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Executive Report on Strategies in Hungary
ICON Group International, June 2007, Pages: 392
How to Strategically Evaluate Hungary
Perhaps the most efficient way of evaluating Hungary is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”).
Framework for Prioritizing Countries
Demand/Market Potential Driven Firm
Relative Accessibility
Accessibility/Supply Averse Firm
Relative Accessibility
In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities.
Latent Demand and Accessibility in Hungary
This report provides an extremely detailed overview of factors driving latent demand and accessibility in Hungary. Latent demand is largely driven by economic fundamentals. But, latent demand only represents half of the picture. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks.
Chapter 2 deals with macro-accessibility. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in Hungary:
Openness to Trade in Hungary
Openness to Direct Investment in Hungary
Local Marketing and Entry Strategy Alternatives
Local Human Resources
Local Risks
Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are also covered in Chapter 2, which is presented from the perspective of an American firm, though it is equally applicable to most firms entering Hungary. This chapter has been authored by local offices of the U.S. Government. I have included a number of edits to clarify the provided information as it relates to the general strategic framework.
In Chapter 3, I summarize the economic potential for Hungary over the next five years for hundreds of industries, categories, and products. The goal of this chapter is to report my findings on the real economic potential, or latent demand, represented by Hungary when defined as an area of dominant influence. The data presented are the result of various spatial econometric and time-series forecasting models which, for each category presented, are applied to forecast and allocate latent demand across all countries of the world and major distribution centers or centers of dominant influence within each country. This is accomplished knowing that economic fundamentals (e.g. income) generally vary from one country to another within a given country over time. In this chapter, I report the allocation for each category for Hungary as an area of dominant influence in Europe and, potentially, the world.
The report concludes with trade indicators for Hungary. Often, the amount of trade flowing into and out of a country is a strong indicator of trading partners, trade openness, and related latent demand. Trade indicators are purely statistical in nature. Although international trade is not a direct measure of latent demand, it does provide an indicator of general market conditions with respect to trade flows and trade openness in Hungary.
As a whole, this report presents a strategic assessment of Hungary by considering an extremely broad set of factors affecting both latent demand and accessibility, as outlined in the following chapters.
MACRO-ACCESSIBILITY IN HUNGARY
Economic Fundamentals and Dynamics
There are many different methods that can be considered by U.S. firms seeking to enter the Hungarian market. And while what is effective for one sector may be different from what is appropriate in another, in general it is advised that American companies partner with locally-based agents, distributors, representatives, advisers, etc., at least in the early stages.
Political Risks
Economic Relationship with the United States
Relations between the United States and Hungary following World War II were affected by the Soviet armed forces’ occupation of Hungary. Full diplomatic relations were established at the legation level on October 12, 1945, before the signing of the Hungarian peace treaty on February 10, 1947. After the communist takeover in 1947-48, relations with Hungary became increasingly strained by the nationalization of U.S.-owned property, unacceptable treatment of U.S. citizens and personnel, and restrictions on the operations of the American legation. Though relations deteriorated further after the suppression of the Hungarian national uprising in 1956, an exchange of ambassadors in 1966 inaugurated an era of improving relations. In 1972, a consular convention was concluded to provide consular protection to U.S. citizens in Hungary.
In 1973, a bilateral agreement was reached under which Hungary settled the nationalization claims of American citizens. In January 1978, the United States returned to the people of Hungary the historic Crown of Saint Stephen, which had been safeguarded by the United States since the end of World War II. Symbolically and actually, this event marked the beginning of excellent relations between the two countries. A 1978 bilateral trade agreement included extension of most-favored-nation status to Hungary. Cultural and scientific exchanges were expanded. As Hungary began to pull away from the Soviet orbit, the United States offered assistance and expertise to help establish a constitution, a democratic political system, and a plan for a free market economy.
