Prime Minister: Only through cooperation can we move forward on the path of development.

The forum was organized by the Vietnam Chamber of Commerce and Industry (VCCI) and the Austrian Federal Chamber of Commerce (VKO), with the participation of nearly 200 businesses from both countries, including about 60 Vietnamese businesses in the fields of agriculture, finance, renewable energy, technology, infrastructure development, healthcare, etc.

VKO President Herald Mahrer expressed that VKO is very interested in assessments of Vietnam's development prospects, recognizing that the Vietnamese market holds great potential for Austria, and that many Austrian companies have already taken advantage of investment opportunities in Vietnam. He stated that VKO has decided to open a regional representative office in Vietnam, and will subsequently invite a delegation of Austrian businesses to visit Vietnam.

Mr. Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), stated that this is the largest Vietnam-Austria Business Forum ever held. The event is of significant importance in the context of the Vietnam-EU Free Trade Agreement (EVFTA) nearing its official signing. Mr. Loc said that VCCI has closely coordinated with VKO to develop a cooperation plan to prepare for the EVFTA, including the establishment of a Vietnam-Austria Joint Business Council. The VCCI Chairman also expressed hope that after VKO opens a representative office in Vietnam, more Austrian businesses will invest in Vietnam.

Witnessing the large number of businesses attending the Forum, Prime Minister Nguyen Xuan Phuc stated that the more businesses there are, the greater the chances of success. Another positive development is that, prior to this Forum, the Austrian Federal Chamber of Commerce decided to open a regional representative office for Asia in Vietnam. The Prime Minister mentioned that, during a meeting with him before the Forum, several Austrian investors had decided to open offices in Vietnam. This presents a good opportunity for Austrian investors to cooperate with Vietnam, do business together, and achieve success in Vietnam.

The Prime Minister stated that both the Austrian and Vietnamese Prime Ministers agree that the nearly 40 Austrian businesses currently investing in Vietnam are still too small, given the enormous potential of the two countries. Bilateral trade reached approximately $4.5 billion this year, but investment between the two countries only amounted to about $200 million. Therefore, businesses from both countries need to seize this opportunity to promote investment in each other's markets.

At the forum, Prime Minister Nguyen Xuan Phuc informed Austrian investors about the potential and specific investment opportunities in Vietnam. Notably, the economy has experienced continuous high growth for over 30 years, with growth projected at around 7% this year. The Prime Minister emphasized that Vietnam will maintain this growth momentum to facilitate investment in Vietnam. Vietnam is also a large market with nearly 100 million people, 65% of its workforce being young, and a growing middle class. The high rate of internet and smartphone usage opens up significant opportunities for e-commerce.

In the World Economic Forum's (WEF) Global Competitiveness Index (GCI) rankings, Vietnam rose from 77th in 2006 to 55th in 2017. According to the World Bank (WB), in terms of the ease of doing business (DB) index, Vietnam ranked 68th in 2017, compared to 104th in 2007.

Highlighting these potentials, the Prime Minister expressed his desire for Austrian businesses to invest in Vietnam in high-tech agriculture; processing and manufacturing industries, especially agricultural product processing with high export potential; investing in high-tech zones using advanced Austrian technology; and investing in infrastructure and tourism.

"Next, I propose that you all sit down together and discuss, so that all types of businesses, both state-owned and private, can meet and find ways to cooperate in the future," the Prime Minister expressed, adding that state-owned enterprises are ready to sell shares to Austrian investors if they have sufficient resources, including in sectors such as telecommunications, banking, and insurance.

“In a volatile world, with the industrial revolution spreading, opportunities and challenges intertwined… I wholeheartedly agree with the saying ‘if we want to go far, we must go together’,” the Prime Minister expressed. “Only through cooperation can we overcome all obstacles and advance further on our path to prosperous development,” the Prime Minister urged Austrian investors to come to Vietnam for business cooperation.