Vietnam attractive to foreign investors: Austrian newspaper
Die Presse - a German-language daily broadsheet newspaper based in Vienna, Austria, on April 14 ran an article highlighting favourable conditions that make Vietnam more attractive to foreign investors.
Die Presse - a German-language daily broadsheet newspaper based in Vienna, Austria (Photo: VNA)
Berlin (VNA) – Die Presse - a German-languagedaily broadsheet newspaper﷽ based in Vienna, Austria, on April 14 ran an article highlighting favourable conditions that mak🌌e Vietnam more attractive toforeign investors.
The newspaper also emphasised that the official visit toVietnam by Austrian Federal Minister for European and International Affairs Alexander Schallenberg from April 16-18 will help promote Austria'scooperation with Vietnam and the region. According to the article, thanks to solid growth, tradeagreements, and favourable investment conditions, Vietnam is increasinglyattractive to foreign businesses who are looking to diversify their supplychains. As a regional growth engine, since the beginning of thismillennium, Vietnam has consistently achieved an average Gross Domestic Product(GDP) of 6.2%, one of the highest growth rates in Asia. Vietnam has alsoovercome the COVID-19 pandemic without a recession, even last year, it recorded growth of over 8% - the highest growth rate in more than ten years. The article cited a report from the Pacific BasinEconomic Council (PBEC), which said that Vietnam's market has recently becomeincreasingly attractive to foreign investors as companies move their productionto the country.
Illustrative photo (Photo: VNA)
According to the article, export control measures andeconomic sanctions in the trade war, difficulties related to the supply chainas well as unpredictable consequences of the COVID-19 pandemic have forcedbusinesses to consider diversifying the supply chain. Besides, lower productioncosts in Vietnam are also attractive to investors. Inparticular, many foreign enterprises, including Austrian firms, have to find newmarkets after withdrawing from Russia due to the conflict in Ukraine. In thatcontext, Vietnam emerged as an attractive destination for investors. According toDietmar Schwank, Commercial Counsellor of the Trade Office of theAustrian Embassy in Vietnam, companies that are doing business in China will still keeptheir locations there, but they, with a geopolitical mindset, tend to seek newinvestment destinations rather than concentrating on just one country.
The article mentioned that over the past decade, Vietnam has transformed itself from anagricultural product/footwear/garment exporter to an electronic component/computer equipment manufacturer. This is partly related to Samsung Electronicsas half of this Korean company's mobile phones are manufactured in Vietnam andaccount for one-fifth of Vietnam's exports.
Vietnam's participation to free trade agreements ꦑ(FTAs), including the EU-Vietnam Free Trade Agreement (EVFTA), makes the countrydifferent from other ASEAN nations.
According to Schwank, this is special because so far, theEU has not signed an FTA with any other emerging countries. It is the trade agreements that provide security forcompanies looking to find other reference markets, he said. The article assessed that the visit to Vietnam by Austrian Federal Minister for European and International Affairs Alexander Schallenberg and a business delegation led by VicePresident of the Austrian Federal Economic Chamber (WKÖ) Philipp Gady will contribute to boosting Austria's export-driven economy. According to Schallenberg, the Austrian Federal Ministryof European and International Affairs will take the lead and support Austria's exports to Vietnam,which will contribute to consolidating and diversifying Austria's relationswith the region. Meanwhile, WKÖ sees many opportunities for Austrianbusinesses in Vietnam, especially with industrial products. According to Gady, Austria can support the development of Vietnam'ssupply chain, such as machines for plastic processing, recycling or wood processing./.
Economic partnerships are one of the highlights in Vietnam - Austria relations, and both have shown their determination to strongly advance these ties.
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Die Presse - a German-language daily broadsheet newspaper based in Vienna, Austria (Photo: VNA) 
Illustrative photo (Photo: VNA) 