Between 1989 and 1993, the Support for East European Democracy (SEED) Act provided more than $136 million for economic restructuring and private sector development. The Hungarian-American Enterprise Fund has offered loans, equity capital, and technical assistance to promote private-sector development. The U.S. Government has provided expert and financial assistance for the development of modern and Western institutions in many policy areas, including national security, law enforcement, free media, environmental regulations, education, and health care. Direct investment in Hungary by American companies is rising rapidly. When Hungary acceded to NATO in April 1999, it became a formal ally of the United States. This move has been consistently supported by the 1.5 million-strong Hungarian-American community.
The Political System
The President of the Republic, elected by the National Assembly every 5 years, has a largely ceremonial role, but powers also include appointing the prime minister. The prime minister selects cabinet ministers and has the exclusive right to dismiss them. Each cabinet nominee appears before one or more parliamentary committees in consultative open hearings and must be formally approved by the president. The unicameral, 386-member National Assembly is the highest organ of state authority and initiates and approves legislation sponsored by the prime minister. A party must win at least 5% of the national vote to form a parliamentary faction. National parliamentary elections are held every 4 years. A 15-member Constitutional Court has power to challenge legislation on grounds of unconstitutionality.
Marketing Strategies
Agents and Distributors
Using a local agent or distributor is recommended in those instances when establishing a direct sales or production subsidiary is not feasible. In order for a U.S. company to decide what form of representation best suits them, they should consider the degree of leverage they can exert over the following variables: price control, channel network, policy, marketing and operational expenses and after-sales service. U.S. companies wishing to use distribution, franchising and agency arrangements need to ensure that the agreements they put into place are in accordance with both Hungarian and E.U. laws and regulations (www.itd.hu).
Many European companies in Hungary choose to distribute through a wholly owned sales subsidiary, because they feel such units provide geographic exclusivity, full control and can be more easily managed and supported. Nevertheless, there are many Hungarian firms that have the expertise and capability to be successful distributors, although they may need help and guidance from the U.S. partner if they have not worked with international partners before. Most distributors in Hungary are typically small and medium-sized companies that generally do not publish brochures, but rather communicate with their clients through Web sites. The use of electronic marketing and public relations, including creating one’s own Web site, is becoming more widespread than it was just a few years ago.
Distributors can provide strategic support for positioning any given brand in the local market through advertising and promotion, and -- given their familiarity with local culture and business customs -- can assist with after-sales services as well. This value-added service is vital for customers and contributes to creating a positive image for the U.S. firm doing business abroad. for historic reasons, and because of heavy trading competition and the relatively small size of the Hungarian market, many Hungarian distributors will usually ask for exclusivity during the negotiations. This should not necessarily discourage U.S. exporters from negotiating further; but regional or nationwide exclusivity could be tied to sales performance among other options.
Many Hungarian companies still prefer to act as an agent on a commission basis because they do not have the working capital to carry stock or want to use high-cost Hungarian financing. As a sales agent or representative, they act on behalf of the U.S. supplier without actually taking title to goods or assuming financial risk. Although the norm varies by industry, agents typically earn a 5-8 percent commission on sales in Hungary, in contrast to distributors, who typically use higher margins. The use of agents is more widespread in sectors where capital and technical expertise is paramount, such as in machining, tooling and heavy industrial sectors. In these areas there is a supply of skilled older engineers who have a close understanding of the local market. In all cases, it is highly recommended that U.S. companies visit and meet with their prospective representative before signing any agreement. This will ensure that both parties understand completely their full legal responsibilities regarding the contract. Note that a legally binding document between the two parties can be either in English or Hungarian, but in the event of any commercial or tax disputes, an authenticated Hungarian version is the governing document.
Creating a Sales Office
Registering a company in Hungary is relatively quick and efficient. As stipulated in the Act on the Registration of Companies (Act CXLV of 1997), a registration application must be filed with the appropriate Hungarian Court of Registration, located in each county, within 30 days following the signing of the deed of foundation or the articles of association. If an official license is required for the establishment of the company, it must be attached to the application form. The company is established upon entry into the Companies Register as of the date of such entry. The court must decide on the application within 68 days. If the court fails to do so, the company will automatically be registered on the 69th day from the date of application. Should the court reject the application, the company must terminate its operation and its members are liable for its debts. It should be noted that companies are able to request tax and social security numbers at the same time they file the documents at the Court of Registration.
