Ho Chi Minh City and Budapest have inked an agreement to establish bilateral friendly cooperation, which is expected to usher in a new era of collaboration between the two sides.

Chairman of the HCM City People's Committee Le Hoang Quan (L) and Budapest Mayor Tarlos Isvan at the signing ceremony.

The signing ceremony took place in Budapest, Hungary on September 7 (Vietnam time) with Chairman of the HCM City People’s Committee Le Hoang Quan and Budapest Mayor Tarlos Isvan as signatories.

At earlier talks with Mayor Tarlos Isvan, Chairman Quan highlighted that the total trade turnover between Hungary and Vietnam and particularly HCM City has seen continuous growth.

In the first seven months of this year, bilateral trade between HCM City and Hungary reached 18.52 million USD, Quan cited.

Hungary is running five investment projects worth 3.73 million USD in the city, he said, adding that the country ranks 47th out of the total 71 nations and territories investing in the southern Vietnamese metropolis.

Last year, the city welcomed close to 1,400 Hungarian visitors.

Quan noted that vast potential remains for cooperation between the two sides which should be promoted.

Mayor Tarlos Isvan commented that through his recent working visits to the two biggest cities of Vietnam, Hanoi and Ho Chi Minh City, he saw that HCM City is a dynamic and efficient economy.

The cooperative ties between HCM City and Budapest are expected to grow vigorously in the near future, he said.

According to the Memorandum of Understanding signed between the two cites, the pair will increase coordination in various fields, especially in realms of their strengths, such as urban planning, public transport, fresh water provision, water resources management and sewage treatment.

The same day, Chairman Quan and Budapest Deputy Mayor Bagdy Gabor chaired a workshop on trade and investment promotion in HCM City.

Addressing the event, Deputy Director of the HCM City Centre for Trade and Investment Promotion Nguyen Tuan introduced his city’s fields of interest such as hi-tech agriculture; infrastructure, seaport, and urban development; banking and finance; waste treatment; education; and health care to Hungarian businesses.

The businesses expressed their willingness to cooperate with HCM City in fresh water provision, food and education.

Chairman Quan confirmed that local authorities will spare no efforts in ensuring a stable socio-political environment and protecting the legitimate rights and interests of foreign investors, including those from Hungary, to make long-term and effective investments in the city.

A good business climate entails not only preferential policies but also the prompt assistance of local leaders to help businesses overcome difficulties, he said.

Chairman Quan is scheduled to visit Italy and Germany as part of his working tour to the three European countries.

VNA