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Vas County lies in western Hungary, at the foot of the Alps and the big Hungarian plain. It shares borders with Austria and Slovenia and the Hungarian counties Győr-Moson-Sopron, Veszprém and Zala. Its area is 3 336 km² and its population is 256 427. The capital of Vas County is Szombathely, built upon the ruins of Savaria, the ancient seat of the Roman Pannonia Superior province.The major towns in Vas County are Kőszeg, Sárvár, Celldömölk, Körmend, Szentgotthárd, Vasvár, Csepreg, and Répcelak.
Vas County is considered to be Hungary’s western gate and it plays a decisive role in the development of the local society and economy. Benefiting from its positional advantages, it has become the pioneer of economic transition and has turned into one of the most important centres of economic and social modernization in Hungary. The county is situated in one of the most attractive investment regions as it has favorable geographic conditions, a restructured economy, as well as high quality human resources and cultural values.
This most western county of Hungary has been attracting foreign investors since political changes in 1989. The multinational companies that settled down in Vas County invested mainly in machine, textile, wine, food, chemical and wood industries. The large degree of import-export rates and the fact that more and more companies are winning the ISO9000 quality management award, neatly illustrates that the spreading of competitive products and outstanding quality are a priority. The vast majority of Vas County’s 18.000 enterprises are small and medium-sized enterprises (SME), which play a key role in economic flexibility, its ability for constant revival and keeping track of the stark realities of market competition.
International companies such as OPEL,LuK, Epcos, Iquor settled down in the county, giving a boost to the national economy. Old large companies like Styl Clothing Limited, Falco Limited, SáGa Foods Poultry Industry Limited or the Cheese Ltd. in the city of Répcelak are again competitive forces, as they have new foreign owners and play a key role in privatizing foreign capital and making green-investments. The European Union supported the development of three over border industrial parks near the city of Szentgotthárd.
Chamber of Commerce and Industry of Vas County
The Chamber of Commerce and Industry of Vas County (CCI), with a system based on compulsory membership, changed completely in 2000, following the lawful guidelines of the voluntarily formed economical municipality. The members that the democratically self-regulating public body depends on are fewer but well respected for their economical influence. Among the increasingly up-to-date services of the body, consulting on legal affairs, vocational training, scholarships and business credits, negotiating business offers, organizing events and even offering vocational training are of special relevance. The voluntary members of the Chamber, industry commercial and handicraft sections, work together at section and department meeting as working committees, on order to reach their goals.
In or county the engine of economy is the industry. In the economical structural change of one of the most industrialized counties of the county, the dominance of light industry has been taken over by machine industry, and within that, the processing industry. In the industrial structure of Vas County, the achievements of the chemical industry and timber industry are outstanding, after those of the textile and food industry. The performance of the building industry is changeable.
The agreeable conditions of the locations of the county’s settlements and industrial parks still tempt foreign investors. The gradual spreading of links with steady deliverers makes the economical fabric of the county even stronger.
The strong dominance of the private sector has provided the county with such a supply market in the commerce of Vas, where the stores of foreign mammoth networks, the elements of the association chains and shops or shop-networks operated by individual or joint ventures compete for customers. The Chamber intends to help create a healthy balance of department store networks and smaller retailers in the Vas region.
In the colorful array of tourism trends in Vas county, apart from the unique thermal water and spa baths, cultural and heritage tourism, business tourism, wine and gastronomic tourism are just as important as the village tourism or nature park programs, which offer a chance for recreation. Within the vast projects on the development of baths, aqua parks, adventure baths and recreation centers are being built. The values of Vas County’s hospitality and promotion of traditions present the visitor with special “flavors”.
In Vas County, handicrafts people work mainly in micro or small ventures. CCI of county Vas deals with master’s degree courses in 62 crafts in order to enhance the professional development of small ventures. The group of educated and profession-loving craftspeople and merchants, performing their jobs at a high standard, proceeds confidently towards the integrating European market.
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A businessmen-meeting was organised by the Chamber of Commerce and Industry of Vas county and the Embassy of the Socialistic Republic of Vietnam to Budapest.
The Opel plant in Szentgotthárd celebrated the completed engine number eight million.
Eight spas from county Vas are competing for awards on the website www.evfurdoje.hu. The spa gaining the most votes will earn special media coverage all over the year off 2016.
Just like the majority of domestic carmakers, Opel also increased its performance in Szentgotthárd last year. The automotive plant produced a total of 375 thousand engines, which was a nearly 6 percent increase in one year.
The West Pannon Centre for Automotive Industry and Mechatronics elaborated a 100 billion forint development plan for the new EU budgetary cycle – Zsolt Szíjártó, the managing director of the company, told a newspaper.
The latest investment, the new development- and manufacturing centre of Epcos Ltd. – a member of the TDK group - was completed in Szombathely. In addition to the modern plant parts, a new office building was also established on the factory's site.
The liquidation of the Styl Clothing Factory Holding. Szombathely is about to end. Afterwards a newly formed company, in which the local government of Szombathely will be a co-owner, takes over the operation of the company. This way 600 job can be saved.
Based on the last two year's tourism indicators, the two spa towns from Vas county, Bük and Sárvár remain in the forefront in the country.
MAM Hungária Kft. is planning developments in Vaskeresztes, in Vas County. They are expected to launch a 2.5 billion HUF expansion in August this year, resulting in the recruitment of 100 new employees.
