The screen shot of the article published on Die Presse - a German-language daily broadsheet newspaper in Austria (Photo: VNA)

According to the newspaper, the upcoming official visit to Vietnam by Austrian Federal Minister for European and International Affairs Alexander Schallenberg on Sunday will help promote Austria's cooperation with Vietnam and the region.

Praise was given to solid growth, trade agreements, and favourable investment conditions, Vietnam is increasingly attractive to foreign businesses who are looking to diversify their supply chains.

As a regional growth engine from the beginning of this millennium, Vietnam has consistently achieved an average Gross Domestic Product (GDP) of 6.2%, one of the highest growth rates in Asia.

The article cited a report from the Pacific Basin Economic Council (PBEC), which said that Vietnam's market has recently become more attractive to foreign investors as companies move their production to the country. In addition, lower production costs in Vietnam are also attractive to investors.

The article’s author said Vietnam's participation in FTAs, including the EU-Vietnam Free Trade Agreement (EVFTA), makes it different from other ASEAN nations.

The article cited Dietmar Schwank, Commercial Counsellor of the Trade Office of the Austrian Embassy in Vietnam, as saying that this is special because so far, the EU has not signed an FTA with any other emerging countries.

Trade agreements provide security for companies looking to find other reference markets, he said.