Foreign Minister Alexander Schallenberg – currently in Vietnam with a large business delegation – emphasizes the importance of the growth region in the Indo-Pacific region.
The Asia-Pacific region has experienced an economic boom since the end of the Cold War, driven first by Japan and then by China. “The Indo-Pacific is a growth region, aorta of the world economy and geo-economic center of gravity at the same time,” says Foreign Minister Alexander Schallenberg, who left for Vietnam on Saturday with a business delegation: “What happens in the region has a direct impact on the security, stability and prosperity of Europe.”
Despite its growing importance, many EU countries are largely uninterested in the region. Not so Austria. Minister of Foreign Affairs Schallenberg took the initiative with a visit to South Korea last October, the trip to Vietnam is now a return visit. His counterpart Tanh Son Bui visited Vienna in September 2022.
Personal visits are extremely important in this part of the world. The Vietnamese are a proud people: “Friendly figures are not enough here,” Michael Reiterer, EU ambassador to Korea for many years, tells “Krone”: “Personal contacts are very important in Asia. Interest must be shown and not just expressed verbally. expressed to be credible.
Self-confidence is strong
Vietnam won wars against France, the US and China in the 20th century. That boosts self-confidence. As a production country for many large Asian companies for electronics and pharmaceuticals, Vietnam is an alternative to China. The EU has therefore signed a free trade agreement that has been in effect since 2020 and will bring extensive tariff relief by 2030.
An investment agreement is also in the works. “Also, a growing middle class is increasingly demanding European consumer goods. Vietnam will continue to be a sought-after investment location, including for new emerging technologies, and plays an important role in securing production and supply chains,” said Reiterer.
Attempt to conduct independent politics
You will search in vain for a slavery to China in Vietnam. But on the contrary. They are at odds over possible oil and gas reserves off the coast of the South China Sea. “Vietnam, despite the leadership of the Communist Party, is trying to pursue an independent policy so as not to be sucked into the Chinese sphere of power. You also don’t want to stick to American coat hangers,” explains Reiterer.
Europe is all the more important as a trading partner. Schallenberg: “The region is in turmoil, the cards are being shuffled again. It is all the more important that the Ministry of Foreign Affairs is also a door opener for the Austrian export economy in Vietnam. It is about strengthening and diversifying Austria’s relations with the region.”
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