The new warehouse of BPW-Hungária Kft. was completed. The company has invested more than one and a half billion Forints in Szombathely. The 12 thousand square meter storage and logistics hall was built from an EU-subsidy amounting to almost half a billion HUF. Environmentally friendly offices, conference rooms and facilities were established on the top floor of the building.
Bükfürdő and Sárvár join efforts to lure German tourists back with a targeted campaign. The aim is that the number of German tourists reach the level from ten years ago.
Al cooperation agreement on the field of vocational training was signed between the Ministry of National Economy and the German-Hungarian Chamber of Commerce and Industry.
The "Product of the Year" awards were handed over. Hungarian consumers evaluated the products in 13 categories. A company from Vas county was also awarded. The tray-chicken dish of Taravis Poultry and Food Industy Ltd. was elected among the best products.
Seven conference and wellness hotels in Hungary, including one from Vas county, received the "Golden Sun" award for the outstanding quality of services.
There can be a railway line between Szombathely and Oberwart again. The renewal of the line and the construction of missing sections will amount to approximately 130 million Euros. The Austrian side has to cover 89 million Euro, while the Hungarian side will have to pay 30 million Euro.
The region's companies are keen on hiring new workforce. Employers in West-Transdanubia are planning with an 11 percent increase in the next quarter.
A significant industrial growth was registered last year in Vas county.
General Motors (GMN) establishes a new training centre on the area of the engine manufacturing centre in Szentgotthárd. The company also establishes a service centre in Budapest.
Luxury Travel Magazine
Corinthia Hotel Budapest, originally the Grand Hotel Royal, launches a new package to celebrate the Oscar success of 'The Grand Budapest Hotel' and cinematic past and present of Hungary’s capital. The buzz around Wes Anderson’s ‘The Grand Budapest Hotel’ has been firmly reinstated – as the movie ran away with four Oscars. Did Anderson perhaps get his inspiration for this enchanting hotel when he stayed at and did a back-of-house tour at Corinthia Hotel Budapest in 2012? More...
bbj.hu/ Christian Keszthelyi
Nomura sees the Hungarian economy taking a positive turn in the short term which could extend into the middle of the year – based on rating expectations, growth and deleveraging as well as banking sector turnaround in government policy, the Japanese financial company said today in a press release. More...
Metál Hungária Holding Zrt. built a new hall investing almost 620 million Forint and implemented a technological development in Szombathely. The investment included a 1.500-square-meter manufacturing hall and a storage area besides the acquisition of high-performance metal processing- and material handling equipment.
Reuters / By Balázs Korányi
Dubbed the "king of wines, the wine of kings" by Louis XV of France, Hungary's Tokaji wine is undergoing a makeover as the region hopes to regain fame lost in decades of mismanagement. Known for its exquisite sweet tipple, the eastern Hungarian wine region is clamping down on poor quality produce and establishing new standards as it tries to lure back high-end customers to arguably the best dessert wine in the world. More...
Swiss Krono Group laid the cornerstone of a €95 mln particle board plant in Vásárosnamény (northeastern Hungary) yesterday, Hungarian news agency MTI reported yesterday. The group's unit Interpsan, which announced the plant investment in late January, will start construction in the spring and finish by June of 2016, said managing director Barnabás Seregi. More...
bbj.hu / Christian Keszthelyi
Hungary's Mátrai Erőmű power plant is scheduled to begin construction of the country's largest solar power plant this spring, with an annual capacity of 15MW for HUF 6.4 bln, Béla Bardos of Mátrai Erőmű told Hungarian news agency MTI yesterday. The company expects to complete construction of the project by October. More...
Nasdaq / By Margit Fehér
The Hungarian central bank will this year look into whether it should hold foreign currency reserves and offer a liquidity tool in the Chinese yuan to tackle market turmoil, it said on Thursday. The move is part of the Budapest Renminbi Initiative which is aimed at expanding Hungary's financing resources, establishing related foreign exchange and capital markets infrastructure. More...
Austrian experts of the Granzbahn informed the Hungarian project partners about the Hungarian-Austrian cross-border rail link development opportunities.
Hungarian News Agency / Hungarian National Bank
Hungary's current-account surplus was at €369.9 mln in December, bringing Q4 surplus to a preliminary €1.21 bln, the monthly balance of payment data published by the National Bank of Hungary (MNB) this morning reveals. Download full report from the Central Bank's website.
bbj.hu / Gabriella Lovas (The article is from the February 13-26 print edition of the Budapest Business Journal)
While the 2008 financial crisis questioned the justification for structured products globally, the recent decision of the Swiss National Bank to scrap the euro peg has revealed risks - not previously perceived by domestic investors - for the entire Hungarian market of derivative funds, according to Blochamps Capital CEO István Karagich.
The European Commission (EC) has approved five of Hungary’s operative programmes for European Union funding in 2014-2020, the EC announced. The EC approved funding of 8.8 billion euros for economic development and innovation programmes, 3.97 billion euros for the regional development programme, and 927 million euros for a programme supporting the competitiveness of central Hungary. A combined 7.7 billion euros was approved for transport development, environmental and energy efficiency operative programmes. More...
