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Hungary represents good export potential
Hungary is an ideal entry point for Vietnamese exporters that wish to penetrate the European market, Luu Tien Chinh, sales director of AsiaCenter, a trade centre in Budapest to assist Asian businesses, told a seminar yesterday in HCM City.
Chinh said Hungary has emerged as the most competitive country in central and eastern Europe, based on such economic indicators as risk, competitiveness, economic efficiency, tariffs, social insurance and infrastructure.
"It has an investment environment rated as the best in central and eastern Europe," he said.
He said products like coffee, tea, pepper, rice, footwear, textile and garments, foodstuff processing material, audio-visual and electronic equipment, frozen seafood and furniture had good potential in Hungary.
As a member of the European Union, Hungary has a favourable geographical location in central Europe on the north-south and east-west transport corridors.
Once their product is inside Hungary exporters can take advantage of its centrality to supply other EU countries, Chinh said.
Vietnamese business could also take advantage of the highly qualified but cheap labour there, 23 per cent cheaper than in West European countries.
Moreover, one of the largest Vietnamese communities in Europe lives there, he said.
The AsiaCenter, which has signed a cooperation agreement with the HCM City branch of Viet Nam Chamber of Commerce and Industry, offers support services for businesses, especially Asian producers wishing to enter the EU market.
It has a website with four languages, including Vietnamese, to assist clients.
Vo Tan Thanh, Director of HCM City branch's Viet Nam Chamber of Commerce and Industry said: "AsiaCenter is a bridge linking two countries and helps Vietnamese enterprises seek investment opportunities in this potential market."
Viet Nam and Hungary set up diplomatic relations in 1950.
The two-way turnover of Hungary and Viet Nam reached US$110 million in 2008, the highest rate in 60 past years
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