Before registration is complete, but after an attorney at law or a notary public has countersigned the statutes, the company can operate as a “pre-company.” A pre-company may pursue business activities only after the application for registration has been submitted. Further, it may not pursue activities requiring an official license until the registration is complete. During the pre-company stage, the company cannot change its membership, alter the statutes, or initiate legal proceedings to exclude a member, resolve on termination without a legal successor, change its legal form, or merge into or with another company.
U.S. entities planning to set up businesses in Hungary are advised to consult with an experienced attorney and accounting firm. Lists of law and accounting firms may be obtained from the U.S. Embassy’s commercial section. It should be noted that obtaining and renewing work and residence permits has become increasingly onerous as the government attempts to crack down on illegal residents. U.S. businesses are urged to hire a local law or accounting firm or a company that specializes in this type of work to assist with the process.
Franchising Activities
Currently, there are approximately 400 franchise operations in Hungary, half of which are foreign-owned. The U.S. hamburger chain McDonald’s can be considered the “king” of fast-food franchisors in Hungary and Central Europe, as it has pursued a very successful transnational strategy. Others that have found success in the Hungarian market include Pizza Hut, Kentucky Fried Chicken, Burger King and Subway. Eastman Kodak, car rental companies Hertz and Avis, and porcelain refinishing franchiser Kott Koatings are also well established. There have also been some franchising retreats from the Hungarian market, due to different tastes and practices in the Hungarian market. Dunkin’ Donuts, Wendy’s and New York Bagel are examples of companies that opened stores in Hungary that did not last.
Because of relatively high interest rates and limited access to capital, successful franchisors will need to modify the typical American model to be successful in Hungary. McDonald’s, the most successful and popular fast food franchisor in Hungary, uses multiple franchising techniques, often acting as - in essence - a real estate developer, purchasing land and buildings and assigning a partner to run and manage its restaurants. Another franchising technique frequently used involves the purchase of a master franchise by a company or group of private investors, who then own and operate most or all of the outlets. This is the model used by Burger King, Pizza Hut, and Kentucky Fried Chicken.
According to industry experts and this post’s experience, selling sub-franchises, providing financing, setting lower master franchise fees and/or using foreign master franchisees are keys to success in the Hungarian franchise market. Franchising is still relatively underdeveloped compared to American or Western European standards. As a proportion of the retail sector, Hungary lags considerably behind the United States, Japan, and the EU. Inefficiencies in the delivery of goods and services, and a developing middle class, suggest that there are significant opportunities in franchising.
There are no special legal requirements for franchises in Hungary. The same regulations and policies apply to set up a franchise as establishing a company. Membership in the Hungarian Franchise Association is recommended but not obligatory.
Direct Marketing Options
Direct selling is an accepted form of business in Hungary and the EU countries. The Association of Direct Selling (DSA), founded in 1993, promotes direct selling and also works to protect consumer interests. The Hungarian DSA adopted the European Codes of Conduct in 1995, a set of guidelines aimed at ensuring the satisfaction and protection of consumers, promoting fair competition in the framework of free enterprise and enhancing the public image of direct selling. The group’s Ethical Codes state that DSA members must allow consumers eight days to get reimbursed, should they change their mind about a purchase. DSA is a member of the Federation of European Direct Selling Associations and the World Federation of Direct Selling Associations (www.DSA.hu). DSA has nine members. Members include AMC, Amway, Avon, Carion, Sunrider, Lux, Oriflame, Golden Leo-Life Diamite and Tupperware.