European Plastics News
Gurit, the Swiss composite materials group, has announced a three step plan to shape the future of its Composite Components business, which will result in a CHF 6m (€5.65m) investment programme during 2015 at the company’s existing production facility in Hungary, but will also see job cuts in UK. More...
Reuters / By Gergely Szakacs
Hungary's central bank seized control of Buda-Cash and four small lenders with links to the brokerage on Tuesday saying the company could not account for about 100 billion forints ($371 million) of client cash. The National Bank of Hungary, the country's financial sector regulator, said it had filed a report and a criminal complaint with police. Buda-Cash clients' access to securities and other assets has been suspended pending further investigation. More...
LuK Savaria Kft. develops and expands in Szombathely also this year. The company plans to invest 30 million Euros and hire 400 new employees, according to Michael Reinig, the executive director of LuK.
More than eight hundred thousand overnight-stays were registered in Bük and in the spa town, Bükfürdő, belonging to the city last year. In addition to the commercial accommodations, private accomodations made serious transactions in the spa town of Vas county.
A better expanding demand than expected for the Flex engines, what they - in the Opel factroy of Szentgotthárd - appraise as an encouraging sign, what means they are standing before a significant rush - said the company from county Vas.
This year's Frienmesse in Vienna took until 18th January with more exhibitors from County Vas, for example Bükfürdő and Sárvár appeared there as well. From both spa town the colleagues of TDM represented the local hotels, apartments, restaurants and of course the spas. There was a special stand at the fair for the Spirit Hotel Sárvár and the Greenfield Hotel Bük also.
Once more a hotel from County Vas as well received "Hotelstars" star. According to the evaluation Hotel Irottkő, Kőszeg got three stars.
LuK Savaria Kft. donated CNC simulation software to the Szombathely Vocational Technical School. With help of the modern programs the teaching of students - participating in the training - can be more effective.
Uniriv Kft. Csepreg, LuK Savaria Kft. Szombathely, and the Roto Elzett Cert Kft. Lövő work together on the dual vocational training. Based on their agreement: the practical education of toolmakers and mechanical cutting specialists will be done in the workshops of Uniriv Kft., which is supported financially by the other two partnerfirms as well. In this context, they sign contract with students, give them summer practice possiblity and offer opportunities the graduated ones.
In Sárvár was opened the spa-season. This is the eleventh such occasion, when the representatives of spas - operating in the Transdanubian region - call the audience's attention to the fact that the thermal winter season period is at least as important as the summer beach season.
A three-year investment program came to its end by Swietelsky Railway Technical Ltd. Celldömölk. As part of this project they renovated their two-storey office building and have completed the expansion of the assembly hall as well. This part of the plant was expanded with internal crane facilities, assembly shafts and social parts.
They increase their production capacity, which will generate even more jobs in the plant of SCHOTT Hungary Kft. in Lukácsháza. The company is in the middle of a 2.6 billion forint project, in which frame they acquired ten modern phial- and small-bottle production lines. Thanks to the development the production capacity increased with ten per cent.
The support of educational institutions - from point of view: labor supply - from side of Opel Szentgotthárd is from key importance. Due to the factory's continuous expansion, hundreds of colleaugues has engaged since the start of the Flex project in 2010; the employment an additional 500 new jobholders is scheduled by the end of the next year - the company informed.
Bük moved two places forward, however, Sárvár worsened, - the latest tourism top list of the country is ready now. According to the datas measured in the first eight months of the year, Bük reached the fourteenth -, Sárvár the fifteenth place, regarding the number of tourists coming here.
Although Hungary’s industrial production has not been its best self over the last few months, foreign trade figures show no signs of that. According to preliminary data published by the Central Statistical Office (KSH) on Friday, Hungary’s trade surplus got closer to the EUR 1 bn mark in September than any time before. The record high surplus gained contribution from all-time high exports. More...
Forbes - Alison Coleman Contributor
Talk of the hottest startup scenes invariably revolves around cities like Berlin, Stockholm, or London. Rarely does it touch on Central Europe, yet it is from here that a new generation of entrepreneurs has been emerging and creating some extraordinary startup success stories like Prezi. More...
Opel is running well, due to this fact in the Szentgotthárd factory probably more and more models will be produced.
Hungary’s seasonally-adjusted manufacturing purchasing manager index (PMI) rose in October compared to September August, and it remains above the 50-point mark which shows expansion. The Hungarian Association of Logistics, Purchasing and Inventory Management (HALPIM) reported a rise in Hungary’s PMI to 54.9 points in October from 52.7 points in September (revised from 52.6). More...
portfolio.hu / By Gergely Csiki
Portfolio research shows that the Hungarian government will raise at least nine taxes in 2015 if the planned changes to the tax regime are voted into law. The tax package, of course, could undergo several changes until the final vote by MPs due on 18 November. Yet, the message of the draft is disappointing not for this reason, but because of the new levies the cabinet plans to implement. Sectoral taxes appear to be the favourite tax policy means for Prime Minister Viktor Orbán’s government which is willing to assume substantial risks even for insignificant-looking HUF 20 bn revenues. This should be a warning for every sector that makes "extra" profit, in the eye of the cabinet. More...
Confectionery News.com / By Oliver Nieburg
Hungary’s confectionery association Hunbisco says that the national tax on sugar puts a financial strain on confectioners to explore sugar alternatives. More...
