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Vietnam, Austria look to expand technology, infrastructure cooperation

There is great potential for Vietnam and Austria to expand cooperation in areas of environmental technology, renewable energy, vocational training, tourism, agriculture, especially sustainable urban transport solutions and health care, heard a forum in Hanoi on April 17.
Vietnam, Austria look to expand technology, infrastructure cooperation ảnh 1Vice President of the VCCI Nguyen Quang Vinh (Photo: VietnamPlus)

Hanoi (VNA) – There is great potential for Vietnam and Austria to expand cooperation in areas of environmental technology, renewable energy, vocational training, tourism, agriculture, especially sustainable urban transport solutions and health care, heard a forum in Hanoi on April 17.

The Austria-Vietnam forum on infrastructure and technology cooperation was hosted by the Vietnam Chamber of Commerce and Industry (VCCI).

𓂃 Addressing the event, Vice President of VCCI Nguyen Quang Vinh said Austria is one of the biggest trade partners of Vietnam in the European Union (EU) with two-way trade hitting nearly 2.8 billion USD in 2022. Vietnam's exports to Austria reached nearly 2.5 billion USD and its imports from the European country were valued at over 300 million USD.

Notably, cooperation activities in terms of science-technology, culture and development cooperation between the two countries have recorded positive progress.

Austria has strengths in technology and infrastructure and these are also areas that Vietnam is in dire need of, Vinh said.

As the COVID-19 pandemic has been put under control, it is a good time for Austrian enterprises to strengthen cooperation with Vietnamese partners in these fields, he noted.

Vinh attributed the fruitful development of bilateral economic cooperation in recent years to the support of both governments and the efforts of the two countries’ business community, as well as the benefits brought by the EU – Vietnam Free Trade Agreement (EVFTA).

Vietnam, Austria look to expand technology, infrastructure cooperation ảnh 2The Austria-Vietnam forum on infrastructure and technology cooperation is hosted by the Vietnam Chamber of Commerce and Industry (VCCI) on April 17. (Photo: VietnamPlus)

EVFTA has really become a great driver and support for Vietnamese businesses after two years it came into effect. By 2023, many Vietnamese products exported to the EU will enjoy zero percent tax rates.
 
This will certainly create a boost for Vietnam’s export to the Austrian market, especially for key commodity groups, Vinh stressed, adding that it will also be a great opportunity to further promote trade cooperation between Vietnam and Austria in the coming time.

Deputy Minister of Construction Nguyen Van Sinh said infrastructure development has been an important factor in socio-economic development in Vietnam in the 2011 – 2020 and will continue to be in the 2021 – 2030 periods.

Vietnam, Austria look to expand technology, infrastructure cooperation ảnh 3Representatives of the two countries’ businesses ink cooperation agreements (Photo: VietnamPlus)

One of Vietnam's key tasks during the period 2030-2045 is to develop synchronous, modern, connected and climate change- climate resilience infrastructure, focusing on investing resources widely to improve digital infrastructure, encouraging green and sustainable economic development, Sinh said.

With that vision, the opportunity for cooperation between the two countries in this field is significant, as Austria is a country with strengths in technology and infrastructure development, he added.
Potential destination for Austrian investors

Alexander Schwab, Senior Vice President of Andritz Hydro GmbH of Austria, spotlighted the potential and prospect, and feasibility for Austrian firms to invest in hydropower projects in Vietnam.

Meanwhile, Nguyen Do Tung Cuong, Chairman of NDTC Companies of Vietnam, said Austrian is strong in high technologies and technical solutions so the two countries’ businesses have many opportunities to enhance cooperation.

🥀 At the forum, representatives of the Power Generation Corporation 2 (GENCO 2) JSC under the Electricity of Vietnam (EVN) and Andritz inked a cooperation agreement on digitising operation and maintenance of power plants. Meanwhile, Raiffeisen Bank International AG and AGRIMECO JSC signed a financial commitment agreement worth 25 million EUR (over 27.2 million USD) for Dong Cam hydropower project in the central province of Phu Yen./.

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