While associations such as DSA undertake their own efforts to protect consumers, Hungary also has a Consumer Protection law (Act CLV of 1997) and a General Inspectorate for Consumer Protection (GICP). See http://www.fvf.hu. According to this Act, consumers must be properly informed about prices, quality, instructions relative to the use of goods and any hazards associated with such use, delivery and packaging costs. In the event of the violation of the legal regulations on information and packaging, the consumer may enforce his rights against the manufacturer, distributor or direct marketer. Customers generally have the right to return goods without explanation within seven calendar days, and have the right to compensation or service for faulty goods thereafter. Promotional offers must not mislead customers and the terms must be easily understandable. E-mail sales efforts should be clearly identifiable to the consumer when received, and recipients can choose between an opt-in or opt-out for future solicitations. When an order is placed, the service provider must acknowledge receipt quickly by electronic means.
Joint Ventures and Licensing Options
In Hungary, the term “joint venture” is used commonly to refer to any type of business association or company established in accordance with Hungarian law that is partially or wholly foreign-owned. (Please note that a “joint enterprise” under the Company Act is an entirely different entity.)
Since 1989, Hungary has undergone a dramatic transformation from a centrally planned economy to an open, pro-business economy and member of the European Union. The Hungarian Constitution guarantees private ownership, right of enterprise, and freedom of competition. A substantial body of laws protects foreign investment, provides national treatment, and enables profit repatriation.
The primary legislation protecting both foreign and domestic investors is the Foreign Investment Act of 1988. It grants full protection to the investments and businesses of non-Hungarian resident investors and guarantees that investors will be treated in the same manner as national investors. The same protection and rights apply to joint ventures as well.
For more information about joint ventures, please visit the Web site of the Hungarian Joint Venture Association at www.jointventure.hu.
Import Licenses
The Integrated Tariff of the Community, referred to as TARIC “Tarif Intégré de la Communauté, is designed to illustrate various rules applying to specific products being imported into the customs territory of the EU or, in some cases, when exported from it. To determine if a license is required for a particular product, check column five of the TARIC. The TARIC can be searched by country of origin, Harmonized System Code, and product description on the interactive Web site of the Directorate-General for Taxation and the Customs Union. The TARIC is updated annually in April.
An estimated 95 percent of products no longer require an import license; however licenses are still required for some goods imported from non-WTO countries and China, including textiles, clothing and shoes. Furthermore, fish and canned fish, pesticides, precious metals, used and remanufactured tires, certain reusable wastes, and other products which are typically controlled in the United States and other western countries such as arms/ammunition, military equipment, hazardous materials, materials for biological weapons, psychotropic products and drug precursors, special paper types used for banknotes and securities, nuclear products and uranium ore are similarly controlled in Hungary.
Key link: www.europa.eu.int/comm/taxation_customs/dds/en/tarhome.htm.
Export Licenses
Most high-tech western technology can be sold to Hungary without U.S. export licenses. However, some equipment and technologies remain controlled. Depending on the product, export licenses may be issued from the U.S. Department of Commerce’s Bureau of Industry and Security, the Department of State or the Department of Defense. As licensing can be a lengthy process, U.S. firms should ensure that they do not make delivery commitments until an export license has been approved, if required.
Public Sector Marketing
Government purchases will be subject to a limit of EUR 130,000 (USD 169,000) for goods or services, and EUR 5 million ($6.5 million) for investments. Above these limits, tenders must be announced in the official EU public procurement publication. A Centralized Procurement Process serves over 1000 institutions that receive financing from the Hungarian central budget, government offices, educational institutions, hospitals, etc. They are typically required to select from a centralized list of specific products and vendors in categories such as computer hardware, software and services, automobiles, office furniture and supplies, etc. Information on upcoming tenders for supplying these products can be obtained from the Hungarian government’s Public Procurement and Economics Directorate (www.kozbeszerzes.gov.hu).
The Law on Public Procurement and related regulations together with the list of certified suppliers for public procurement projects are available in Hungarian at the Web site: www.kozbeszerzes.hu. This Web site also contains the Public Procurement Gazette in Hungarian which lists all public procurement tender invitations.
