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| The Austrian Ambassador to Vietnam and the Italian Ambassador to Vietnam bid farewell to President Vo Van Thuong and his wife as they depart for a three-country European tour. (Photo: Nguyen Hong) |
In an article proposing a strategy for economic policy between Vietnam and Austria, Dr. Patrick Horvath noted that the Vietnamese President's choice of Austria as his first European destination during his term was truly memorable and an honor. Particularly following 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 continue.
The concert commemorating the 50th anniversary of diplomatic relations between Vietnam and Austria, held at the prestigious "Konzerthaus" concert hall in Vienna, the "Vietnamese Culture Days" at the Palffy Palace in the heart of Vienna, and the Austrian government's donation of Covid-19 vaccines to the Vietnamese people are impressive events demonstrating Vietnam's importance to Austria. The Austrian expert believes that new momentum has emerged in the Austria-Vietnam relationship, and now is the time to reflect and develop a clear vision.
Dr. Horvath believes that a multi-faceted approach – including promoting investment in industry; providing a workforce; and establishing a “Green Partnership” – will benefit both Austria and Vietnam, as well as serve the common interests of both countries.
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| Austrian Foreign Minister Alexander Schallenberg and Vietnamese Foreign Minister Bui Thanh Son during a visit to Vienna from September 28-29, 2022. (Source: VNA) |
Specifically, in the area of promoting industrial investment, many successful Austrian companies are 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 its employees, such as free bus transportation and health insurance, thereby bringing the Austrian model of social development to Vietnam and further motivating its workforce.
Currently, Austrian businesses are actively seeking investment and business opportunities abroad. It is evident that the investment potential of Austrian industry in Vietnam has not been fully realized. According to the consulting firm "Source of Asia," the Netherlands – a member state of the European Union (EU) with approximately 18 million inhabitants – has implemented 421 investment projects in Vietnam with a total investment capital of up to US$13.89 billion. Austria has a population half that of the Netherlands, therefore, the hope of achieving over 200 projects with a total investment capital of US$7 billion is entirely feasible.
Dr. Horvath emphasized that to achieve this goal, implementing a public relations plan to promote Austrian industrial investment in Vietnam could be a suitable option.
| Dr. Horvath believes that new dynamics have emerged in the Austria-Vietnam relationship, and now is the time to reflect and develop a clear vision. |
Regarding the labor market, Austria is actively seeking a skilled workforce amidst an aging society. In particular, there is a severe shortage of personnel in sectors such as natural sciences, agriculture, nursing, restaurants, and hotels.
Georg Knill, president of the Austrian Industry Association, expressed concern that in the long term, 500,000 jobs would be left vacant in the Central European country, a number far too large for Austria – a small country with around 9 million inhabitants. Meanwhile, for Vietnam – a developing economy with a young workforce – this presents a fantastic opportunity.
On the other hand, the author of the article suggests that the Austrian government should pay more attention to 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 workforce will contribute to Vietnam's development. This is also the best form of development aid that Austria can provide. If workers stay in Austria, they can both contribute to their homeland and help alleviate the labor shortage in the Central European country.
Previously, in a 2021 article, Dr. Horvath also proposed establishing a “green partnership” between Austria and Vietnam. In this partnership, Austria could assist and support Vietnam with the technologies the Southeast Asian nation desperately needs, while Austrian businesses would also correctly identify significant business opportunities in Vietnam.
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