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“Krone” on site – why Styrian companies are expanding in Vietnam

The Styrian economy is putting out feelers to Vietnam. Many local companies are already active in the up-and-coming Asian country and Styrian know-how is very popular.

When one thinks of Vietnam, images inevitably spring to mind of the devastating war that gripped the Southeast Asian country for two decades until 1975. Today, however, the socialist republic is experiencing an enormous upswing. The economy is booming, foreign companies and investors are queuing up – a trend that the Styrian economy is not leaving untapped. That’s why a delegation of Styrian entrepreneurs and representatives of important institutions headed for Vietnam on Saturday, led by Economics Minister Barbara Eibinger-Miedl. Their mission: explore opportunities for local companies on site and export potential, make contacts and show them with Styrian know-how. Back on the world stage after Corona “After two years of closed borders because of Corona, now is the right time to show yourself again as Styria”, says Robert Brugger, Managing Director of the Internationalization Center Styria (ICS). After the pandemic slowdown, Vietnam is now returning to a remarkable growth path. Seven percent growth per year Experts predict that the economy will grow by up to seven percent per year. “Not only Vietnam itself, but the entire Southeast Asian region is showing sustainable growth rates. We want to be a part of this development,” says Brugger. In addition, China, with its radical corona policy and proximity to Russia, does not exactly shine on the international stage and scares investors. Industry is growing Industry is growing particularly strongly in Vietnam, especially new plants are springing up in the metropolises of Hanoi and Ho Chi Minh City. As a result, the demands on infrastructure and environmental solutions are also growing. And this is where Styrian companies can definitely score. Many Styrian companies are doing well. White-green flagships such as the plant manufacturer Andritz or the drive specialists AVL List have been involved in Vietnam for years. Siemens and Voestalpine are doing well in railway and subway projects. Much can also be expected from the first Vietnamese car manufacturer, Vinfast, where Magna is responsible for series development. Hannes Baumgartner and Christian Jauschowetz report from Vietnam
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