The Kurdistan Regional Government in Iraq has approved a major new oil field development majority-owned by Hungary's MOL, the company said on Thursday. More...
Dubai-based Emirates has launched a daily non-stop service to Budapest, marking its first entry into Hungary. The airline’s daily flight to Budapest is operated with a wide-body Airbus A330-200 aircraft in a two-class configuration. The Customer Contact Centre will support 300 jobs in Budapest, says Dubai's airline. More...
Factory building was built and a new machine park was installed by Pandan Ltd., the packaging materials manufacturer in Balogunyom. The investment was implemented partially from EU-funded project. Thanks to the development, new jobs were created as well.
New company is responsible for the operating and the renting of stores in the shopping center, Savaria plaza in Szombathely. Cushman & Wakefield (C&W), the commercial real estate adviser's tasks are the smooth daily operation of the center, particularly with regard to the hiring of leasings, marketing, financial responsibilities and support the technical background.
Prime Minister's Press Office
High-level visits to Budapest, such as that of President of Austria Heinz Fischer, have strengthened the conviction of the Hungarian Government that Austria and Hungary are seeking joint solutions to the challenges faced by Europe, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Wednesday at a business forum organised in Budapest by the Hungarian Chamber of Commerce and Industry. More...
The EU launched legal action against Hungary on Thursday arguing that a ban on foreign ownership of land pushed through by the right-wing government of Viktor Orban was illegal. More...
Reuters - By Marton Dunai
A luxury train connecting the capitals of Hungary and Iran left Budapest for the first time on Wednesday, with 70 passengers set to cross the Balkans, the Bosphorus and Kurdistan on the way to Persia aboard a set of deluxe railcars. More...
The Travel magazine: Utazó - based on professionals' and readers' opinion - has set up a list of Top 25 most popular cities in Hungary in terms of tourism. Three tourist destinations can be discovered on the list from county Vas: Bük-Bükfürdő, Sárvár and Szombathely. These three cities can be found among Hévíz and Balatonfüred.
European Plastics News - By Jaroslaw Adamowski
German toy producer Märklin has completed its project to increase the output capacity of its plant in Győr, in Hungary’s western part, reported local news site Presseportal.de. The manufacturer invested some €9.4m in expanding and upgrading the production facility, which makes model trains with the use of various plastics. More...
Portfolio.hu / CSO
Inflation - Hungary’s consumer prices dropped 0.2% year on year in September 2014, after a 0.2% rise in August, according to the consensus forecast of analysts polled by Portfolio. More...
Budget - Hungary posted a general government surplus of 14.2 billion forints in September. According to data available to Portfolio, this is the best balance ever recorded in the ninth month of the year. More...
Industry - Hungary's industrial production drops m/m in August. More...
The Hollywood Reporter
The new rebate will be adopted later this year and is designed to attract more international projects to the country. Producers making movies in Hungary will be able to reclaim up to 30 percent of local spend under an increase to a production tax rebate due to be ratified later this year. More...
Honeywell, a US-based industrial technology company, is set to expand its Hungarian manufacturing plant in Nagykanizsa in scope of a ten million euro investment project, Péter Szijjártó, minister of foreign affairs and trade, told a press conference on Monday. More...
Hungarian industrial production, which helped the economy grow at the fastest rate in the European Union in the second quarter, plunged in August after a car company halted production. Industrial output dropped 5.7 percent from July, the biggest decline since December 2010, the statistics office reported today based on preliminary data. Production increased a workday-adjusted 2.9 percent from a year earlier, compared with the 12.2 percent median estimate of four economists in a Bloomberg survey. More...
Budapest Business Journal
Hungary is experiencing a revival of its economic performance and real estate investment activity which follows several years of poor performance amid the wider European and global financial climate. More...
The Hungarian baths are popularized in China. Thirty thousand people were wondering how wide is the offer of spas in Hungary, what can be enjoyed here by Asian travelers. Miklós Vancsura, director of the Sárvár Thermal- and Experience Bath summed up his experiences and said: huge attention turns toward Hungary on behalf of the Chinese.
European Commission - Press Release
The seven winners of the 8th edition of European Enterprise Promotion Awards (EEPA) were announced today. The Grand Jury Prize winner came from Hungary. The project, Encouraging Business Start-ups by Mothers with Young Children, helps mothers to acquire the entrepreneurial skills and mind-set needed to start a business and run it successfully. More...
Hungary's record-low 2.10% benchmark policy rate is justified until the middle or end of next year based on the current inflation outlook, Ádám Balog, Deputy Governor of the National Bank of Hungary told a conference organised by Portfolio on Thursday. More...
The year of 2013 brought about a positive U-turn also within the vehicle manufacturing sector, as output in this division grew by 32 percent and the number of new jobs was up by 2000, Minister for National Economy Mihály Varga said in Kecskemét, at the Deloitte car industry conference "Innovation,.Incubation, Financing.” More...
Numerous enterprises from county Vas participates in the creative industry's largest Austro-Hungarian trade show. This CREATIVE Expo is held from 1st of October until 4th in Sopron.
Hungary sold mobile frequency blocks to four companies for 130.6 billion forint ($530 million), overshooting the government’s revenue target and expanding the field of mobile phone service providers. More...
