On January 12th 1972, Viet Nam and Austria established diplomatic relations.
In July 1991, Viet Nam opened its Embassy in Vienna, Austria.
On September 21st 1998, Austria opened its Embassy in Hanoi.
Bilateral trade turnover reached US$ 328.33 million in eight months of 2011. Main Vietnamese exports include bicycles and bicycle parts, footwear, textile, seafood, cashew nuts and vegetables; and Vietnam’s primary imports are plastics, machinery and equipment, spare parts and some pharmaceutical products.
As of end of 2011, Austria holds 16 projects with total capital of 26.625 million USD, ranking 53rd out of 91 countries/territories investing in Vietnam and 10th among EU member states.
Austria granted non-refundable aid for “Restoration of tractor” project in Viet Nam worth US$ 1.06 million. This project was to restore 1,500 imported tractors from Austria during the 1980-1997 periods. In April 2001, Austria funded a project titled “Research and development for the post-harvest technology in the Mekong Delta” with the total capital of EUR 575,000.
Austria has committed to helping Viet Nam in three main areas: railways, health sector and education.
In 1995, the two countries agreed to form a joint committee with a view to promoting bilateral cooperation in trade and investment. There have been, so far, 7 rounds of meeting of this joint committee (the last meeting was held in March 2010 in Vietnam).
Austria and Vietnam have so far signed 15 credit agreements with total value of EUR 200 million.