Viet Nam is largest Southeast Asian exporter to Hungary
VGP – Viet Nam is the first country in Southeast Asia announcing the export value to Hungary exceeding US$1 billion, according to the Ministry of Industry and Trade.
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.
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.
The Hungarian Central Statistical Office reported that in the first 10 months of 2021, Viet Nam gained US$842.7 million from exporting to Hungary, a year-on-year increase of 5 percent.
In 2020, the Southeast Asian nation earned US$1.008 billion from exporting to Hungary, up 86.4 percent against in 2019. Electronics and spare parts took the lead among Viet Nam’s export items to Hungary in 2020, with US$747 million, making up 74.1 percent.
Over the first 10 months of 2021, Hungary spent US$574.8 million to import electronics and accessories from Viet Nam, accounting for 77 percent of the total import value from Viet Nam.