Bilateral trade between Vietnam 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 in Hungary, it was the first time in history two-way trade reached US$1.297 billion, a rise of 73.88% over 2019.

Of the figure, Vietnam’s exports to Hungary were worth US$925 million, an increase of 126.69%.

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 Szijjártó to Vietnam 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 Vietnam.

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

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

In 2018, the two-way trade between Vietnam and Hungary topped US$645 million.