Vietnam, Austria Look to Increase Business Cooperation

11:25:45 AM | 10/31/2022

“This is the right time for Austria and Vietnam to further bolster cooperation and investment,” said Madam Barbara Eibinger-Miedl, Regional Minister for Economy, Tourism, Europe, Science and Research at the State Government of Styria, Austria, at an economic conference held on the occasion of the Styria delegation visit to Vietnam. The event was recently organized by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Austrian Embassy in Vietnam in Hanoi.

Styria is the second largest state in Austria and it has many strong industries. As a leading state in research and development (R&D) in Austria, Styria stands out for its innovative products and services. This creativity and dynamism results from the close and harmonious combination of the education system, research community, business environment and residents in the state of Styria.

Leading Styria companies that came to visit Vietnam this time wished to learn about economic and trade cooperation projects in potential industries such as construction technology, automotive engineering, wood import, cable car, energy, gas, electronic sensor and automation.

Madam Barbara Eibinger-Miedl said Vietnam is a fast and stably growing country, with favorable conditions for Austrian businesses to invest in. In addition, they have great opportunities in Vietnam, especially in sectors where Styria is strong such as energy and environmental technology, design and construction, green technologies, with about 20 world-leading companies in these fields.

“Renewable energy is important these days. In Austria, we have many companies at the forefront of energy transformation, not only in biomass but also wind and solar energy,” she said.

In order to achieve its goals, Austria has adopted various investment regulations and policies regarding environmentally friendly technologies and innovative and sustainable technologies. Therefore, this can be a potential area for companies of the two countries.

Mr. Nguyen Quang Vinh, Vice President of the Vietnam Chamber of Commerce and Industry (VCCI), said that, driven by fine political relations, Vietnam-Austria economic and trade cooperation has made remarkable progress in recent years. The bilateral trade value reached nearly US$3.5 billion in 2021. Currently, the Republic of Austria is one of the 10 largest EU trading partners of Vietnam. Cooperation in science, technology, culture, development cooperation and others between the two countries continued to record positive progress.

Vocational training is in great demand in both Vietnam and Austria. According to a survey by the Vietnamese Embassy in Austria, Austria is also currently in high need of labor, especially in the service sector such as restaurants, hotels, care and resorts, as well as in the information technology sector.

“Many large Styria companies are successful with energy and industrial cooperation in Vietnam. Andritz Group has successfully taken part in many key hydropower projects in Vietnam. Magna Steyr and AVL List are designing VinFast cars. With the European Union-Vietnam Free Trade Agreement (EVFTA) in force, Styrian companies will have more opportunities to strengthen and expand cooperation with Vietnam. In the coming time, Styria and Vietnam can bolster cooperation in training, research, tourism and culture and other fields,” he affirmed.

After the recent COVID-19 pandemic, businesses have got to know the positive impact of sustainable business, he noted. This is not just a "guideline" for business development in a steady state but also serves as a beacon for companies to adapt and recover in the face of global crises.

Mr. Vinh said that the EVFTA has provided opportunities for both sides to diversify markets and improve consumer tastes. Acting as a focal point for businesses of the two sides, VCCI will always actively support EU and Austrian businesses.

“We will work closely with you for long-term development and cooperation of the two business communities," Mr. Vinh said.

Quynh Anh (Vietnam Business Forum)