Firms from Austria have maintained a high demand to import key export commodities from Vietnam, including consumer goods, garments and textiles, and coffee, according to a recent teleconference to discuss trade promotion between enterprises from the two nations.
Vu Ba Phu, director general of the Vietnam Trade Promotion Agency (Vietrade), said as ASEAN Chair 2020, Vietnam has made great strides in boosting its position as a dynamic nation in the region. In doing so, these efforts have attracted several foreign partners, including potential links with EU member states.
The enforcement of the EU-Vietnam Free Trade Agreement (EVFTA) on August 1 served to create a range of opportunities for key local export items, such as textiles, footwear, agricultural products, and wooden products to penetrate the EU and Austrian markets, largely due to the removal of import duties of up to 100%.
Furthermore, commitments relating to services, investment, government procurement, and specific regulations on market access are anticipated to offer a wealth of opportunities for Austrian businesses to allow them to gain easier access to the Vietnamese market of approximately 100 million people.
Moreover, local consumers will also be presented with an opportunity to enjoy high-quality products from the Central European country, such as pharmaceuticals, healthcare products, machinery, equipment, and spare parts, Phu emphasised.
Phu noted that Austria has developed into an important trading partner for the nation, adding that following the implementation of the EVFTA, there remains plenty of room for trade growth between both sides moving forward.
Amid the impact of the novel coronavirus (COVID-19) pandemic negatively affecting the global economy, enterprises from both sides are aiming to expand, seek partners, and diversify their export and import markets.
Vietnamese Ambassador to Austria Le Dung outlined that the Austrian Chamber of Commerce initially opened a representative office in the nation back in 2019, which indicates that Austrian businesses remain keen to expand co-operation ties with domestic companies.
The Vietnamese Embassy in Austria is poised to initiate efforts to strengthen connectivity and create favourable conditions for businesses from both sides to grasp insights into each other's markets, thereby establishing long-term business relations, the Vietnamese diplomat noted.
With regard to the local investment environment, Thomas Zoepfl, head of SBA thinprint papers at Delfort, stated that his company has invested in the nation since 2015 due to a combination of factors, including its strategic location, highly-skilled workers, strong infrastructure, and incentive policies specifically for foreign investors.
Zoepfl therefore expressed his hope that an increasing number of Austrian firms would do business locally, noting that domestic enterprises can increase key export commodities to Austria as a means of expanding their market share and accelerating trade turnover between the two countries in the near future.VOV