Doing business

Business culture

Hungarian business people will want a clear understanding of what is to be dealt with in any meeting. A company profile and product literature should also be available.

It is recommended that companies visit the market regularly for face to face meetings and to maintain frequent telephone and email contact between visits.

Punctuality is very important, if you are late for a meeting call ahead to advise and give as much notice as possible. Allocate extra time for travel during the peak hours in a city, especially in Budapest. The peak summer holiday months of July and August may be difficult to arrange meetings. In addition, many companies shut down over the Christmas and New Year period.

Dress attire is conservative. Most business people will wear suits, although ‘smart-casual’ is becoming more widespread in some industry sectors.

Gift giving is not a usual part of Hungarian business etiquette. Some organisations are encouraged not to accept any form of gift and some are prevented from doing so on legal grounds.

English is widely spoken in business circles in big cities, but the option of interpreting should be offered.

Setting up in Market

The most common market entry strategy for Australian companies is to partner with a local partner or distributor. It is important to note that companies will also need to be actively involved in marketing and promoting their product and visit the market regularly.

Banking and finance

The main banks are:

OTP Bank

K&H Bank

Erste Bank

Budapest Bank

Links and resources

Government, business and trade

Government, business and trade:

Hungarian Government

Hungarian Investment Promotion Agency

Hungarian Statistical Office

Hungary Official Website

Ministry of Finance

Ministry of Foreign Affairs and Trade

Ministry for Innovation and Technology

News and media

Daily News Hungary

Hungary Today

Please note: This list of websites and resources is not definitive. Inclusion in this list does not imply endorsement by Austrade. The information provided is a guide only. The content is for information and carries no warranty; as such, the addressee must exercise their own discretion in its use. Australia’s anti-bribery laws apply overseas and Austrade will not provide business related services to any party who breaches the law and will report credible evidence of any breach. For further information, please see foreign bribery information and awareness pack.