Vietnam’s dynamically growing economy is in need of investments worth billions of USD in infrastructure, renewable energy, transportation, seaport development and other areas, which provides a great opportunity for foreign investors, including Germans, Prime Minister Nguyen Tan Dung said.

The PM addressed the 14th Asia-Pacific Conference of German Business (APK) which took place in Ho Chi Minh City on November 20-21, the most important event of the German business network, with the aim of promoting trade and exchange between regional partners, economists and politicians.

The Government leader noted that in 25 years from 1986-2010, Vietnam recorded an annual average growth rate of 7 percent. Despite the global economic crisis in 2011-13, Vietnam is to post an average GDP growth of 5.8 percent with annual per capita income up to 2,000 USD this year.

The Vietnamese Government forecasts 6.2 percent growth for 2015, in line with the country’s stable socio-political and micro-economic orientation, he said, adding that Vietnam was also on the path to synchronising its market economy, stepping up economic restructuring and transforming its growth model in order to meet the target of 6-7 percent GDP growth for 2016-20.

Currently, Vietnam is working with ASEAN members to build an Economic Community by 2015 and set up a 600 million-strong single market in ASEAN, he said.

Vietnam is also implementing eight free trade agreements and has already signed and worked on six other deals, including with the European Union and the Trans-Pacific Partnership, he added.

Vietnam is undertaking maximum efforts to make its legal and business climate more comprehensive, favourable and competitive, PM Nguyen Tan Dung stated.

Highly valuing the role that German investors play in Vietnam , he noted that Germany was currently Vietnam’s largest trade partner in Europe, with two-way trade reaching nearly 8 billion USD, accounting for over 20 percent of total trade between Vietnam and the EU.

Many German players have been operating in Vietnam for a long time, including Siemens, Daimler, Adidas, Braun and Allianz, he said. However, economic cooperation has yet to meet its full potential and match the sound relations between Vietnam and Germany, he stressed.

PM Nguyen Tan Dung highlighted that choosing Vietnam as a venue for the 14th APK reflected the German and Asian-Pacific business communities’ confidence in Vietnam ’s future development.

PM Nguyen Tan Dung and German Chancellor Angela Merkel at their talks in Berlin on October 15, 2014, agreed on a number of important collaboration orientations, including concrete measures to foster their bilateral partnership, focussing on trade and investment, development cooperation, science and technology, and culture and communications.

This agreement provides a solid foundation for the successful affiliation between businesses on both sides, especially in areas of mutual strength and demand, including energy, green technology, manufacturing, support industries, and public transport, as well as finance and banking, he stated.

Meanwhile, German Vice Chancellor and Federal Minister for Economic Affairs and Energy, Sigmar Gabriel, declared that his country paid special attention to promoting ties with regional countries in all fields, especially in economics, trade and investment.

He pledged that Germany would work harder to deepen the partnership for the interest and progress of both Germany and regional partners.

Germany was keen to create favourable conditions for Asian-Pacific businesses to build partnerships in the country. He also expressed his belief that after the conference, which attracted over 700 German and regional enterprises, new partnership opportunities would open up for both sides.

Entitled “Understanding Trends and Perspectives,” the two-day event included a dialogue with Asian ministers and discussions on a range of areas, including an overall outlook for Asia; a vision for smart manufacturing, raw materials and resources; and the expectations of Asia’s emerging middle classes.

This was the first time Vietnam hosted the event, which has been organised biannually in Asia since 1986.-VNA