Vietnamese Prime Minister Pham Minh Chinh and his Hungarian counterpart Viktor Orbán have called on investors from two countries to invest in each other’s economies and vowed to protect legitimate rights and interests of investors.

The two leaders made the calls when they attended the Vietnam - Hungary Business Forum in Budapest on Friday, as part of PM Chinh’s three-day visit to the Central European country starting on Thursday at the invitation of PM Orbán.

The event was co-hosted by Vietnam’s Ministry of Planning and Investment, the Vietnamese Embassy in Hungary, and the Hungarian Export Promotion Agency, attracting hundreds of representatives of enterprises from both countries.

Addressing the forum, PM Chinh called on Hungarian enterprises to invest in key areas such as consumption, export and fields that create new growth drivers such as green economy, circular economy, digital transformation, artificial intelligence, and creative innovation.

The Vietnamese government is committed to protecting the legitimate rights and interests of investors in the spirit of harmonizing interests and sharing risks. 

“We always keep in mind to accompany, encourage and protect investors so they can feel secure when doing business in Vietnam,” the PM told entrepreneurs of both countries.

He also promised to create a favorable investment environment, streamline administrative procedures for investors and businesses, and improve strategic infrastructure such as transportation and energy to facilitate investment projects.

Vietnamese Prime Minister Pham Minh Chinh speaks at the Vietnam - Hungary Business Forum in Budapest, Hungary, on January 19, 2023. Photo: Quynh Trung / Tuoi Tre

“We have no reason to not make investments, do business and promote our strengths in Vietnam and Hungary. I hope investors will have a deep understanding of the two countries to make the best use of their advantages and bring benefits to themselves and the two countries,” he told the forum.

Chinh also briefed the forum about Vietnam’s economic achievements, saying the Southeast Asian country, after nearly 40 years of renovation and integration, the scale of the economy has increased more than 53 times, from US$8 billion in 1986 to about $430 billion in 2023, news site VnExpress reported.

From an underdeveloped country, Vietnam has become a middle-income developing country that is currently among the world's top 40 economies by gross domestic product (GDP), with the average income per capita rising from $160 to some $4,300 in 2023.

Hungarian Prime Minister Viktor Orbán speaks at the Vietnam - Hungary Business Forum in Budapest, Hungary, on January 19, 2023. Photo: Quynh Trung / Tuoi Tre

The country maintained its macroeconomic stability, put inflation under control, and gained a GDP growth of 5.05 percent last year, despite many difficulties and challenges facing the world and the country in particular.

Vietnam has so far signed 16 free trade agreements (FTAs) with more than 60 countries and is one of the top 20 economies in terms of trade and foreign direct investment (FDI) attraction, the PM said.

Speaking at the event, PM Orbán also asked Vietnamese businesses to further boost their investments in Hungary, which has a diverse economy that will give a lot of investment opportunities to investors.

Vietnam, whose economy is developing vigorously, should send strong investors to Hungary, which always creates a secure investment environment for foreign investors, the Hungarian leader suggested.

Hungary supports the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), the Vietnam News Agency cited Orbán as saying. 

Hungary will continue advocating for the rapid ratification of the EVIPA by other EU member states, helping Vietnam to further penetrate into the EU market, he said.

Recognizing a geographical distance as the obstacle to the bilateral cooperation, the Hungarian leader called for efforts to set up direct flights between Vietnam and Hungary to gap the distance and facilitate trade and investment ties.

He also hoped that some 900 Vietnamese students studying in Hungary will act as an effective bridge to promote the friendship and cooperation between the two nations. 

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