The bilateral trade between Viet Nam and Hungary hit a historic record of more than US$1 billion in 2020. — Photo baochinhphu.vn

Bilateral trade between Viet Nam and Hungary hit a historic record of more than US$1 billion in 2020, reflecting the enhanced relationship between the two countries in recent years.

According to the Vietnamese Embassy to Hungary, it was the first time in history two-way trade reached $1.297 billion, a rise of 73.88 per cent over 2019.

Of the figure, Viet Nam’s exports to Hungary were worth $925 million, an increase of 126.69 per cent.

The historic record trade demonstrated that the relationship between the two countries was growing stronger than ever, especially since the two countries upgraded relations to a comprehensive partnership in 2018.

The official visit of Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto to Viet Nam in August on the occasion of the 70th anniversary of the two countries’ diplomatic ties reflected that Hungary attached much importance to the relationship with Viet Nam.

Hungary was also among the first countries in the European Union (EU) to approve the EU – Viet Nam Free Trade Agreement (EVFTA) and EU – Viet Nam Investment Protection Agreement (EVIPA) to create a long-term and stable framework to further economic, trade and investment co-operation between Viet Nam and the bloc.

In recent years, Viet Nam mainly exported computers, electronic products and components, machinery and equipment, phones and components and garment products to Hungary. Hungary’s major export products to Viet Nam included animal feed and raw material, machinery and equipment and pharmaceutical products.

In 2018, the two-way trade between Viet Nam and Hungary topped $645 million. — VNS