A business delegation has flown to Austria to participate in a workshopon attracting investment for Vietnam's supporting industries.

Theworkshop was coorganised on April 8by the Commercial Office of theVietnamese Embassy in Austria, the Austrian Economic Chambers (WKO) andthe Association of the Austrian Electrical and Electronics Industries.

The workshop helped enterprises from both countriesfurther their understandings about each other's advantages and seekpartnerships in the supporting industry sector.

Vietnam has become Austria's second largest export and import market, following Thailand, since last year.

Austrianimport turnover of Vietnamese commodities was 550.3 million euro (586million USD) last year. Imports consisted of garment and textiles,footwear and smart phones from Vietnam. Austria exported mechanics,electronics and health devices to Vietnam, making a turnover of 159.3million EUR.

Hans-Jorg Hortnagl, WKO Regional Director for Southand Southeast Asia, said that Vietnam and Austria's cooperationpotential is large. Over the past few years, Vietnam has become one ofthe most important partners for Austria in the ASEAN region.

Hans-Jorgattributed the growth in bilateral trade to three causes. The firstbeing the large number of Austrian companies in China. Now that Chinesemarket is becoming more expensive, many Austrian companies might move toVietnam in the future.
Secondly, Vietnam is an importantpartner in the ASEAN Economic Community (AEC), which will beestablished at the end of this year. Vietnam's market will be even moreattractive as it becomes a manufacturing centre for ASEAN countries aswell as other Asian and European countries.

Thirdly, the freetrade agreement between the European Union and Vietnam will be afoundation for the further cooperation between Vietnam and Austria.-VNA