Since the restrictions of Communism, Hungary pioneered numerous reforms to later become a nation with a stable economy and market. It is a nation with a strong sense of identity and pride, known for its rich tradition and culture.
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Hungary Today
The country’s sound transition to a free market economy in the 1990s has attracted numerous foreign investments and enterprises. The step to become a member of both NATO and the EU has solidified its position in the European economic market.
Hungary has a unique social and business culture that any organisation doing business there must recognise and appreciate in order to be successful.
Hungarian Culture – Key Concepts and Values
Individualism – Since the end of Communist rule, Hungarians have moved towards a more individualistic society. Today’s Hungarians value independence, freedom and self-reliance. Young people are expected to be responsible and individual achievement is rewarded and respected. Though Hungarians still retain a sense of community and family ties, they have adopted many Western business practices and strive for personal success.
Respect – Respect and formality are key concepts in Hungarian culture. Respect is always present in the home and even more so in a business environment. In business, Hungarians will not use first names until they know their partners well enough. Hungarians believe that it is disrespectful to directly say ‘no’, and will often be indirect out of courtesy and regard.
Relationships – Hungarians highly value their relationships with others. Business should be conducted face-to-face whenever possible. Relationships truly drive business in Hungary so it is important to know your Hungarian business partners on a personal level and to establish a certain amount of trust before any negotiations take place. Having a personal network and numerous contacts is essential to Hungarians as ‘who you know’ is fundamental to Hungarian business practices
Doing Business in Hungary
A nation shaped by multiple empires, two world wars and Communism, Hungary has one of Central Europe’s most prosperous economies. Hungary has made a smooth transition towards a free market society which continues to dramatically increase foreign investment. Although Hungary is not planning to adopt the euro before 2020, the country has sanctioned fiscal freedom and has substantially improved trade. Hungary has attracted nearly a third of Central Europe’s foreign investment and is a renowned model for other nations experiencing similar reform. It did not remain untouched by the global economic downturn in the end of the 2000s, however, it already started to recover in 2010 with a boost from exports. A member of the World Trade Organisation and International Monetary Fund, Hungary offers untold opportunities for businesses looking to take advantage of its successful market.
Hungary Business Part 1 - Working in Hungary: Working practices in Hungary
Structure and hierarchy in Hungarian companies
Working relationships in Hungary
Hungary Business Part 2 - Doing Business in Hungary: Business practices in Hungary
Hungarian Business Etiquette (Do’s and Don’ts)
DO familiarise yourself with Hungarian history. Read about Hungarian composers and scientists and be prepared to discuss global Hungarian contributions with your business partners. They will appreciate the effort you make to understand their culture.
DO accept dinner and cultural invitations from your Hungarian colleagues. Use these invitations as opportunities to get to know your business partners on a more personal level.
DO pay attention to non-verbal cues. Hungarians may use facial expressions rather than words to express their dislike or confusion. Do not be afraid to ask for clarification as Hungarians will often be indirect out of courtesy.
DON’T speak down or act condescending in any way. Hungarians view this as an extreme sign of disrespect and any perceived arrogance could ruin your relationship with your Hungarian colleagues.
DON’T cancel a meeting at the last minute. Hungarians see this as blatant discourtesy and this could potentially harm the trust you have established with your Hungarian business partner.
DON’T be uncomfortable if your Hungarian friends or colleagues raise their voices or have very different opinions. This is normal in Hungarian business culture and should not be taken personally.
Hungarian Culture Quiz – True or False
1. Hungarians consider it bad luck to clink beer glasses when making a toast.
2. Hungarians do not typically bargain.
3. Never use email instead of a phone call or a face-to-face meeting.
4. Always bring a gift when meeting new clients or business acquaintances.
5. When bringing flowers to your host, avoid even numbers and chrysanthemums.
Hungarian Culture Quiz – Answers
1. True. It is an old tradition not to clink beer glasses because according to a legend Austrian officers clinked their glasses at each gunshot during the War of Independence in 1849. However, today in particular young Hungarians do not follow that tradition anymore and will often toast each other by bringing their glasses together.
2. True.
3. True.
4. False. Gifts are not expected in Hungarian business culture. However, when invited to a business partner’s home, bringing some flowers or chocolates would be polite.
