Trade between Vietnam and Austria has been rapidly expanding over recent years, largely as a result of improved market analysis and research efforts targeting specific market segments, radio The Voice of Vietnam (VOV) has reported.
As a case in point, in the first week of October, a delegation of 12 representatives from Austrian businesses made a fact-finding tour of Ho Chi Minh City seeking partners and cooperation opportunities.
They specifically limited the focus of their tour to a relatively small number of market segments in areas for which they possess export strengths including dietary supplements, waste treatment, banking and finance.
Meanwhile, they also gathered information on Vietnamese export strengths with an eye to identifying mutually beneficial trade and cooperation opportunities.
The General Department of Vietnam Customs reports that Vietnam mainly imports wooden furniture, plastic materials, machinery and medicine from Austria. The country’s key export items to the European nation include footwear, garment and apparels, electronic components and bags.
In the seven months leading up to August, exports to Austria jumped 16.61 percent to 1.35 billion USD.
There is a tremendous potential and opportunity for Vietnamese businesses to boost exports to Austria, Stephan Spazier, commercial attach of the Austrian Embassy in Vietnam, was quoted as saying.
Austria is also eager and willing to share experience with Vietnam in potential fields, including energy, manufacturing industry, environment and health care, Spazier added.
Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Nguyen The Hung in turn said bilateral trade relations between the two countries in recent years has witnessed significant expansion.
Two-way trade turnover skyrocketed to 1.9 billion USD in 2013 from 139.8 million USD in 2005, making Austria one of the top eight importers of Vietnamese products in the European Union.
VOV cited leading market analysts as saying that Austria is a highly lucrative market with a history of stable economic growth. Its Government is proactive and progressive in implementing policies oriented to the Asian market. Local businesses should reach out and grasp the opportunities the Austrian market offers to promote long-term and sustainable exports.-