Reuters - By Krizstina Than and Gergely Szakacs
Some banks operating in Hungary will have to raise capital by hundreds of millions of euros each after they settle refunds on past loans with customers, Economy Ministry state secretary Gabor Orban told Reuters. More ... Further reading - Portfolio's commentary: Chart of the day: Grim developments in the Hungarian banking sector
The designer of the Russian-backed South Stream gas pipeline's Hungarian section towards Baumgarten in Austria will be selected before late October, Gazprom said in a statement on September 22. Gazprom CEO met with Hungarian Prime Minister Viktor Orban in Budapest. More...
Hungary's unique, with 3D technology equipped top lab of EPCOS - the electronic spare parts manufacturer - was handed over in the Paragvári Street Primary School of Szombathely.
... Hundreds of thousands of families who held Swiss-franc mortgages faced soaring monthly payments when the national currency -- the forint -- plunged after the 2008 financial crisis. Hungary banned foreign-currency home loans in 2010 and record-low interest rates this year are finally luring borrowers back to the market. More...
In July 2014 the HCCI Institute for Economic and Enterprise Research (IEER) business climate survey shows that business confidence in Hungary further improved compared to the previous quarter. In addition, the value of the Uncertainty Index indicates that the current trend is not manifest generally in the private sector. The Bulletin also analyses the Ukrainian economy before and after the crises.
Conceptions to make profitably the felt factory building of Kőszeg were presented. Also there was held the Summer University HOLIS, where youngsters have worked to find the additional features that could be appointed to the felt factory.
Without European Union funding to be provided in the 2014-2020 programming period, Hungarian economy would be out of balance, said Prime Minister Viktor Orbán on Thursday. At the official signing ceremony of the Partnership Agreement between the European Commission and Hungary the PM noted that if the country uses well the EUR 25.4 bn EU funding to be received by 2020 (EUR 34.5 bn including Hungary’s own contribution), Hungary could become a developed country and thus "it will be able to repay its debts faster than it did over the past seven years." More...
Hungary’s consumer prices continued to rise in August, according to analysts polled by Portfolio. Their consensus estimate for August CPI came to 0.2-0.3% yr/yr. Hungary’s inflation returned to positive territory in July after three months and the market believes it stayed there in the eighth month of the year too. More...
Budapesti Business Journal
The Hungarian Chamber of Commerce and Industry (MKIK) has drafted a proposal for the government aimed at retaining Hungary's exports to Russia, MKIK head Laszlo Parragh said today, according to Hungarian news agency MTI. More...
This year's Hungarian Quality Product Awards were handed over in Budapest. Sixty domestic products and services were appreciated.
The HCCI Management has been informed that business people in non-EU countries wishing to enter into business relationship with Hungarian companies received fraudulent letters on behalf of the HCCI claiming money for getting a permit to "trade with suppliers in Hungary". The Hungarian Chamber of Commerce and Industry hereby declares that no foreign business entities, whether from the EU or outside the EU, would need such permit or license to trade with Hungarian companies. (See also this page.) Should you receive a letter same or similar to the attached copy, please inform the Chamber immediately (see contact details at bottom of the page).
Sárvár and Bük is still the most popular tourist destination among travellers in Vas county. Overall, the West Pannon region is the third most important tourist area among Hungarian tourist regions.
Hungary’s first Bitcoin ATM can now be found in downtown Budapest inside of the well known coffee house Club Anker. The Octarine Labs-owned ATM was manufactured by the Lamassu company and will change Hungarian Forint banknotes into Bitcoin in 15 seconds and aims to accommodate those who are afraid of personal Bitcoin or online exchange bitcoin dealings. More...
AFP - Yahoo
From a sleek, modern office in the middle of Budapest's old town, Ustream provides live video streaming to clients such as Samsung and Sony. Nearby, Prezi has created a zooming presentation tool that even U2 singer Bono used last year for a talk on global poverty. These are just two of about 200 start-ups which have sprung up in Hungary in recent years, with the government pushing for the nation to become central Europe's start-up capital by 2020. More...
Product jubilee ceremony was held at LUK Savaria Kft in Szombathely, on the occassion that there manufactured double-clutch product reached this year's one millionth piece. In 2012, only two thousand from this type were produced.
The Pig Site
Russian sanctions are expected to harm USD 100 million in Hungarian agricultural exports. The Hungarian pork and poultry sector will be hit hardest by the Russian ban. More...
The national list - which was drew up on the basis how long it takes to sell a property - includes settlements also from county Vas. Based on the so-called rotational speed Szombathely was the twentieth last year.
If you like tokaji, you’re already a fan of furmint. And now its time has come. Hungary’s furmint seems to be having a bit of a moment. You may not have heard of it yet (and yes, it does sound like a toy for cats), but furmint is a grape variety you’ve quite possibly enjoyed before, without knowing. More...
TDK group member, EPCOS Kft. and the Vocational Training School of Szombathely jointly launch a two years vocational training in September.18-19 years old, secondary school left youths may apply for the training.
MTI - Hungary Today
An exhibition of the famous Zsolnay porcelain manufacture has opened on Friday featuring almost 260 works of art, reported news agency MTI. The title of the exhibition is “A genius family” (Egy zseniális család), and is housed in the renovated former home of the Defense Headquarters in the Buda Castle. More...
