Unlocking potential for broader Vietnam-Austria economic and trade co-operation
VOV.VN - Vietnam and Austria boast huge potential to step up co-operation in fields where Austria boasts strengths and Vietnam has demand, such as high technology, energy, and e-commerce.
The Central European country is consistently among the top 10 trading partners of the nation in the EU. Trade exchange in 2021 reached US$3.36 billion and decreased slightly to US$2.8 billion due to both political and economic impacts in Europe and globally.
However, Austrian investment in the nation remains modest. Austria is currently ranked 41st out of 108 countries and territories investing in the Vietnamese market, with 43 valid projects and a total registered capital of US$148.59 million.
The two sides also have great potential for co-operation in the field of digital economy and green economy.
According to details given by the Austrian Ambassador to Vietnam Hans-Peter Glanzer, Austria will be able to support Vietnam in multiple areas, such as the strengthening of industrial production capacity, supporting the green economy in the field of renewable energy, and public infrastructure development, including the health sector.
"It can be seen that Vietnam's trade turnover with Austria is currently quite healthy and Vietnam desires to further promote agricultural exports and the import of new Austrian technologies to help Vietnam's domestic manufacturing industries develop further as a way of improving its position in the supply chain," said Vietnamese Ambassador to Austria Nguyen Trung Kien.
It is known that in the near future the Austrian Ministry of Economy and Labor will submit to the Austrian Government a resolution for the Austrian Parliament to ratify the EU-Vietnam Investment Protection Agreement (EVIPA).
Ambassador Kien said that there are high hopes that this agreement will soon be adopted by parliaments of all EU member states in order to create more favourable conditions for bilateral investment ties, in addition to continuing to maximise the positive impacts of the EVFTA.
When the EVFTA helps the country to see Europe as a single market, studying Austria's tastes, legal system, and distribution channels can help the nation to outline a long-term strategy to export agricultural products in general and fruits in particular, including processed and fresh fruits, to Austria, the Vietnamese diplomat added.
Austria is one of the fastidious and creative markets, which will help the nation to have good partners and clues aimed at bringing agricultural products into this market.
Moreover, Austria is one of the leading countries in environmental protection and circular economy that the country can fully learn from, the Ambassador emphazised.