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Vietnam, Germany hold talks to improve economic partnership

Vietnamese and German officials and entrepreneurs participated in an economic dialogue in Hanoi on November 19 with a view to promoting the bilateral trade partnership as well as linkages between the two economies in general.
Vietnamese and German officials and entrepreneurs participated in aneconomic dialogue in Hanoi on November 19 with a view to promoting thebilateral trade partnership as well as linkages between the twoeconomies in general.

Addressing the event,Minister of Planning and Investment Bui Quang Vinh said Vietnam hadnot yet fully tapped its opportunities in Germany, the largestEuropean economy.

The two countries’ comprehensivecooperation, especially on investment, trade and entrepreneurialtraining, played a crucial role, he noted, pledging that Vietnam wouldwork more closely with Germany to maximise their economic relations inareas of strength.

German Vice Chancellor andFederal Minister for Economic Affairs and Energy Sigmar Gabriel said hiscountry considered Vietnam an important partner in the ASEAN region andwas interested in fostering collaboration on investment, trade andtraining with the Southeast Asian nation.

Hesuggested Vietnam improve its competitiveness and fine-tune policies toattract more German investors, adding that rising demand in all fieldswas turning Vietnam into a magnet for German businesses keen to expandtheir operations in Asia.

Data from the Vietnamese Foreign Investment Agency (FIA) show an influx of German investments into Vietnam since 2011.

While only seven German projects, worth 34 million USD, wereregistered in Vietnam during the first ten months of 2011, the figuresfor the same period in 2014 counted 21 projects worth 142 million USD.

By the end of October this year, 239 Germaninvestment projects were registered in Vietnam with a total capital ofmore than 1.33 trillion USD, ranking 22nd out of all foreigninvestors.

During the dialogue, FIA Director Do NhatHoang presented Vietnam’s investment potential to German entrepreneurs,highlighting the large proportion of processing and manufacturingfacilities within the industrial sector.

With itsstable political situation, abundant workforce, favourable policies andprime geographical location, Vietnam hoped to welcome more foreigninvestments, particularly from Germany, he said.

Meanwhile, German investors asked Vietnam to improve its business andinvestment climate and adapt its legal system to the World TradeOrganisation’s requirements.

During the dialogue,Minister Vinh and German Vice Chancellor and Minister Sigmar Gabrielsigned a joint cooperation statement between the two ministries onentrepreneurial training between 2014 and 2016.-VNA
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