Analysts at Hungary’s OTP Bank expect a lower supply on the local government debt market in August-December than in the past few months. In a research note published on Monday they estimate that the country’s gross government debt likely rose to over 85% of GDP in the second quarter - but net debt probably decreased. They expect lower than 80% gross public debt at the end of the year. More...
The participants of the summer school - called Holis, organized by Design Terminal - tried to find the future role of the old felt factory in Kőszeg.
It may be unbelievable but it is true: by purchasing MKB Bank from Germany’s BayernLB, Viktor Orbán’s old target to have at least 50% of the local banking system in Hungarian hands has practically been reached. But what does the government want with MKB and how much operating this bank that had accumulated immense losses will cost for taxpayers? Or the state has perhaps done a good deal? We have 10 questions and 10 answers that may clarify a few issues related to the acquisition of MKB. More... - Further reading on MKB's future on Reuters
The twentieth anniversary this year celebrating EPCOS Electronic Component Ltd, member of the TDK group in Szombathely rewarded its most loyal employees. The company gave recognition to employees for ten, fifteen and twenty years of working.
Reuters - By Krisztina Thán
Hungary could risk a selloff in its currency by converting its huge stock of Swiss franc and euro mortgages into forints as the timing looks tricky: the planned conversion will take place after the Fed ends its stimulus programme. More...
Two major economic events were last week in Szentgotthárd. Production of the new engine family started on Wednesday at Opel. On Friday, the AMES group inaugurated its new plant in the small town of Vas County.
The Hungarian arm of German carmaker Audi said they might be able to help those that will be laid off from Nokia’s Komárom factory. Microsoft Corp announced on Thursday that it will slash up to 18,000 jobs, or 14% of its workforce, in a bid to transform the recently acquired Nokia phone business into a cloud-computing and mobile-friendly software company, terminating overlaps. A Microsoft official said they plan a "phased exit" from the town where Nokia employs 1,800 people. More...
Hungary’s construction output grew by 28.7% year on year in May, according to both unadjusted and working day adjusted data, the Central Statistical Office (KSH) reported on Tuesday. Output rose in annual terms in both main groups of constructions: i.e. in the construction of buildings and civil engineering works by 17.0% and 40.4% respectively. Construction output was up 2.2% month on month, according to figures adjusted seasonally and for working days. In the first five months of 2014, the production was up by 27.8% compared to the same period of 2013. More...
MTI - Gov't Press Office
BorsodChem Zrt, the Hungarian subsidiary of the Chinese Wanhua Industrial Group, is to build a new plant for hydrochloric acid conversion in Kazincbarcika with government support. The investment of EUR 84 million will create at least 70 new jobs, announced Péter Szijjártó, State Secretary of the Ministry of Foreign Affairs and Trade and Jiansheng Ding, chairman and CEO of BorsodChem on Monday in Budapest. More...
Bloomberg - By Edith Balázs
Hungary expects the government’s debt level to stagnate this year after the European Union warned the country should lower the borrowing burden to avert re-entering the bloc’s budget monitoring process. The cabinet forecasts government debt will be 78.15 percent of annual output at end-2014, compared with 78.26 percent a year earlier, according to an Economy Ministry projection published by research group Fiscal Responsibility Institute on its website. - More...
Dubai-based Emirates airline is set to commence services to Hungary from October 27 with a daily flight to the capital Budapest. The airline will offer 278 seats per day on the Dubai-Budapest route, operating a wide-body A330-200 aircraft in a two-class configuration, said a statement. More...
Hungary’s industrial gross output grew by 9.6% year on year in May 2014, according to both raw figures and data adjusted for working days, the Central Statistical Office (KSH) reported on Monday. On a monthly basis, though, industrial production dropped 1.0%. More...
Suxess Logistic Kft. - inaugurated its new delivery center in Lukácsháza, in county Vas. The total investment cost amounted to 123 million forints, from this 59 million forints were grants won back in the framework of the New Széchenyi Plan.
A new project launched by the IEER research team has investigated if online media could be used to predict investment willingness in the private sector. More than twelve thousand articles containing investment-related terms, were analised from this aspect. In the second part IEER brings macroeconomic trends into focus and, summing up the forecasts of international organisations, finds that economic recovery in the Eurozone is likely to continue in the rest of the year. Read or download the IEER Bulletin from here.
Hungary's foreign trade surplus has become smaller and smaller with every month recently. The May figure is in line with that trend, revealing a minor setback in export dynamic, with imports growing faster than exports do. More...
CB Creative Bloq
Crafting exciting new products for everyday use needs plenty of creativity and a unique approach. Bringing a breath of fresh air into the crockery market is Hungarian based designer Edina Andrási who has used her love of paper art to produce a paper tea set. More...
Mobile World Live - by Richard Handford
The Hungarian Mobile Wallet Association has put a figure of 350,000 to 400,000 on the number of initial users for its proposed payments and loyalty service. More....
Reuters - Reporting by Marton Dunai
Hungary may revise its bank tax as new measures to unwind foreign currency loans could be costly for lenders, but it will not scrap the tax altogether, Economy Minister Mihaly Varga told public radio on Monday. More...
After two weeks, the newest engine family production will be begun in the Opel Flex engine factory, Szentgotthárd. It is expected to be the main product of the factory - informed Opel Hungary's communication.
Budapest Business Journal
The Chambers of Commerce and Industry of Serbia, Hungary and Bulgaria on Wednesday made a multilateral commitment to greater cooperation on economic development and energy security. More...