5. True. When bringing flowers roses can be quite nice, but avoid red roses as they can have romantic implications or chrysanthemums as they are typically for cemeteries
Hungary Today
The country’s sound transition to a free market economy in the 1990s has attracted numerous foreign investments and enterprises. The step to become a member of both NATO and the EU has solidified its position in the European economic market.
Hungary has a unique social and business culture that any organisation doing business there must recognise and appreciate in order to be successful.
Hungarian Culture – Key Concepts and Values
Individualism – Since the end of Communist rule, Hungarians have moved towards a more individualistic society. Today’s Hungarians value independence, freedom and self-reliance. Young people are expected to be responsible and individual achievement is rewarded and respected. Though Hungarians still retain a sense of community and family ties, they have adopted many Western business practices and strive for personal success.
Respect – Respect and formality are key concepts in Hungarian culture. Respect is always present in the home and even more so in a business environment. In business, Hungarians will not use first names until they know their partners well enough. Hungarians believe that it is disrespectful to directly say ‘no’, and will often be indirect out of courtesy and regard.
Relationships – Hungarians highly value their relationships with others. Business should be conducted face-to-face whenever possible. Relationships truly drive business in Hungary so it is important to know your Hungarian business partners on a personal level and to establish a certain amount of trust before any negotiations take place. Having a personal network and numerous contacts is essential to Hungarians as ‘who you know’ is fundamental to Hungarian business practices
Doing Business in Hungary
A nation shaped by multiple empires, two world wars and Communism, Hungary has one of Central Europe’s most prosperous economies. Hungary has made a smooth transition towards a free market society which continues to dramatically increase foreign investment. Although Hungary is not planning to adopt the euro before 2020, the country has sanctioned fiscal freedom and has substantially improved trade. Hungary has attracted nearly a third of Central Europe’s foreign investment and is a renowned model for other nations experiencing similar reform. It did not remain untouched by the global economic downturn in the end of the 2000s, however, it already started to recover in 2010 with a boost from exports. A member of the World Trade Organisation and International Monetary Fund, Hungary offers untold opportunities for businesses looking to take advantage of its successful market.
Hungary Business Part 1 - Working in Hungary: Working practices in Hungary
Structure and hierarchy in Hungarian companies
Working relationships in Hungary
Hungary Business Part 2 - Doing Business in Hungary: Business practices in Hungary
Hungarian Business Etiquette (Do’s and Don’ts)
DO familiarise yourself with Hungarian history. Read about Hungarian composers and scientists and be prepared to discuss global Hungarian contributions with your business partners. They will appreciate the effort you make to understand their culture.
DO accept dinner and cultural invitations from your Hungarian colleagues. Use these invitations as opportunities to get to know your business partners on a more personal level.
DO pay attention to non-verbal cues. Hungarians may use facial expressions rather than words to express their dislike or confusion. Do not be afraid to ask for clarification as Hungarians will often be indirect out of courtesy.
DON’T speak down or act condescending in any way. Hungarians view this as an extreme sign of disrespect and any perceived arrogance could ruin your relationship with your Hungarian colleagues.
DON’T cancel a meeting at the last minute. Hungarians see this as blatant discourtesy and this could potentially harm the trust you have established with your Hungarian business partner.
DON’T be uncomfortable if your Hungarian friends or colleagues raise their voices or have very different opinions. This is normal in Hungarian business culture and should not be taken personally.
Hungarian Culture Quiz – True or False
1. Hungarians consider it bad luck to clink beer glasses when making a toast.
2. Hungarians do not typically bargain.
3. Never use email instead of a phone call or a face-to-face meeting.
4. Always bring a gift when meeting new clients or business acquaintances.
5. When bringing flowers to your host, avoid even numbers and chrysanthemums.
Hungarian Culture Quiz – Answers
1. True. It is an old tradition not to clink beer glasses because according to a legend Austrian officers clinked their glasses at each gunshot during the War of Independence in 1849. However, today in particular young Hungarians do not follow that tradition anymore and will often toast each other by bringing their glasses together.
2. True.
3. True.
4. False. Gifts are not expected in Hungarian business culture. However, when invited to a business partner’s home, bringing some flowers or chocolates would be polite.
5. True. When bringing flowers roses can be quite nice, but avoid red roses as they can have romantic implications or chrysanthemums as they are typically for cemeteries
