"I want to thank you for standing up for Israel in international forums, you have done this again and again," Netanyahu said at a press conference with Orban in Budapest.
He added that Hungary, as the birthplace of modern political Zionism founder Theodor Herzl, was "at the forefront" of countries fighting anti-Zionism.
Netanyahu is the first Israeli prime minister to visit Budapest since the fall of communism in 1989.
"The (Israeli) prime minister is a great patriot and success belongs to those who are patriots, who don't push national identity and interests aside," Orban said Tuesday.
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"Israel's history teaches that we will lose the things we don't fight for."
The hardline policies of the pair - described as "spiritual brothers" by Hungarian media - have sparked tensions with Brussels.
But in eastern and central Europe, the muscle-flexing has found fertile ground.
"All these states are very pro-Israel," Israeli analyst Raphael Vago told AFP.
"They vote in our favour at the European Union and the United Nations."
Netanyahu will attend Budapest's Great Synagogue with Jewish community leaders, before departing Thursday.
The trip comes at a sensitive time for Orban who faces a backlash over his virulent crusade against Soros, a Hungarian-born Jewish emigre.
Some posters daubed with graffiti have attacked the financier for his alleged support of mass immigration.
Orban however has insisted the billboards were not about Soros's Jewishness but the "national security risk" posed by his supposed wish to "settle a million migrants" in the EU.
"I've discussed the concerns that I have heard from the Jewish community here and (Orban) reassured me in unequivocal terms," said Netanyahu.
Orban meanwhile said his government has a "zero-tolerance policy in place towards anti-Semitism" to "guarantee the complete safety" of Hungary's Jews.
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