Vietnam-Germany relations see great space for development

November 19, 2020 | 06:54
(0) user say
Vietnam and Germany have great potential to develop trade and investment co-operation in a sustainable direction, especially since the EU-Vietnam Free Trade Agreement (EVFTA) came into effect.
vietnam germany relations see great space for development
The Vietnam-Germany Economic and Trade Forum 2020

In past years, Germany has remained a leading trade partner of Vietnam. The bilateral commercial turnover saw an average increase by 10 per cent on-year and reached $10 billion so far, doubling over the figure of 2010.

In the framework of the Vietnam-Germany Economic and Trade Forum 2020 organised by Friedrich Naumann Foundation for Freedom – Vietnam, the University of Economics and Business, and the Centre for Communication of the Ministry of Natural Resources and Environment, To Anh Dung, Deputy Minister of Foreign Affairs said that Germany is considered the main gate for Vietnamese goods into the EU.

The export turnover to this country made up 20 per cent of the total export turnover of Vietnam to the EU. In addition, Vietnam is the bridge for “Made in Germany” goods to penetrate the ASEAN market.

Dung added that Germany stands 18th among foreign investors in Vietnam with approximately 300 enterprises and 360 projects in sectors like logistics, chemicals, renewable energy, and smart infrastructure. The total disbursed capital was more than $2.3 billion so far. Numerous large German groups are present in Vietnam, including Siemens, Messer, Mercedes-Benz, Deutsche Bank, and Bosch.

2020 is considered an important year for the two countries because both parties hold important positions in multilateral forums, including Vietnam’s position as chair of ASEAN in 2020 and Germany’s chairing the EU in first half of this year.

Doan Hoang Minh, deputy director of the European Department under the Ministry of Foreign Affairs, said Vietnam considers the EU as a priority partner of Vietnam and as one of its most important partner in this market.

By Oanh Nguyen

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional