Economic cooperation, a highlight in Viet Nam-Austria relations

Austria is the first stop of PM Nguyen Xuan Phuc's trip to Europe from October 14-21, during which he will also pay official visits to Belgium and Denmark, make a working visit to the European Union and attend the 12th ASEM Summit (ASEM 12) and the Partnering for Green Growth and the Global Goals 2030 Summit (P4G).

Austria was one of the first Western countries establishing diplomatic relations with Viet Nam in 1972. 

The two countries have maintained multifaceted cooperation through regular high-level meetings and exchange of visits, along with cooperation at multilateral forums like the United Nations and the ASEM. 

Two-way trade turnover jumped from US$ 1.95 billion in 2013 to over US$4 billion in 2017. Austria was the 6th largest exporter of Viet Nam in Europe. In the first seven months of 2018, Viet Nam shipped US$ 2.58 billion of goods to Austria and imported US$ 167 million of commodities from the European country.

Viet Nam chiefly exports telephones and spare parts, footwear, wood and wooden products, garments, machines, equipment and spare parts to Austria. Meanwhile, the country imports pharmaceuticals, machines, equipment, steel,  paper, animal feed, and materials from Austria.  

By August 2018, Austria ranked 43rd among 129 countries and territories having investments in Viet Nam, with 31 valid projects valued at US$143.9 million. Most of the projects are of small and medium sizes, focusing on processing, manufacturing, hotels, restaurants, and entertainment. 

Concerning Austria’s official development assistance (ODA), the preferential loans have been used to develop Viet Nam’s railway, medical equipment, fire fighting and prevention, and vocational training, among others. 

The two countries have experienced thriving cooperation in culture.  

In terms of education, Austria yearly grants some 20 post-graduate scholarships to Viet Nam, and the Austrian Embassy in Ha Noi has supported Vietnamese universities which offer German language training with teaching and studying material and equipment./.

Kim Anh - VGP