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Vietnam and Hungary sign co-operative development MoU

Vietnamese Minister of Planning and Investment Vo Hong Phuc and Hungarian Foreign Minister Goncz Kinga signed a memorandum of understanding (MoU) on development co-operation in Hanoi on March 20.

Mr Kinga said the MoU aims to concretise the responsibilities of the two ministries towards implementing the Development Co-operation Agreement signed between the two governments on July 20, 2005.

The MoU creates a legal framework for regulating development co-operation activities committed by the two governments.

Currently, the two countries’ co-operation programmes focus on exchanging experts in the fields of banking, accounting, and statistics. 

Economic and trade co-operation between the two countries has been strongly developing. In 2006, two-way trade turnover reached US$57 million, including US$25.2 million worth of Vietnamese imports and US$31.8 million worth of Vietnamese exports to Hungary. By late July 2007, Hungary ranked 63 out of 76 foreign investors in Vietnam with a total investment capital of US$1.94 million.

Hungary has become Vietnam’s official donor since 2004. At the recent Consultative Group meeting held in Hanoi last December, Hungary pledged to provide Vietnam with 35.34 million euro – the highest figure recorded among the new EU member states.(VOV)

 

 
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