Austrian firms seek opportunities in Vietnam

Kronen Zeitung newspaper highlights trade between Styria state and Vietnam (Photo: VNA)

A delegation of enterprises from Styria, the second biggest in term of area and the fourth populous state of Austria, arrived in Vietnam last weekend to learn more about business opportunities in the Southeast Asian country.

The delegation was led by Regional Minister for Foreign Affairs Barbara Eibinger-Miedl.

An article recently published on Austria’s Kronen Zeitung newspaper said the Vietnamese economy is booming with the presence of more and more foreign firms and investors, which is a trend that firms in Styria do not want to miss.

Kronen Zeitung newspaper covers Vietnam visit by Regional Minister for Foreign Affairs Barbara Eibinger-Miedl (Photo: VNA)

It quoted Eibinger-Miedl as saying that there are ample opportunities for Austrian firms to invest in Vietnam in energy technology and environment, design and construction, as well as green technologies.

Chief Executive of the Internationalisation Centre Styria Robert Brugger said after 2 years of closure due to COVID-19 pandemic, now is the right time for Styria to rise again while Vietnam has also returned to its growth trajectory in a spectacular way. He quoted experts as saying that that Vietnam's economy could grow by 7% annually and Austrian businesses want to seek opportunities there.

According to the article, Vietnam’s industry is growing strongly with the emergence of new factories, especially those in Hanoi and Ho Chi Minh City. Therefore, the potential of cooperation related to infrastructure and environment solutions is huge.

So far, a number of Austrian firms are doing well in Vietnam, namely equipment manufacturer Andritz, power train system developer EVL List, steel maker Voestalpine, among others.

Data from the Austrian Federal Economic Chamber (WKO) showed that in 2021, Styria exported 28 million EUR worth of goods to Vietnam while spending 147 million EUR on imports from the country.

During a seminar recently held by WKO in Vienna, WKO Regional Manager for Asia Christina-Maria Schösser hailed Vietnam as a rapid and stable growing economy that boasts favourable conditions for Austrian firms.

Over the past years, Vietnam has become the third biggest importer of Austria in Asia and a promising market for Austrian projects, she said./.