Distribution Channel Options
Hungary is a country of 10.2 million residents of which over 2 million live in the greater Budapest area. About 1.7 million people live within the city, which is declining in population, and the suburbs are growing rapidly. Most business and trade is concentrated in and around the capital city and Pest county, while production, warehousing and logistics centers are primarily outside the capital. Budapest is also becoming the city of choice for establishing central and/or southeast European headquarters for multinationals (e.g., Opel, Pepsi, Hewlett-Packard, AIG/Lincoln, among others). Along with Budapest, the ten largest cities are: Debrecen - population 204,297; Miskolc - 175,701; Szeged - 162,889; Pecs - 156,567; Gyor - 127,594; Nyiregyhaza - 116,336; Kecskemet -108,286; Szekesfehervar - 101,465; and Szombathely - 80,154.
Retail and wholesale distribution patterns are converging with western patterns, but certain distinctive features remain. The local trading company structure is relatively undercapitalized, and it is usually retailing and wholesaling activities are combined.
The mid sections of the distribution pyramid - stocking distributors, mass merchandisers - have not fully developed for many product groups. The most successful companies in this segment are typically wholly-owned subsidiaries of European/American manufacturers, investors or major chains e.g., Auchan, Tesco, Cora, Office Depot, Metro, Brico, OBI, Praktiker, IKEA, etc. A typical distribution channel in Hungary starts with the importer-wholesaler, which may directly service retailers and end-users. Hungarian agents or distributors usually look to the foreign partner to share the expenses of marketing and promotion and often to provide training and financing.
The retail sector was characterized by small entrepreneurial, family-owned stores, but there is a transition to medium-size, financially well-established entrepreneurial business communities operating more a chain of shops not only in Budapest but also in the countryside, Real, CBA, Alfa, etc. There are thousands of small retail outlets across the country, especially in villages and along side roads posing logistical challenges for distributors and suppliers. However, Budapest’s retail sector is clearly dominated by superstores, shopping centers and supermarkets, with small family-run stores being most common in the rural areas to serve immediate needs. Examples of foreign chains with operations in Hungary include Auchan - France, Metro - Germany, Lidl - Austria, KIKA - Austria, Ikea - Sweden, Baumax - Germany, OBI - Germany, Bricostore - France, Humanic - Austria, Match/Smatch - Belgium, Penny Market - UK, Cora - France, Marks & Spencer - UK, and Tesco - UK. Indoor shopping malls have rapidly expanded throughout the Budapest capital area, as well as other major cities. Presently, 40 shopping malls operate in Budapest. The largest mall complex in central Europe is West End City Center with 91,000 sq m opened in 1999 in the center of Budapest. Mammut with 53,000 sq m opened in 1998 and Duna Plaza with 46,000 sq m another large facility in Budapest opened in 1996 and was upgraded and enlarged in 2002. Other larger cities like Szeged, Gyor, Debrecen, Pecs or Kecskemet also operate shopping malls.
Hungary is still largely a cash economy. However, the use of credit cards is increasing and the number of credit cards issued by commercial banks grew significantly in the past 2-3 years. Checks are not used at all. Cash is used for most payments in addition to credit cards. There is a large and reliable network of automatic teller machines (ATMs) throughout the country. People, especially in Budapest and major Hungarian cities, tend to use these ATMs and pay by credit cards in shopping malls, superstores and supermarkets where VISA, MASTERCARD or AMEX cards are widely accepted.
Selling Strategies
Success in the Hungarian market is extremely difficult without an in-country representative, whether it is an agent, distributor, or representative office. Letters, faxes, Web sites and packages of product literature will introduce a product or service but personal visits are strongly encouraged. English is mostly spoken by the younger business generation while middle-aged and elderly business people may also speak German. Individuals in smaller companies may not necessarily speak either of these languages. U.S. companies should make an effort to make sure that professional translators translate their company brochures and product literature.
The U.S. exporter should be aware that access to capital in Hungary still is difficult for many Hungarian firms. With inflation 3 percent in 2005 and bank loans widely varying between 6 and 21 percent, some Hungarian companies and their customers experience problems in financing purchases through a Hungarian bank. Most Hungarian firms are too small to consider going public or issuing commercial paper. Therefore, most business activities, including payment for imports, are still self-financed. U.S. companies that can guide their customers to affordable financing such as U.S. Export-Import Bank guarantees have better chances in competing with EU exporters, who come prepared for this situation. After establishing a track record for payments, they generally offer between 60 and 90-day terms to their customers.
