Last year was a resilient and constructive one for German businesses in Vietnam. According to recent community feedback and macroeconomic outlooks, around 80 per cent of German companies here report their business performance as “good” or “meeting expectations”, a testament to stability amid ongoing global challenges, marking a strong recovery from the mid-year dip due to tariff shocks.

Business and investment ties between Vietnam and Germany are expected to enter a new phase of development, following on from the 50-year journey experienced so far.

As we move through 2024, the relationship between Germany and Vietnam is especially meaningful as we commemorate Vietnam’s National Day on September 2: a day that symbolises the resilience, unity, and progress of the Vietnamese people. In my capacity as German Ambassador to Vietnam, I offer my best wishes to the people of Vietnam.

In the context of ongoing global economic uncertainties, German businesses still consider Vietnam as one of the developing markets with the most potential in Asia. Moreover, with Germany’s investment diversification strategy, Vietnam is being evaluated as a promising and reliable investment destination for German businesses. Today, about 500 companies from Germany have invested roughly $2.9 billion in Vietnam - this being an adjusted overall value; not foreign direct investment.

Until now, the central coastal city of Danang has only enticed 11 investment projects from Germany with the total capital surpassing $10 million, leaving ample space for mutual investment cooperation in the future.

International financial institutions are initiating partnerships with Vietnamese banks and other businesses through financing agreements, contributing to the energy transition.