The Hungarian Prime Minister affirmed that as the rotating EU President for the last 6 months of 2024, he will urge the remaining EU countries to ratify the EVIPA Agreement.
This statement was made by Hungarian Prime Minister Viktor Orban at a meeting with Prime Minister Pham Minh Chinh on the afternoon of January 18, within the framework of an official visit to Hungary.
Prime Minister Viktor Orban assessed Vietnam as "one of Hungary's most potential markets in Asia-Pacific" and more and more Hungarian businesses are interested in expanding their investment and business here. He affirmed that as the rotating EU President in the last 6 months of 2024, he will urge the remaining countries to ratify the EU-Vietnam Investment Protection Agreement (EVIPA).
The EVIPA includes protection provisions and investment dispute settlement mechanisms similar to a bilateral investment protection agreement (IPA) between an EU member state and a non-EU country. The agreement must be ratified by both the EU and the parliaments of the member states.
Hungary is the first EU member state to ratify the EVIPA, and has also actively supported Vietnam in the negotiation and signing of the Vietnam - EU Free Trade Agreement (EVFTA).
Prime Minister Pham Minh Chinh and Hungarian Prime Minister Viktor Orban, after their talks on the afternoon of January 18 in Budapest. Photo: Nhat Bac
Regarding economic cooperation, Prime Minister Pham Minh Chinh asked Hungary to create favorable conditions for Vietnamese goods to be more present in the Hungarian market, especially agricultural, forestry and fishery products. In return, Vietnam is ready to act as a "gateway" for Hungarian goods to access the Vietnamese and ASEAN markets.
In investment, Prime Minister Viktor Orban affirmed his readiness to create favorable conditions for Vietnamese enterprises to invest in Hungary in potential fields such as information technology and the automobile industry.
After attending the World Economic Forum (WEF) in Davos, Switzerland, Prime Minister Pham Minh Chinh and his wife arrived in Budapest at noon on January 18 (local time), beginning an official visit to Hungary from January 18 to 20.
Vietnam and Hungary have a traditional friendship and multifaceted cooperation with a history of more than 70 years. In 2018, the two countries upgraded their relationship to Comprehensive Partnership, making Hungary Vietnam's first comprehensive partner in Central Eastern Europe.
In Southeast Asia, Vietnam is the only country exporting to Hungary with a large output, reaching nearly one billion USD in 2020. In the three years 2020-2022, two-way trade turnover between Vietnam and Hungary reached over one billion USD.
To date, Hungary has 15 valid FDI projects in Vietnam with a total registered capital of 50.66 million USD, ranking 55th out of 105 countries and territories with direct investment in Vietnam.
Minh Son - Vnexpress.net
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