Mr. Nguyen Quang Vinh, Vice President of VCCI and Austria's Foreign Minister Alexander Schallenberg

On the afternoon of April 17th in Hanoi, the Vietnam Chamber of Commerce and Industry (VCCI) cooperated with the Austrian Embassy and the Federal Economic Chamber of Austria to organize the Austria-Vietnam Cooperation Forum in the field of infrastructure and technology.

Speaking at a forum, Mr. Nguyen Quang Vinh, Vice President of VCCI, emphasized that after more than half a century of cooperation, Austria is currently one of Vietnam's largest trading partners in the EU. The two-way trade turnover in 2022 reached nearly USD 2.8 billion, of which Vietnam's exports to Austria amounted to nearly USD 2.5 billion and imports from Austria were over USD 300 million.

One of the pillars of the bilateral cooperation between Vietnam and the EU is the agricultural sector, with the export turnover to this market increasing by more than 11% immediately after the EVFTA came into effect. In 2023, businesses are expecting many Vietnamese export items to enjoy a 0% tax rate when entering the EU, which will be a strong boost for Vietnam's key exports such as agricultural products, textiles, footwear, wood products, etc. to the European and Austrian markets.

To expand cooperation beyond the agricultural sector, the two countries have identified infrastructure and technology as areas where Vietnam and Austria can leverage and exploit each other's strengths. Deputy Minister of Construction Nguyen Van Sinh stated that one of Vietnam's key tasks during the period 2030-2045 is to develop modern infrastructure, adaptively linked to climate change, focusing on investing resources widely to improve digital infrastructure, encouraging the development of green and sustainable economies.

With that vision, according to VCCI Vice President Nguyen Quang Vinh, the opportunity for cooperation between the two countries in this field is significant, as Austria is a country with strengths in technology and infrastructure development.

Austria's Foreign Minister Alexander Schallenberg highly appreciated the investment potential in the Vietnamese market, including investment in infrastructure and technology. He said that Vietnam is a potential investment destination for many Austrian investors, contributing to further strengthening the relationship between the two countries.

To achieve that goal, VCCI affirmed that it will always actively support EU and Austrian businesses. "Currently, the pandemic situation has stabilized, Vietnam and the world have controlled Covid-19 well, I believe this is a good time for Austrian businesses to take advantage of the opportunities," said Mr. Nguyen Quang Vinh.