Prime Minister Pham Minh Chinh and his Hungarian counterpart Viktor Orbán attended a Vietnam - Hungary business forum in Budapest on January 19, which introduced the business and investment potential and business environments of both Vietnam and Hungary, the Government News has reported.

The forum also highlighted issues of concern for enterprises in the two countries, such as the economic development strategies, prioritized sectors, policies, procedures, infrastructure, and human resources of the two countries.

Prime Minister Chinh proposed that Hungarian investors and enterprises explore opportunities for expanding investment cooperation in Vietnam.

Vietnam is focusing on three strategic breakthroughs: improving legal frameworks, developing infrastructure and human resources training, and reforming administrative procedures. These efforts aim to cut input costs, improve corporate competitiveness, and streamline compliance costs for sustainable and effective operations, Prime Minister Chinh said.

It is also renewing traditional drivers such as exports, consumption, and investment, while supplementing new drivers such as the digital economy, the green economy, the circular economy, and the sharing economy, he said, adding that Vietnam protects the legitimate rights and interests of businesses, and encourages and creates favorable conditions for their growth.

Prime Minister Orbán, meanwhile, expressed a hope of boosting bilateral trade and proposed that Vietnam encourage more of its businesses to invest in Hungary.

“Vietnam is developing rapidly and we seek investment from the country,” he said. “We will also boost our investment in Vietnam.”

He proposed establishing direct flights between Vietnam and Hungary to shorten travel times, foster people-to-people exchanges, and promote investment cooperation.

Hungary currently has 21 projects in Vietnam with total registered investment capital of over $72.26 million.