Vietnam’s economic renewal discussed in Austria

HANOI, 20 March (VNA) - Vietnam’s economic renewal process was introduced to Austrian scholars, researchers as well as businesspeople at a recent seminar held in Austria. Peter Jankowitsch, President of the Austria-Vietnam Friendship Association, which co-organised the event together with the Vietnamese Embassy, said the seminar gives answers to problems facing Austrian businesspeople in Vietnam. Meanwhile, Vietnamese Ambassador to Austria Nguyen Thiep assured participants that foreign investors in Vietnam are given all favourable conditions. He said the event is a good venue for Austrian firms which seek to access the Vietnamese market – the emerging one with a population of over 90 million. At the seminar, Wener Clement, who was once an adviser for Vietnam’s Ministry of Planning and Investment, said the country’s decision to change its economic structure at the 6 th Party Congress was a courageous and sound decision, adding that its experience in economic development is a good reference for developing countries. Two-way trade between Vietnam and Austria has constantly increased over the past five years, with an average growth of 30 percent. In 2012, the figure hit 1.222 billion USD, up 195 percent from 2011.-VNA