New York Times - By Lisa Abend
It took only a few minutes after the door locked behind us for the atmosphere in the cramped room to turn tense. A hasty note, left behind on a battered table, warned us that we had only an hour to get out, and it soon became clear that our escape route lay behind a second door. More...
Hungary's banks accused the government on Tuesday of holding them collectively responsible for borrowers' problems after shifts in the exchange rate soured once-popular foreign currency mortgages. More...
Bloomberg- by Marton Eder
Q1 2014 saw a continuation of the adjustment/debt repayment process Hungary's economy has been witnessing since the global financial crisis. In the four quarters to Q1 2014, the net financing capacity of the national economy amounted to 7.2% of GDP. More...
Zala county is mainly liked by Russian tourists, Vas county is likely by the Czechs. According to the datas of the Statistical Office, in the first four months of 2014, 380 thousand guests came to the region, 5.2 percent more than a year earlier.
The Hungarian arm of German carmaker Audi is to expand the area of its engine development centre by about 1,600 square metres. Among other additions it will set up 12 roller break testers which will boost capacity of the plant further. More...
Budapest Business Journal / Christian Keszthelyi
Pactera, US IT-consulting company, is planning to open an €11 mln development center in Hungary, as a first step in long-term plans for operations in the country, the company’s vice president, Antonion Monodmolil, announced today. More...
MNB / Portfolio.
In the first quarter of 2014, Hungary’s unadjusted net external financing capacity (i.e. the combined surplus on its current and capital accounts) amounted to EUR 1,554 million (HUF 481 billion). Adjusted for seasonal effects, the net external financing capacity was EUR 1,861 million or 7.6% of GDP (HUF 578 billion). This means the process of reducing the country’s external debt continued, which comes hand in hand with a current account surplus. More... -
Attila Borda, master chef of the Spirit Hotel, Sárvár - who is member of the examination board and one of the presiding examiners as well of the chef training in county Vas - was chosen among to the members of the First Hungarian White Table Order of Knighthood. One of the most prestigious national recognition's inauguration ceremony was held in Kecskemét.
In case of job search the primary concern is the wage. Hungarian workers choose on this basis, who prefer work for Audi but for many of them attractiv jobs can be offered by Nestlé as well.
Central Statistical Office
- Agricultural producer prices decreased by 8.9% in April 2014 y/o/y. The price of crop products fell by 13.6% and that of live animals and animal products increased by 0.9%. - Full report on CSO website.
- In April 2014, industrial gross output grew by 10.1% compared to the same month of 2013 due to mainly a rise in the sales of transport equipment and the related supplier branches, as well as of food industry. - Full report on CSO website.
- In May consumer prices decreased by 0.1% compared to May 2013. - Full report on CSO website.
IFC (International Finance Corporation), a member of the World Bank Group, and the Hungarian Export-Import Bank have agreed to streamline their collaboration to provide much-needed financing to private companies and help boost growth and jobs in emerging markets. More...
The National - John Burton
Budapest is one of Europe’s hottest destinations right now. Lauded a century ago as the glittering Paris of Mitteleuropa, the capital of Hungary is in the midst of a new renaissance, with its sumptuous turn-of-the-century palaces brought back to life as luxurious hotels, along with a foodie revolution sweeping through the city from gourmet restaurants to funky food trucks. There are cutting-edge art and design projects springing up in everything from ruined mansions to abandoned factories, a hip nightlife scene that rivals London or Berlin, while the city’s iconic thermal baths, which have been the favourite pastime of locals for 500 years, are being spruced up and transformed into modern spas without losing any of their unique charm. More...
MAM Hungária Kft. continues to be effective, MAM Group increased its revenue by 28 percent in May compared to last year's data. About this was also talked on the team building training - organized for company's employees.
Xinhua News Agency / Hungarian News Agency
Hungarian Prime Minister Viktor Orban and Prime Minister of Kazakhstan Karim Massimov on Tuesday signed a strategic partnership agreement that seeks to pinpoint mutually advantageous cooperation between two countries.
GYSEV (Raaberbahn) renovated its engine workhall in Szombathely. The works reached 300 million forints. During the development the basis has also been equipped with new tools and now the possibility is given to repair Flirt engine trains here. This is even more important because it will soon arrive another Flirt trains at the company.
Investments in the Hungarian economy boomed by 22.6% year on year in the first quarter of 2014, the Central Statistical Office (KSH) reported on Friday. This is the highest growth figure ever recorded. The sharp rise is attributable to the low base and primarily to infrastructural developments. More...
The influence of the chambers increased significantly, this was told by László Parragh, President of the Hungarian Chamber of Commerce and Industry (HCCI) in Szeged.
The Office of the National Media and Infocommunications Authority (NMHH) has published the tender documentation for the utilisation of frequency bands 800 MHz and 2600 MHz currently unused and for the available parts of the 900 MHz, 1800 MHz and 26 GHz frequency bands. The deadline for the submission of the bids is 16 June 2014. Further details.
Multipass Solutions became the first Hungarian IT company to receive the prestigious "Best Cloud Based Programme" award from the representatives of Asia's financial sector. The company, which was introduced to the Asian market by Hungarian Investment Agemncy (HITA) bagged the prize as the implementation partner of DBS Bank, a South East Asian financial giant.
