Hungary was the first European Union state to approve the EU-Vietnam Investment Protection Agreement (EVIPA).
Vietnam and Hungary are expected to sign an agreement on cooperation between the two parliaments in replacement of the one inked in 2008.
|Chairman of Vietnam's National Assembly Vuong Dinh Hue and István Jakab, Deputy Speaker of the National Assembly of Hungary, in Budapest on June 26 (local time). Photos: VNA|
The agreement would be signed during the visit to Budapest by Chairman of Vietnam's National Assembly Vuong Dinh Hue on June 26-28 at the invitation of Speaker of Hungary's National Assembly László Kövér.
The parliamentary cooperation is evidence of the Comprehensive Partnership agreed in 2018 during the visit paid by General Secretary of the Communist Party of Vietnam Nguyen Phu Trong to the European country.
The cooperation agreement is believed to cover three main fields namely the exchange of visits of high-profile officials and parliamentarians; the exchange of views on the two national assemblies and international treaties to which both countries are signatories; and consultations and mutual support at multilateral forums, according to Vietnamese Ambassador to Hungary Nguyen Thi Bich Thao.
Hue's visit will enable the two countries’ leaders to ratify their commitments to the bilateral relations, the post-pandemic recovery, and cooperation on global issues, such as climate change and energy security.
Fields of potential cooperation between Vietnam and Hungary include trade and investment, agriculture, health, tourism, and workforce with more Vietnamese laborers to be sent to Hungary to work in agriculture, food processing, and construction.
According to Ambassador Thao, high on the three-day trip agenda are a meeting with Hungarian Prime Minister Viktor Orbán; the 4th legal meeting on completing legal framework for reducing greenhouse gas emissions and green economy; the Vietnam-Hungary Business Forum; a visit to a leading Hungarian food processing plant; signing of an agreement on justice and legal cooperation for 2022-2023; education forum with the participation of representatives of both countries' leading universities; defense cooperation; and discussions on further official development assistance (ODA).
On June 26, Hue visited Mirelite Mirsa Co., Ltd, a Hungarian enterprise specializing in manufacturing and distributing a wide range of frozen fruits, vegetables, and pastry products, to seek experiences and cooperation for Vietnam's food processing.
In addition, Hue will meet the Hungary-Vietnam Friendship Association whose members are mainly those who supported Vietnam in the wartime and nation-building process, as well as meet with the Vietnamese community of about 6,000 members in Hungary.
|Chairman of Vietnam's National Assembly Vuong Dinh Hue visits Mirelite Mirsa Co., Ltd, a Hungarian enterprise specializing in manufacturing and distributing a wide range of frozen fruits, vegetables, and pastry products, in Albertirsa City.|
Vietnam – Hungary relations: Traditional and friendly
The Vietnam-Hungary relations have lasted for 72 years and named "traditional" by both sides. In the past, the Central European landlocked country trained thousands of Vietnamese students who later returned to their home country for post-war reconstruction after 1975. Many of them hold high positions in Vietnam's leadership.
For that reason, education becomes the traditional sector of bilateral cooperation. Currently, Hungary is the European Union state providing the largest number of scholarships to Vietnam with more than 200 fellowships annually.
Hungary prioritizes Vietnam in its ODA policy with the commitment of EUR440 million (US$465 million) worth of soft loans for important socio-economic projects.
Hungary played an important role in promoting the adoption of the EU–Vietnam Free Trade Agreement (EVFTA) and became the first EU state to approve the EU-Vietnam Investment Protection Agreement (EVIPA).
EVFTA is expected to boost the bilateral trade which hit US$1.1 billion in 2021, a rise of 3.7 times compared to that in 2017.
The two countries are seeking ways to make full use of EVFTA with Vietnamese businesses' focusing on stable supply for European importers, according to Ambassador Thao.
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