Vietnamese localities, German businesses boost trade links

The signing ceremony (Source: Ministry of Foreign Affairs)

A Memorandum of Understanding (MoU) to promote links between Vietnamese localities and German businesses has been signed in Ho Chi Minh City.

Signatories included the Department for Foreign Service under the Ministry of Foreign Affairs, the German Industry and Commerce in Vietnam (GIC) and the German Business Association (GBA).

The document aims to boost German trade and investment promotion in Vietnam towards forming mutually-supportive relations between German enterprises and local Vietnamese authorities.

It also targets the establishment of a channel for German firms to communicate their concerns and questions to local-level Vietnamese authorities, which will also help localities seek suitable partners in Germany and make inroads into German markets.

In order to effectively implement the cooperation programme, the Department for Foreign Service will work closely with the GBA and GIC to arrange workshops, conferences and forums with German companies nationwide.

Addressing the signing ceremony on September 28, Deputy Foreign Minister Bui Thanh Son spoke highly of the initiative to ink the MoU, saying this will contribute to fostering connections between Vietnamese localities and German partners.

According to the official, although economic ties between the two countries have been fruitful, they fall short of their true potential. He stressed that the ministry will offer active assistance to enhance trade and investment cooperation between the two sides in the near future.

Germany is now one of the main strategic partners of Vietnam in the European Union (EU). It is also Vietnam’s largest trade partner in the EU with bilateral trade hitting 4 billion USD in the first two quarters of this year.-VNA