Vietnam and Germany are enjoying huge opportunities to effectively exploit each other's potential amid moves to speed up the forging of bilateral ties between the two countries.

Bui Huy Son, Head of the Trade Promotion Agency under the Ministry of Industry and Trade, made this observation at a conference in the capital city on September 17.

Son also revealed that the Vietnam-European Union (EU) Free Trade Agreement, which was expected to be signed by year-end, would further facilitate cooperation between the business communities of both countries.

Bilateral trade between Vietnam and Germany has developed significantly in past years in spite of global and domestic economic difficulties, increasing by 18 percent to 7.7 billion USD in 2013 and standing at 2.34 billion USD in the first four months of 2014.

Vietnam has exported a variety of products to Germany, including mobile phones and components, computers and electronic equipment, and garments and footwear, as well as coffee, seafood, timber products and handicrafts. Germany has exported to Vietnam transport vehicles, equipment and machinery, as well as pharmaceutical and chemical products.

Germany is now Vietnam's largest trade partner in the EU, Son said, adding that it was also a gateway for Vietnamese companies to penetrate deeply into the huge and lucrative European market.

Marko Walde, chief representative of German Industry and Commerce in Vietnam, said that to enter the German market, Vietnamese companies should study German market trends, take part in German trade fairs to get information on innovative technologies, improve their market brands and develop new marketing and distribution channels.

They should also attend business forums and match-making events, Walde added.

Conference participants were exposed to information and discussions on German tax regulations, certificates of origin and certificates for exports.-VNA