Austria, Vietnam increase trade ties

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VOV News English - 30 month(s) ago 1 readings 1 duplicate news

(VOV) - Vietnam and Austria have great potential for enhancing their trade and investment, said a top business leader.

Doan Duy Khuong, Vietnam Chamber of Commerce and Industry (VCCI) vice chairman, told a business forum in Hanoi on May 29 that Vietnam is speeding up its economic reform, perfecting its legal system and market economy institutions to attract foreign investment.

“During this process, we welcome and are ready to create the most favourable conditions for foreign investors, including those from Austria,” he said.

For his part, the Austrian Federal Economic Chamber general director Walter Koren said Austrian companies are keen to invest in Vietnam. According to him, 50 Austrian companies expected not only a better insight into Vietnam’s market potential but specifically to learn the advantages of maintaining a presence in the country.

He also encouraged Vietnamese companies to co-operate more actively with Austrian counterparts to realize untapped potential.

In recent years, bilateral trade between Vietnam and Austria has shown propitious signs. In 2011, two-way trade reached US$630 million, up 240 percent against 2010, and then US$171 million in the first quarter of this year.

In order to boost the trade development between two countries, Vietnamese Trade Counselor in Austria Nguyen Thi Thu Huong advised Vietnamese companies to increase their exports to Austria, take advantage of its location to expand their markets in Europe, while being aware of business risks

Last year, Austria invested US$51 million into 19 projects in Vietnam, mostly in manufacturing and processing, accommodation, food services, and entertainment.

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