Although substantial results have been achieved between Vietnam and Hungary in terms of economic cooperation, it is still not really commensurate with the potential of the two sides, Deputy Prime Minister Le Van Thanh has said.

He made the statement at a Hungary-Vietnam dialogue on economic, trade and investment cooperation held on June 27 (local time) in Budapest, which was part of National Assembly Chairman Vuong Dinh Hue's official visit to the European country. The event drew the participation of nearly 100 businesses from two countries.

Trade value between the two countries surged from 266 million USD in 2016 to 1.3 billion USD in 2020.

Thanh emphasised that Vietnam’s economy has achieved important improvements in the 35 years since adopting the doi moi (renewal) process. The country’s GDP reached 6% in the 2016-2021 period. Despite the COVID-19 pandemic, its economy expanded by 2.58 percent last year, being one of the few countries in the world that posted positive growth.

Aside from Vietnam's efforts, the cooperation and assistance of international friends, including friendly collaboration between Vietnam and Hungary, also contributed to the achievements, Thanh said, adding the dialogue offers an opportunity for the two sides to promote the collaboration between their enterprises.

For his part, Peter Andras Sztaray, Secretary of State for the Ministry of Foreign Affairs and Trade of Hungary, affirmed that the country’s business community wishes to promote trade cooperation with Vietnam.

The close relationship between the two countries is an effective tool to strengthen trade relations between the two countries in the coming time, he said.

Participants at the event discussed issues of mutual interest. Officials of the two sides pledged to create favourable conditions for Hungarian investors to make successful, effective and long-term investments in Vietnam./.