Deputy Prime Minister Nguyen Thien Nhan left Hanoi on November 30, beginning an official visit to Austria.
The visit aims to promote mutual understanding and trust in politics and increase the multifaceted cooperation between the two countries, especially in education-training, science-technology, trade and investment.  

Preparations for the 40th anniversary of Vietnam-Austria diplomatic ties and the establishment of joint venture research centres in Vietnam will also be discussed during the visit.

Two-way trade between Vietnam and Austria remains modest, reaching US$256 million in 2009 and US$267 million in 2010. The figure is predicted to climb to US$450 million this year.

Vietnamese mainly exports footwear, computers, garments, electronic spare parts, bags and cases to Austria, and imports plastics, machinery, equipment, pharmaceuticals, and wood products.

As of August 2011, Austria had 16 operational projects in Vietnam capitalized at US$27 million, ranking 53rd among foreign investors in the country and 10th among the European Union member countries. These projects are focused on processing and manufacturing industries, tourism services, arts and entertainment.

Austria has so far provided preferential credits worth 200 million euros for railway, medical equipment, fire prevention and vocational training projects in Vietnam.

Seven Vietnamese educational institutions have signed cooperation agreements with Austrian universities.

The two countries are speeding up negotiations to sign an agreement on scientific and technological cooperation.

VOV