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Co-operation with Hungary given timely boost by review
The fourth session of the Vietnamese-Hungarian Joint Committee on Economic Cooperation took place in Ha Noi yesterday.
The event was co-chaired by Ho Thi Kim Thoa, Deputy Minister of Industry and Trade and head of Viet Nam's sub-committee, and Peter Szijjarto, Hungary's Secretary of State for Foreign Affairs and External Economic Relations and head of Hungary's sub-committee.
The two diplomats reviewed every aspect of bilateral co-operation since the third session, including diplomacy, trade, science and technology, education and training, natural resources and the environment.
Bilateral trade between Viet Nam and Hungary reached US$168 million last year, up 16.3 per cent against the previous year. However, the figure reached only $80.3 million in the first eight months of this year, a year-on-year fall of 53 per cent, due to the global economic crisis.
The two sides agreed to speed up negotiations between Viet Nam's Ministry of Finance and Hungary's Export-Import Bank in order to sign a credit agreement to fund the project before the Framework Credit Agreement expired on January 22 next year.
Thoa said both countries would increase co-operation in economics and direct investment. She said Viet Nam's Trade Promotion Agency (Viettrade) would open a representative office in Hungary to assist businesses in their import-export activities.
Szijjarto confirmed that with its foreign policy of "opening to the East", Hungary considered Viet Nam a strategic diplomatic partner and would boost co-operation with the country in various fields.
Hungary would back Viet Nam in its negotiations for a free trade agreement with the European Union, he said.
During the meeting, a number of agreements were signed, including a memorandum of understanding between the Hungarian Investment and Trade Agency and Viettrade, a contract between Viet Nam's Ministry of Public Security and Hungary's Pointsystem House Company, and a MoU between the two chambers of commerce and industry.
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