The EU–Vietnam Free Trade Agreement (EVFTA) continues to unlock vast opportunities for Vietnamese enterprises in trade, investment, and economic cooperation across the European Union, particularly in Hungary — and vice versa.
A Strong Impetus from High-Level Visits
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At the beginning of 2024, Prime Minister Phạm Minh Chính’s official visit to Hungary created a strong momentum, deepening the multifaceted cooperation between the two nations.
One year after this landmark visit, Vietnamese Ambassador to Hungary Bùi Lê Thái noted that despite global and European challenges, bilateral trade remains robust, and Vietnam continues to be Hungary’s leading trade partner in ASEAN.
Ambassador Bùi Lê Thái emphasized that the long-standing friendship and Comprehensive Partnership between the two countries, along with Hungary’s “Eastern Opening” policy and Vietnam’s multi-directional foreign policy of deep economic integration, have established both countries as an economic bridge between Europe and Southeast Asia.
These strategic orientations, combined with the EVFTA, have created favorable conditions for expanding bilateral trade and investment cooperation.
Bilateral Trade Grows Rapidly
Two-way trade between Vietnam and Hungary has grown significantly — from USD 354 million in 2017 to over USD 848 million in 2023, representing an average annual growth rate of 24%.
In 2024, bilateral trade rose further to USD 932 million, showing strong momentum in recovery and expansion.
Mr. Trần Ngọc Hà, Head of the Vietnam Trade Office in Hungary, highlighted that this impressive result reflects the positive post-pandemic recovery of bilateral trade relations and new cooperation opportunities for businesses of both nations.
He also noted that in 2024, through trade promotion and networking events, Vietnamese rice branded ST25 was successfully introduced into major Hungarian retail chains.
This achievement not only enhances the visibility of Vietnamese agricultural products in Hungary but also reinforces their reputation within the broader EU market.
Vietnamese Export Structure and Opportunities
According to Vietnam Customs, Vietnam’s exports to Hungary are still heavily concentrated in electronic components and related products, making the export portfolio less diversified and more vulnerable.
Furthermore, Hungary hosts fewer international trade fairs aligned with Vietnam’s key export industries.
Therefore, the Vietnam Trade Office in Hungary has shifted its strategy toward promoting agricultural exports, especially coffee, cashew nuts, pepper, and rice — products that Hungary does not produce domestically, despite its smaller market capacity.
EVFTA – A Catalyst for Sustainable Growth
The EVFTA, now fully in effect, is serving as a powerful engine for trade expansion between Vietnam and Hungary.
It not only reduces tariffs and trade barriers but also enhances investment flows, supply chain linkages, and market access.
The agreement is expected to help Vietnamese exporters tap into high-quality EU markets and Hungarian businesses explore new opportunities in Southeast Asia, driving mutual prosperity and sustainable cooperation in the years ahead.