Vietnamese President makes a visit to ink new trade deals

02 Jun '08

1 min read

Vietnamese President Nguyen Minh Triet, is on a three day official visit to Austria along with nearly 60 entrepreneurs. A series of meeting that begun today between the Government officials and businessmen of both nations is meant to enhance trade and venture into new deals with mutual cooperation for boosting economy.

The Presidents of Vietnam and Austria, in presence of other prominent bureaucrats will ink bilateral agreements and cooperation deals related to double trade avoidance and higher education. The business forum is scheduled tomorrow in Vienna.

Economic ties between the two countries have remained quite modest in past and for boosting it further, various measures are being taken into consideration. The two-way trade value in 2006 was nearly US $140 million it witnessed a slight rise and reached approximately $175 million last year.

Austria mainly exported products including wooden furniture and machinery to Vietnam and in turn imported items like footwear, textile and garment products from the country.

Till March 2008, Austria has invested in nearly 10 projects, worth approximately $12.4 million in Vietnam, making it tenth largest foreign investor among all European countries.

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