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Hungary supports Vietnam in securing EU investment protection agreement

The Saigon Times

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HCMC – Hungary’s Prime Minister Viktor Orban has pledged to urge fellow EU nations to endorse the EU-Vietnam investment protection agreement (EVIPA) during his country’s presidency of the EU Council in the second half of 2024.

PM Orban discussed this at a meeting with his Vietnamese counterpart Pham Minh Chinh during the latter’s official visit to Hungary on January 18 (local time).

EVIPA includes protective clauses and dispute resolution mechanisms similar to those found in bilateral investment protection agreements (IPAs) between EU member states and non-EU countries. Approval for this agreement is required from both the EU and the national parliaments of its member states.

Hungary is the first EU member state to ratify EVIPA. The country also actively supported Vietnam during the negotiations and signing of the Vietnam-EU Free Trade Agreement (EVFTA) earlier.

During the meeting, the two heads of government extensively discussed major directions and specific measures to enhance the comprehensive partnership between Vietnam and Hungary.

Regarding investment, Orban expressed his willingness to create favorable conditions for Vietnamese businesses to invest in Hungary, particularly in promising sectors such as information technology and the automotive industry.

He views Vietnam as one of the most promising markets for Hungary in the Asia-Pacific region, with a growing number of Hungarian businesses expressing interest in expanding their investments and business activities in Vietnam.

Meanwhile, Chinh proposed that Hungary facilitate Vietnam’s exports to the Hungarian market, especially in the agricultural and aquatic sectors. In return, Vietnam is ready to serve as a “gateway” for Hungarian goods to access the Vietnamese and ASEAN markets. He also expressed hope that the European Commission (EC) would swiftly lift the “yellow card” on Vietnamese seafood.

PM Chinh and a high-ranking delegation are currently on an official visit to Hungary, scheduled from January 18 to 20. During the visit, he is expected to hold talks with other leaders, attend a Vietnam-Hungary business forum, and participate in other activities.

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