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| The Austrian Ambassador to Vietnam and the Italian Ambassador to Vietnam saw off President Vo Van Thuong and his wife on their way to visit three European countries. (Photo: Nguyen Hong) |
In his article proposing a strategy for economic policy between Vietnam and Austria, Dr. Patrick Horvath commented that the fact that the President of Vietnam chose Austria as his first European destination during his term is truly memorable and an honor. In particular, after the visit of Austrian Foreign Minister Alexander Schallenberg to Vietnam in April 2023, many opportunities have been fully exploited and all activities to strengthen Vietnam - Austria relations are still taking place.
The concert celebrating the 50th anniversary of the establishment of diplomatic relations between Vietnam and Austria at the famous Konzerthaus concert hall in Vienna, the “Vietnamese Cultural Days” at the Palffy Palace in the center of Vienna, and the Austrian government’s donation of Covid-19 vaccines to the Vietnamese people are impressive activities that demonstrate the importance of Vietnam to Austria. The Austrian expert believes that a new momentum has emerged in the Austria-Vietnam relationship and now is the time to think and develop a clear vision.
Dr. Horvath assessed that a multi-dimensional approach - including: Promoting investment in industry; Providing a workforce; Establishing a “Green Partnership” - would benefit both Austria and Vietnam, as well as serve the common interests of the two countries.
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| Austrian Foreign Minister Alexander Schallenberg and Foreign Minister Bui Thanh Son during their visit to Vienna from September 28-29, 2022. (Source: VNA) |
Specifically, in the field of promoting industrial investment, there are many successful Austrian companies operating or investing in Vietnam. Delfort - a packaging company originating from the city of Traun - is operating a production facility near Ho Chi Minh City with exemplary social welfare programs for employees such as free buses or health insurance, thereby bringing the Austrian model of social development to Vietnam and increasing the motivation of employees.
Currently, Austrian enterprises are actively seeking investment and business opportunities abroad. It can be seen that the investment potential of Austrian industry in Vietnam has not been fully exploited. According to the consulting agency “Source of Asia”, the Netherlands - a member country of the European Union (EU) with a population of about 18 million - has implemented 421 investment projects in Vietnam with a total investment capital of up to 13.89 billion USD. Austria has a population half that of the Netherlands, so the hope of the target of more than 200 projects with a total investment capital of 7 billion USD is completely feasible.
Dr. Horvath emphasized that to achieve this goal, implementing a public relations plan to promote Austrian industry investment in Vietnam could be the right choice.
| Dr. Horvath believes that a new dynamic has emerged in the Austria-Vietnam relationship and now is the time to think and develop a clear vision. |
Regarding the labor market, Austria is urgently looking for a qualified workforce in the context of an aging society. In particular, human resources in sectors such as natural sciences, agriculture, nursing, restaurants, hotels... are in serious shortage.
Georg Knill, president of the Austrian Industry Association, expressed concern that in the long term, 500,000 jobs will be left vacant in the Central European country, which is too much for Austria - a small country of about 9 million people. Meanwhile, for Vietnam - a growing economy with a young workforce, this is a great opportunity.
On the other hand, the author of the article suggests that the Austrian government should pay more attention to the field of training Vietnamese students, because the Southeast Asian country, with its growing population, can provide many young talents. If Vietnamese students are trained in Austria and return to their country, this force will contribute to the development of Vietnam. This is also the best form of development aid that Austria can provide. In the case that workers stay in Austria, they can both contribute to their homeland and help reduce the labor shortage in the Central European country.
Previously, in a 2021 article, Dr. Horvath also proposed the establishment of a “green partnership” between Austria and Vietnam, in which Austria could help and support Vietnam with technology that the Southeast Asian country is in dire need of, while Austrian businesses also correctly identified great business opportunities in Vietnam.
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