Minister of Industry and Trade Nguyen Hong Dien (R) and State Secretary in the Federal Ministry for Climate Action, Environment, Energy, Mobility, Innovation and Technology Magnus Brunner. (Photo: VNA)

Minister Dien is accompanying Chairman of the National Assembly (NA) Vuong Dinh Hue to attend the 5th World Conference of Speakers of Parliaments (WCSP5) in Vienna, Austria.

During a working session with the Austrian official, Minister Dien highlighted the fruitful and flourishing development of friendship and multifaceted cooperation between Vietnam and Austria in recent years, especially in political, economic and cultural fields, while affirming that the European Union (EU) - Vietnam Free Trade Agreement (EVFTA) is an opportunity to further expand economic cooperation between Vietnam and the EU in general, and Austria in particular.

He expected that Brunner will support the ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) as soon as possible.

The entry into force of the EVIPA, together with the EVFTA, will create a great competitive advantage for European businesses in general and those from Austria in particular to invest in Vietnam, opening up opportunities to increase trade between the two countries, Dien said.

Austria will become a bridge to help Vietnam make inroads into the EU market, while Vietnam will help Austrian businesses access the ASEAN market with more than 650 million people, and a larger market with 800 million people when the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with 11 members, including Vietnam, has come into effect.

Energy is one of Austria's important industries and a number of Austrian companies have participated in hydropower projects in Vietnam, and they are looking forward to joining solar power projects in the Southeast Asian nation.

Vietnam is interested in and wishes to receive Austria’s support and cooperation in sharing experience, information, technology solutions and implementation plans in electricity transmission, building a comprehensive strategy on human resources development training for energy enterprises, Dien said.

For his part, Brunner agreed with Dien's proposal on cooperation contents, and affirmed his support for accelerating the ratification of the EVIPA.

Austria and Vietnam have a lot of potential for cooperation in energy, especially in electricity transmission, electricity storage and hydropower development, he said.

Dien took the occasion to suggest Brunner, as a member of the cabinet, help lobby the Austrian government to consider supplying COVID-19 vaccines and medical supplies for Vietnam to help the country effectively respond to the pandemic.

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