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, helping raise competitiveness and profitability.
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% to US$1.35 billion. Electronic telephones – one of the biggest hard currency earners – grossed US$1.12 billion of revenue, representing an increase 16.72% year-on-year, and accounting for 83% of the total export value.
There is a tremendous potential and opportunity for Vietnamese businesses to boost exports to Austria, says Stephan Spazier, commercial attaché of the Austrian Embassy in Vietnam.
Austria has high demand for importing garments, wood products, food, spices, and electronic components which are also the country's key export products, Spazier says, adding that this opens up a great number of opportunities for businesses from two countries to strengthen bilateral trade cooperation and raise their export earnings.
Austria is also eager and willing to share experience with Vietnam in potential fields, including energy, manufacturing industry, environment and health care, Spazier says.
Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Nguyen The Hung in turn says bilateral trade relations between the two countries in recent years has witnessed significant expansion.
The nation's exports to Austria have been robust showing steady incremental grown hitting a record high of US$461.53 million in 2011, a whopping five-year rise of 220.46% over the figure from 2005.
Two-way trade turnover just reached US$139.8 million in 2005, of which Vietnamese exports were US$88.9 million. It skyrocketed to US$1.9 billion in 2013, making Austria one of the top eight importers of Vietnamese products in the EU.
Leading market analysts say 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.
vietnam chamber of commerce and industry, general department of vietnam customs, ho chi minh city, case in point, ho chi minh, chi minh city, key export items, and health care, chamber of commerce, local firms, market analysis, the first, cooperation opportunities, dietary supplements, waste treatment
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