPA). With its role and position in the EU, Hungary continues to push for the remaining countries to soon ratify the EVIPA, contributing to creating favorable conditions for Vietnamese goods to be more present in the EU market.

According to the Hungarian Prime Minister, the biggest obstacle in the relationship and cooperation between Vietnam and Hungary at present is the geographical distance. Therefore, Prime Minister Viktor Orbán suggested that ministries, branches, agencies and businesses of the two countries study the opening of direct flights between Vietnam and Hungary to shorten the distance between the two peoples, promote people-to-people exchanges, investment cooperation, etc.

The Hungarian Prime Minister said that currently, there are about 900 Vietnamese students studying in Hungary every year. Prime Minister Viktor Orbán hopes that students studying in Hungary will become ambassadors to promote and nurture the growing Vietnam-Hungary relationship.

The Hungarian Prime Minister hopes that in 2025, when he visits Vietnam, he will hear reports from ministries, sectors and agencies, with specific cooperation results starting from this visit of Prime Minister Pham Minh Chinh in general and the Vietnam - Hungary business forum in particular.

Prime Minister Pham Minh Chinh visits Gedeon Richter Plc Pharmaceutical Company. (Source: VNA)

Earlier the same morning, Prime Minister Pham Minh Chinh visited and worked at Gedeon Richter Plc - one of the largest pharmaceutical enterprises and research centers in Central and Eastern Europe.

The company's leadership said that Gedeon Richter is a multinational pharmaceutical and biotechnology company, founded by pharmacist Gedeon Richter in 1901, with headquarters in Budapest, Hungary. In 2021, Richter's consolidated revenue reached 1.8 billion EUR (1.9 billion USD). Currently, Richter has about 50 representative offices distributing products worldwide, including Vietnam (since 1995), operating an office in Ho Chi Minh City. The company made some suggestions and hopes to continue to be facilitated to operate and do business in Vietnam.

Prime Minister Pham Minh Chinh highly appreciated Hungary's achievements in medicine and pharmaceuticals as well as the performance of Gedeon Richter Plc. The company has a long history of association and operation in Vietnam, making certain contributions to the development of Vietnam's healthcare sector.

According to the Prime Minister, the traditional friendship and good cooperation with a history of more than 70 years between Vietnam and Hungary has been developing very positively in all fields, including health and pharmaceuticals.

Vietnam attaches great importance to the development of the healthcare and pharmaceutical sectors, especially in the context of increasingly complex non-traditional security challenges, natural disasters, and epidemics. The Vietnamese Government has issued the Program for the Development of the Pharmaceutical Industry and Domestically Produced Medicinal Materials to 2030, with a Vision to 2045, and the National Strategy for the Development of Vietnam's Pharmaceutical Industry to 2030 and a Vision to 2045.

Accordingly, it will promote attracting investment in drug production in Vietnam, transferring production technology from foreign drug production facilities for patented drugs, original drugs, vaccines and medical biological products; focusing on developing fields from production, distribution, circulation, ensuring drug quality, rational and safe use of drugs... At the same time, creating a favorable, public and transparent business environment, helping businesses, including pharmaceutical businesses, focus on innovation and development.

On the basis of good cooperation between the two countries, Prime Minister Pham Minh Chinh suggested that Gedeon Richter Company step up support, exchange of experience, scientific information, and management experience, helping Vietnam improve the capacity of the pharmaceutical industry, realize the goal of developing the pharmaceutical industry; strengthen investment cooperation and transfer of technology to produce special and rare drugs with Vietnam.

Noting that Vietnam has many precious medicinal herbs, the Prime Minister suggested that Gedeon Richter Company increase coordination in research and development of pharmaceuticals based on Vietnamese medicinal herbs.

Source: https://baoquocte.vn/keu-goi-cac-nha-dau-tu-doanh-nghiep-hungary-tim-hieu-co-hoi-mo-rong-hop-tac-dau-tu-voi-viet-nam-258108.html