The EU–Vietnam Free Trade Agreement (EVFTA) continues to serve as a key catalyst for trade growth between Vietnam and European countries, including Austria.
Under the EVFTA commitments, the European Union gradually reduces import tariffs on Vietnamese goods, allowing Vietnam’s exports to become more price-competitive and attractive to retailers and consumers across the EU market — Austria included.
Major beneficiary sectors include textiles and footwear, electronics and components, and agricultural products such as coffee, fruits, and seafood, enabling Vietnamese producers to gain stronger market access in Europe.
EVFTA Enhances Standards and Market Readiness
Table of Contents
The EVFTA has not only expanded trade but also pushed Vietnam’s government and exporters to modernize quality control systems, upgrade production standards, and obtain EU-compliant certifications, including those required by Austrian authorities.
In parallel, the European Union has provided technical assistance programs to help Vietnamese producers understand, meet, and sustain the EU’s rigorous quality and sustainability requirements — especially in food safety, labeling, and traceability.
Trade Performance and Bilateral Trends
According to the Vietnam Customs Department, total bilateral trade between Vietnam and Austria reached USD 3.18 billion in 2020, with Vietnam enjoying a trade surplus of USD 2.9 billion.
However, due to the impacts of the COVID-19 pandemic, Red Sea shipping disruptions, and Austria’s investment redirection to several ASEAN countries such as Malaysia in 2021, bilateral trade volumes declined.
By 2024, total trade reached USD 2.5 billion, with a Vietnamese trade surplus of USD 1.6 billion.
In early 2025, trade flows have shown positive recovery:
-
Total bilateral trade (Q1 2025): USD 896.9 million (+31.1%)
-
Vietnam’s exports: USD 799 million (+34.7%)
-
Imports from Austria: USD 698 million (+7.5%)
Complementary Economies and Future Prospects
Vietnam and Austria maintain complementary economic structures.
Vietnam primarily exports electronics, textiles, footwear, wooden products, and agricultural goods, while Austria excels in high-tech manufacturing and industrial services.
Austrian companies are seeing strong export opportunities to Vietnam, particularly in machinery and industrial equipment, as Vietnam’s manufacturing sector expands and demands high-quality European technology.
Toward a Stronger Strategic Partnership
Global market fluctuations and trade realignments are creating new opportunities for both Vietnam and Austria to strengthen their strategic economic partnership and diversify markets.
With the EVFTA framework, both countries are positioned to expand two-way trade, investment, and technological collaboration, while reinforcing their commitment to sustainable and inclusive growth.