The Hungarian Spa Association's general meeting for reelection of officials was held in Bükfürdő. On the first day participants were able to take part in bath showing program in the Bükfürdő Health- and Wellness Center. The reelection was held on the second day.
An increasing number of Russians buy a flat or a house in the West Pannon region. The most popular areas of the country are - outside the capital city - Zala, Győr-Moson-Sopron and Vas counties.
The number of registered unemployed fell in Vas County. In March, five thousand eight hundred and eighty of us were looking for a job, 740 fewer than in February.
Difficult to find suitable Hungarian partners for the large companies in the counties of Vas and Zala. About this has also been talked at the supplier's forum held in Zalaegerszeg, where a lot of large companies represented itself from the region.
As a result of capacity enlargement the Kőszeg unit of Kromberg & Schubert is waiting for one hundred new workers. The company spent a billion forint in 2013, and one and a half billion forint this year on investments.
Spirit Hotel Sárvár received another award: this year as well the hotel got Superbrands award. This is awarded according to the opinion of the committee of voluntary and independent experts, and according to the opinion of guests.
The new five thousand three hundred square meters plant of Uniriv in Csepreg was inaugurated. The total investment amounted to 483 million forints, which was supported with 192 million forint grant in the framework of the New Széchenyi Plan.
Poultry hatchery has been transferred in Uraiújfalu, in county Vas. Bábolna TETRA Kft.'s investment reached almost two billion forints, and it was completed in less than a year.
Binder Kft. is building a new production hall in Csönge, in Vas county. The industrial steel structures manufacturing business has been operating for 18 years in the local industrial park.
The bath of Celldömölk is expanding, and a four-star hotel is building near the town of Vas County. The works are approaching to the end, the opening ceremony is expected to be in middle of April. In the Vulkán Health- and Wellness Spa of Celldömölk are implemented significant developments. New sauna-world, water playground, salt resting-space enriches the services.
The new - six thousand square meters - warehouse of Galambos Logistic Kft., in Vép was handed over. The total investment cost reached 411 million forint. From which 149 million forint was grant support, which 85 percent was given by the European Union, while 15 percent was given by the Hungarian government.
Year-evaluation was held in Sárvár by István Kondora, the city's mayor. He said that the number of overnights spent in the spa town increased by three percent to 486 thousand.
Spa cities from Vas County are among the most visited cities in Hungary. The Central Statistical Office set the ranking by the number of spent guest nights in Hungary. According to this Bük is on the eighth place, while Sárvár is on the thirteenth.
The new manager of the Nestle factory started to work in Bük. His predecessor, Andrew Ethel left the company after six years, then he will lead one of the Nestlé chocolate factories in the Czech Republic.
The LuK Savaria Kft. reported a significant staff increase by the county's labor center. They are planning the recruitment of three hundred new employees.
The Hungarian government made a strategic cooperation agreement with the Delphi automotive supplier company group, the document was signed by the national economy minister, Mihaly Varga, and Zoltan Jámbor, Hungarian director of Delphi.
Automotive supplier company began its operation in Sarvar. The AWF Automobile Component Manufacturer Ltd. has more than half a billion forints invested in the city. The company manufactures car upholster and it is supplier-partner with Audi, Mercedes, BMW and Porsche.
35 thousand more tickets were sold in 2013 than 2011 in the Bükfürdő Health- and Wellness Center. Compared to the 2012's 862 thousand number of guests only 0.4 percent (3,600 people) was the difference last year.
Opel Szentgotthard donated seventeen engines for secondary and higher education institutions in the framework of a solemn factory meeting.
The two new GYSEV FLIRT engine-trains have already been started to work on the Sopron-Szombathely-Szentgotthárd railway line. From the daily 54 routes on 19 these trains will carry the passengers. The engine-trains have 200 seats and 164 standing places, in the wagons the wi-fi is free, as well as mobile phones and laptops charging power connectors can be found.
SáGa implemented further six million forints energy improvements in Sárvár, in consequence of which the company's office buildings and social facilities as well have been provided with XXI . century energy services, and the comfort of people working there has also been improved.
Mechatronics knowledge center will be opened in Szombathely by Epcos Ltd. The company's goal that the trainees, future employees can get acquainted more efficient and easier with the methods of manufacture used by Epcos. In the new learning center will take place the practical training of mechatronics and automation technician students as well.
LuK Savaria Ltd. - dealing with manufacturing of car parts, mainly with clutch operation - under the continuous expansion develops a training site in Szombathely. The company buys the former building of the Regional Integrated Vocational Training Centre from the city's local government for this purpose. According informations LuK pays 1.1 million euro, or approximately 300 million forint for the city.
The county's largest companies 2012 ranking with the title: "Vasi Top 100" was published, this publication is showing not only the largest taxpayers, but also the economic situation in the region. To belong to the TOP 100 rank the company should produce a net revenue of at least 1.1 billion Forint.
Sárvár Hotel Spirit enriched with a new appreciation. The hotel won the first place on the Gault & Millau Hungary toplist in the category of best wellness hotels.
The recycling process became more efficient by the HUKE waste-processing company in Sárvár. Thanks to a 200 million forint development, it is possible to separate plastics as well completely near some metals, such as aluminium and iron. With this method high-quality secondary raw materials can be reached from the trash.