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Vietnam continued to be an attractive destination for foreign investors, including those from Austria, said Vietnam Chamber of Commerce and Industry (VCCI) Vice Chairman Doan Duy Khuong during a business conference in Hanoi on March 15.

During the conference, Khuong vowed to create favourable conditions for Austrian businesses to expand operations in Vietnam. With more than 80 million people, the country is also close to other large markets operating in the ASEAN-China, ASEAN-Japan and ASEAN-Korea Free Trade Areas. Khuong said the Government is making great efforts to complete the legal framework for a market economy and improve infrastructure while encouraging the development of the private economic sector.

For his part, Austrian Ambassador in Vietnam Georg Heindl said Austria saw strong growth in many sectors in Vietnam and planned to increase investment and trade co-operation with the country.

Encouragingly, bilateral trade between the two nations has increased from 175 million USD in 2007 to 1.3 billion USD in 2012, said deputy head of the Ministry of Industry and Trade's European Market Department Tran Ngoc Quan.

In term of investment, Austrian businesses invested 9.4 million USD in two projects in Vietnam in 2012, according to the Foreign Investment Agency.

The latest addition brought Austrian investment registered in Vietnam to over 60.16 million USD, it noted.

Source: VNA