Vietnam, Austria shape up economic-trade cooperation

Tuesday, 2021-03-02 11:40:37
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Vietnamese Ambassador to Austria Le Dung (L) and Austrian Deputy Minister for Digital and Economic Affairs Michael Esterl (Photo: VNA)
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NDO/VNA – Vietnam and Austria discussed measures to promote economic-trade collaboration during a recent working session between Vietnamese Ambassador to Austria Le Dung and Austrian Deputy Minister for Digital and Economic Affairs Michael Esterl.

The Vietnamese diplomat thanked Michael Esterl and his ministry for boosting cooperation between the two sides, affirming the Memorandum of Understanding on Industry 4.0 cooperation clinched between the Vietnamese Ministry of Industry and Trade and the Austrian ministry provides a sound basis for both sides to carry out collaboration activities in the coming time.

Michael Esterl, for his part, laid stress on the significance of the regular policy and legal consultation between the Vietnamese Embassy and the Austrian ministry as it creates opportunities for both sides to exchange trade and investment policies and regulations as well as market information in each nation.

He suggested both sides maintain this mechanism in the forms that suit COVID-19 situation such as holding virtual conference.

The Vietnam-Austria business conference could be organised to update information and pen measures to support enterprises of both sides so that they can seek cooperation opportunities and expand investment in each country, he added.

Touching on cooperation in the time to come, he said Austria is pushing procedures to ratify the EU-Vietnam Investment Protection Agreement (EVIPA).

Dung thanked Austria’s support, stressing Austrian businesses have many opportunities to land investment in Vietnam.

With a population of 97 million, Vietnam is a potential market for Austrian firms to expand their business operation, while it serves as a gateway for Austrian products and services to get access to the 670 million-strong ASEAN market.

Additionally, being a favourite destination for foreign investors in the “China, Plus One” strategy, Vietnam will have preferential policies to attract foreign investment, he said, holding when the EVIPA takes effect, Austrian companies will gain great competitive edges if they invest in Vietnam.

At the event, both sides reaffirmed they want to cooperate with each other in the fields of vocational training and labour. Austria said the country has huge demand for skilled workers in information technology (IT) and nursing in the future.

They also reached consensus on urging competent authorities to kick off a pilot project to carry out Austria’s vocational training model in Vietnam.

Dung took the occasion to invite Michael Esterl to visit Vietnam in a suitable time when the COVID-19 pandemic is put under control.