Vietnamese Business Delegation in Vienna
The Chairman of the Vietnamese National Assembly, Vuong Dinh Hue, and a high-ranking business delegation recently attended a business forum in Vienna with the Austrian Chamber of Commerce (WKÖ) Vice-President Richard Schenz. The forum included discussions about the dynamic Vietnamese economy and why it is an ideal location for Austrian companies and investors to diversify in Asia.
Chairman of the Vietnamese National Assembly Vuong Dinh Hue (left) and Austrian Chamber of Commerce Vice-President Richard Schenz (right). / Picture: © WKO Austrian Chamber of Commerce / Marko Kovic
The Austrian Chamber of Commerce (WKÖ) Vice-President Richard Schenz recently hosted the Chairman of the Vietnamese National Assembly Vuong Dinh Hue and a high-ranking business delegation for a business forum in Vienna.
According to Schenz, many Austrian companies see enormous demand for infrastructure, industrial, and consumer goods in the dynamic Vietnamese market with roughly 100 million inhabitants.
Vietnam was one of only a few countries in the world to end 2020 with economic growth of + 2.9%. The country remains one of the most dynamic economies in Asia in the medium term and will return to its previous growth path of between 5-7% in 2021.
Vietnam is making up for pandemic-related shortfalls in tourism and related services through public investment, an intact manufacturing sector, and local consumer spending.
Leading Austrian exporters and the head of Aussenwirtschaft Austria, Michael Otter, discussed with high-ranking government representatives from Hanoi why Vietnam is an ideal location for investors looking for diversification in Asia.
Otter emphasized not only Vietnam's role as an alternative procurement market to China but also that international investors value Vietnam's integration into free trade agreements, its geographic location, the availability of a well-educated workforce, and its cost structure.
Dietmar Schwank, the Austrian economic delegate in Vietnam, also sees good opportunities for Austria on the ground. There is a need for urban technologies, solutions for Vietnam's environmental problems, niche products for security and disaster prevention, as well as high-tech products and machinery for the production sector.
This can be seen in the Upper Austrian Starlinger Group’s delivery of the first “bottle-to-bottle” PET recycling plant to Vietnam or the Graz-based automotive specialist AVL and MAGNA’s technology partnership with the first Vietnamese car manufacturer VinFast.