Business

German investors target Vietnamese market

Vietnam is an attractive market for German investors as more than 500 businesses from the European country are seeking Vietnamese garment and footwear suppliers.
Vietnam is an attractive market for German investors as more than 500businesses from the European country are seeking Vietnamese garment andfootwear suppliers.

On November 20, Germany’s TUV SUD Groupand the Ho Chi Minh City Union of Business Associations (HUBA) signed amemorandum of understanding on further collaboration in many fieldsincluding electronics, medical equipment and food industry.

TUVSUD, which specialises in quality testing, evaluation and certification,has supported Vietnam ’s garment sector in ensuring its high-qualityproduction and connecting local firms with those in the EU and the USin recent time.

Germany is also implementing the “GermanHouse” project in Ho Chi Minh City and a series of trade andinvestment promotion activities are scheduled for next year when the twocountries celebrate the 40 th anniversary of their diplomatic ties.

Alsoon November 20, Germany’s NurnbergMesse in collaboration with theGerman Industry and Commerce in Vietnam (GIC) and the Vietnam TradePromotion Agency (VTP) organised a press conference introducing the twocountries’ potential and trade promotion via global trade fairs.

Statistics from GIC show that, two-way trade between Vietnam andGermany reached 7.7 billion USD in 2013, up 18 percent compare to theprevious year. More than 300 German businesses have been licensed tooperate in Vietnam so far.

According to VTP, Vietnam ’sexports to Germany earned 4.7 billion USD in 2013 and 3.3 billionUSD in the first eight months of this year. The country’s staples in theGerman market are garments, footwear, coffee and seafood.-VNA
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