Viet Nam – a promising destination for Austrian investors

Vietnamese Foreign Minister Bui Thanh Son attended and delivered his remarks at “Viet Nam – Austria Business Forum”. The event co-organized by the Ministry of Foreign Affairs of Viet Nam and the Austrian Federal Economic Chamber (WKO) in Vienna, Austria contributed to promoting economic, trade and investment relations between the two countries. 

 

On September 29, 2022, “Viet Nam – Austria Business Forum”, one of the three highlights of the program “Viet Nam Day in Austria 2022”, welcomed nearly 50 representatives of enterprises and business associations from the two countries. The forum put forward important recommendations and opened up opportunities for investment promotion for Vietnamese and Austrian business circle.

Vietnamese Foreign Minister Bui Thanh Son and delegates at Viet Nam – Austria Business Forum

(Source: The World and Viet Nam Report – baoquocte.vn)

In his opening remarks, Foreign Minister Bui Thanh Son affirmed that Viet Nam – Austria Business Forum provided business leaders of the two countries a platform to seek investment opportunities and intensify economic cooperation. At the forum, business leaders of the two countries also extensively discussed topics of mutual concern, such as business cooperation between Viet Nam and Austria, opportunities and challenges in the coming time, Viet Nam’s macro economy, and prospects for bilateral relations, etc. 

WKO Asia Director Christine Schoessen highly valued Viet Nam’s fast and sustainable economic growth, which created favorable conditions for Austrian companies to invest in. 

For years, Viet Nam has become Austria’s third-largest import market in Asia. Regardless of the negative impacts of the COVID-19 pandemic, the two-way trade turnover of the two countries increased by 5.5% in 2021. At the moment, more than 60 Austrian enterprises are investing and conducting their businesses in Viet Nam.

In preparation for the Viet Nam – Austria Business Forum, Foreign Minister Bui Thanh Son held a meeting with Vice President Amelie Gross and other leaders of WKO, at which he suggested that Austria continue to promote investment and business in Viet Nam, and accelerate the ratification of EVIPA. 

Vietnamese Prime Minister Bui Thanh Son addressed at Viet Nam – Austria Business Forum

(Source: The World and Viet Nam Report – baoquocte.vn)

 

Under the framework of activities in celebration of the 50th anniversary of Viet Nam – Austria diplomatic relations establishment, Foreign Minister Bui Thanh Son held meetings with Austrian Federal Minister of Labour and Economy Martin Kocher and his Austrian counterpart Alexander Schallenberg. At the meeting with Mr. Martin Kocher, the two sides discussed measures to strengthen the partnership and emphasized the importance of the Asian market for Austrian companies.

Foreign Minister Bui Thanh Son and his Austrian counterpart Alexander Schallenberg

(Source: Vietnam News Agency)

 

As for Austrian Foreign Minister Schallenberg, he expressed excitement about his official visit to Viet Nam next year and affirmed that economic cooperation with Viet Nam has offered tremendous potential for Austria. He also emphasized the long-standing relations between the two countries over the past 50 years and the great interest of Austrian companies in Viet Nam as a promising destination for foreign investors. According to statistics from the Austrian Ministry of Foreign Affairs, nearly 60 Austrian companies are doing business in Viet Nam with a total investment capital of about 150 million euros. Mr. Schallenberg also announced the Austrian economic delegation’s visit to Viet Nam in the future to explore the possibility of cooperation in sectors in which Austria had strengths, such as information cities, e-mobility, renewable energy, infrastructure, circular economy, etc.

It can be said that economic activities under the framework of the official visit of Foreign Minister Bui Thanh Son to Austria, particularly “Viet Nam – Austria Business Forum”, have contributed to introducing the economic potential of Viet Nam to Austrian businesses, providing the two countries an opportunity to comprehensively discuss measures to further develop trade relations towards new achievements.