Hungarian customers are generally enthusiastic about U.S. products but as in most regions, doing business in Hungary is built upon personal relationships and trust. Therefore, it is strongly recommended for the U.S. exporter to visit their potential customer when presenting a proposal.
Electronic Commerce
The National Development Plan states that e-commerce is an important priority for Hungary because of its positive impact on the economy. One of the most important regulations governing e-commerce is the consumer protection regulation 17/1999(II.5.) Government Decree. Law CVIII of 2001, which defines and regulates electronic commerce services. It conforms to the principles of the Single Market by eliminating important differences between local and EU-based vendors. The Law states that it intends to implement the Directive 2000/31 of the EU Parliament and Council on Information Society and e-Commerce. Law XXXV on E-Signature was passed in September 2001 and now five qualified certification service providers operate. The Ministry of IT and Telecommunications is currently exploring new regulations to allow existing non-government certification service providers to provide authentication of e-signatures for government bodies as well. However, this will not preclude the possibility of a separate government certification service provider.
E-commerce had a slow start in Hungary. Its slow development is due to a lack of trust in e-commerce, especially in electronic payment by Hungarians. The most developed field is e-banking services, which has been growing steadily.
Business-to-Consumers (B2C) e-commerce is mainly books, CDs, DVDs and computer products sales. B2C e-commerce represents less than one percent of retail trade. According to industry sources, eighty percent of the sales are made however by a handful of B2C companies.
Advertising and Trade Promotion
Advertising is critical especially in the consumer goods field. Hungarian purchasing decisions are increasingly subject to sophisticated print and electronic media techniques. The Competition Law prohibits advertisements that mislead consumers or endanger the reputation of competitors. The Advertising Law, passed in June 1997, liberalized advertising, including lifting a ban on advertising alcohol and tobacco products. Current regulations on the advertisement and promotion of pharmaceuticals ban advertising of prescription drugs, vaccines and dietary supplements, as well as over-the-counter preparations that are subsidized from social security funds. This ban, however, does not apply to products not subsidized by the Hungarian government, an ever-growing number of products.
Trade promotion is a critical part of success in the Hungarian market. Exhibiting at or visiting trade shows and trade/scientific seminars, both international and local, can be helpful for a wide range of products and services. Hungarian distributors often use scientific and/or information papers and publications in industry association magazines and trade journals as an effective tool to inform the Hungarian market about their product lines. Trade associations offer high quality publicity and low cost web advertising. Co-operative activities with universities, colleges, and technical universities are also a popular type of trade promotion.
The Hungarian market has evolved from general trade fairs to smaller, specialized exhibitions that focus on sectors, such as IT, environmental equipment and technologies, automotive products, agri-business, consumer goods, franchising, security and safety, and building products, etc. The number of these specialized fairs has grown in recent years in Hungary.
Advertising Contacts
Hungexpo Rt. (fair organizer)
www.hungexpo.hu
ElitExpo Kft. (fair organizer)
www.elitexpo.com
Budapest Business Journal (weekly and daily papers)
www.bbj.hu
Budapest Week (weekly paper)
www.budapestweek.com
Diplomacy and Trade (monthly magazine)
www.dteurope.com
Business Hungary (monthly)
www.businesshungary.com
Budapest Sun (daily)
www.budapestsun.com
Budapest Times (weekly)
www.budapesttimes.hu
Nepszabadsag - People’s Freedom (daily)
www.nol.hu
Magyar Hirlap - Hungarian Newspaper (daily)
www.magyarhirlap.hu
Magyar Nemzet - Hungarian Nation (daily)
www.mno.hu
Vilaggazdasag - World Economy (daily)
www.vg.hu
Weekly World Economy
www.hvg.hu/english.aspx
Info on BSP
http://www.buyusa.gov/hungary/en/business_network.html
Info on FUSE
http://www.buyusa.gov/hungary/hu/fuse.html
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