Austria supports EU-Vietnam Investment Protection Agreement

Austrian Deputy Minister for Digital and Economic Affairs Michael Esterl said he will work closely with the Vietnamese Embassy to lobby for early ratification of the investment pact.

Ambassador Kien thanked Austria for its support and said Austrian businesses have many opportunities to invest in Vietnam in the future.

Austrian companies can invest in Vietnam to access a market of 97 million people, and through Vietnam to access the ASEAN market with 670 million consumers, noted the diplomat.

The two sides highly appreciated the positive development of bilateral economic, trade and investment relations in recent times, especially after the Free Trade Agreement between the EU and Vietnam (EVFTA) officially took effect in August 1, 2020.

Vietnam wishes to absorb leading technologies from Austria to improve the competitiveness of its economy, and on the other hand, it wants to bring its high-quality agricultural products to the Austrian market, Kien said.

The two sides agreed to organize various activities in the coming time to promote their products and increase trade exchanges, including activities to celebrate 50 years of bilateral diplomacy in 2022.

They reaffirmed their desires to cooperate in vocational training and employment, especially in the fields of information technology and nursing.

They also consented to strengthen bilateral cooperation in e-commerce, aiming to serve the interests of micro, small and medium enterprises.

The two sides agreed to maintain and soon kick-start the regular roundtable meeting every quarter between the Embassy and the Austrian Ministry for Digital and Economic Affairs in order to remove difficulties in bilateral cooperation and to exchange information about opportunities and potential areas of cooperation.