Vietnam’s exports to Hungary enjoy impressive growth

Monday, 27/06/2022 17:15
Vietnam has recorded impressive growth in exports to Hungary in recent years, reported Vietnam News Agency.
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 Workers process pineapple for export at the factory of the An Giang Agriculture and Food Import - Export Company. (Photo: VNA)

Exports from Vietnam to Hungary increased eight-fold to 1 billion USD in 2020 from 124.2 million USD in 2016. The figure stood at 842.7 million USD in the first 10 months of 2021, up 5% year on year, according to data from the European country.

Though shipments of agricultural and food products remain modest, the revenue posted a strong increase in the recent past as seen in some key exports.

Vietnam exported almost 4.4 million USD worth of processed coffee to Hungary in 2020, surging 38-fold from four years earlier, and 7.13 million USD during January - October of 2021, up 85.6% year on year.

Cashew nut exports grew 27.7% to nearly 2.4 million USD in 2020 compared to 2016, and 11.6% year on year to 2.2 million USD in the first 10 months of last year.

Rice shipments also increased 4.6-fold from 2016 to 198,000 USD in 2020 and 9-fold year on year to 700,000 USD in the 10-month period of 2021.

Meanwhile, the Southeast Asian country exported 1.49 million USD worth of processed noodles in 2020 and another 1.4 million USD during January - October of 2021, respectively rising 119.1% from 2016 and 9% from the same period of 2020.

Processed coffee, cashew nut, rice, and processed noodles of Vietnam are making up about 12.6 percent, 39.8 percent, 0.5 percent, and 20.5 percent of Hungary’s total imports of these commodities, respectively.

Hungary mainly imports goods from other EU countries such as Germany, the Netherlands, Austria, Italy, Poland, Slovakia, Spain, and France. Despite strong competition from these rivals, some Vietnamese commodities like cashew nut, peppercorn and coffee will have their own advantages and are expected to maintain good exports growth in Hungary.

Though Hungary is not a major market in the EU, its import demand has still been rising and stands at some 100 billion USD annually.

Taking effect in August 2020, the EU - Vietnam Free Trade Agreement (EVFTA) is said to have opened even greater opportunities for Vietnamese firms to boost trade and investment ties with the bloc, including Hungary, in the time ahead.

Vietnamese goods, foods introduced in UK

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 Vietnamese products introduced at the event (Photo: VNA)

A programme to introduce Vietnamese goods and foods in the UK is underway at Longdan Supermarket in Crawley town, about 45km south of London, reported Vietnam News Agency.

The week-long event, which started on June 26, is hosted by the Vietnam Trade Office under the Vietnamese Embassy in the UK in collaboration with the Vietnam Business Association in the UK (VBUK), and Longdan and EUTEK groups.

As part of activities in the trade promotion programme of the Vietnamese Ministry of Industry and Trade (MoIT), the event aims to promote Vietnamese high-quality products which are benefiting from the UK-Vietnam Free Trade Agreement (UKVFTA), to British retailers and consumers.

Handicraft products, coffee, fresh and dried fruits, canned fruit juice, vermicelli, dried noodle, rice papers, cashew nuts, and fragrant rice of reputable export enterprises of Vietnam are being displayed at the supermarket and Vietnamese markets in Nottingham city.

At the event, Sao Thai Duong JSC became the first Vietnamese enterprise to set up a showroom in the UK to introduce its herbal healthcare and beauty products.

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 At the opening ceremony of the programme. (Photo: VNA)

Speaking at the opening ceremony, Ambassador Nguyen Hoang Long said that the programme will promote the image of Vietnam’s culture and people to UK friends, and help Vietnamese businesses in the UK bring more Vietnamese products to the European country.

According to Trade Counsellor at the Vietnamese  Embassy Nguyen Canh Cuong, the programme attracted the attention of many British retailers and consumers.

Huynh Xuan Long, Chairman of Longdan – the biggest importer of Vietnamese goods in the UK, said the event offers a good chance to promote the image of Vietnam as a country with many good quality and diverse agricultural products.

Vietnamese manufacturers and exporters need support from the State, and should develop long-term market development strategies, so that Vietnamese goods can strengthen their foothold in the UK market in particular and the world in general, Long stressed.

As a major Vietnamese product distributor in the UK for many years, Longdan has a lot of experience in market development and is ready to act as a bridge to help domestic businesses promote their export to the UK market, he added.

Young Entrepreneurs Startup Incubator launched in Ho Chi Minh City

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 Strategic partners sign agreements to sponsor the Young Entrepreneurs Startup Incubator. (Photo: NDO)

Doanh Nhan Tre E-magazine (Young Entrepreneurs) and OneBit Investment Fund jointly launched the Young Entrepreneurs Startup Incubator in Ho Chi Minh City on June 26, reported Nhan Dan Online News.

The incubator aims to promote the startup movement for young Vietnamese entrepreneurs and support startups based on blockchain technology applications.

Director of the Young Entrepreneurs Startup Incubator Ngo Hoang Dong said that the incubator will focus on finding and investing in technology and blockchain startups, nurturing startup ideas, and providing orientation for Vietnamese investors on blockchain technology, knowledge and experience.

The Young Entrepreneur Startup Incubator is expected to be a bridge between businesses and global investors, providing opportunities for cooperation in the early stages of raising funds and connecting capital for startups and businesses.

It is also a hope to become a leading consulting centre for blockchain technology application solutions and a prestigious destination for technology startups in Vietnam.

“A digital technology incubator is a place to create seeds for digital technologies, suitable for each type of production and business. This is also a place to guide and create conditions for entrepreneurs to get acquainted and participate in technology improvement to make production and business more efficient,” said Prof. Dr. Vu Van Hien, chairman of the Advisory Council of the Young Entrepreneurs Startup Incubator.

Over 70% of Vietnamese population use internet

The rate of internet users in Vietnam has increased to 70.3% of the population over the last two decades, heard a recent forum themed “The future of Internet” hosted by the Ministry of Information and Communications, reported Vietnam News Agency.

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 A panoramic view of the forum (Photo: http://www.hanoimoi.com.vn)

Addressing the event, Deputy Minister of Information and Communications Pham Duc Long underlined the need for Vietnam to speed up internet development in a quick, modern and sustainable manner towards narrowing digital gap and universalising the internet to all people.

Attention should be paid to developing core network infrastructure and domestic internet network through expanding domestic internet connections and converting the entire Vietnamese internet networks to the next-generation Internet Protocol (IPv6), he said, underlining the need for a modern and open policy in the field.

Participants agreed that the internet has become an essential need of the people, which is the foundation for developing digital economy and digital society in Vietnam.

At the forum, representatives of management agencies, local and international experts discussed challenges to the integration process; general development trends; internet technology; and solutions to internet development in the country./.

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