Vietnam's exports to Hungary grow by over 60%

The Vietnam Trade Office in Hungary said that although the Hungarian economy faced many difficulties due to the impact of the conflict between Russia and Ukraine, political instability in some Gulf countries and the post-COVID-19 period, Vietnam's exports to this market have regained momentum.

Two-way trade reached US$506.7 million in the first seven months of this year, down 11.7% year-on-year. Vietnam's exports to Hungary grew by 61.1%, reaching US$392.2 million, while its imports reached US$114.5 million, down 61.1%.

The main growth in exports was due to computers and electronic components, which reached US$223.89 million, up 128%, accounting for 57% of Vietnam's total export turnover to Hungary.

Next was phones and components, hitting US$27.2 million, up more than 21 times compared to the same period last year.

Meanwhile, the import of raw materials and animal feed from Hungary fell 98.7%, making it a major factor in the overall decrease in imports from Hungary.

The Vietnam Trade Office in Hungary stated that although Hungary was not a large market in the region, its import demand still increases annually, reaching over US$100 billion per year. Of this, imports from Vietnam have surged sharply in recent years.

“The entry into force of the EU-Vietnam Free Trade Agreement (EVFTA) continues to open up great opportunities for Vietnamese enterprises to develop trade in goods and investment in the EU market and especially in Hungary in the coming time and vice versa,” emphasised the Ministry of Industry and Trade.

Although the turnover is still low, some agricultural products from Vietnam such as cashew nuts, pepper and coffee exported to Hungary have accounted for a fairly high proportion of the total import turnover of these products in Hungary.

This shows that these products have a good position in the local market, revealing an opportunity for Vietnam to increase the export of these products to Hungary.