Vietnam, Germany promote trade and investment cooperation

Friday, 2020-10-16 17:32:57
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Germany is a leading partner of Vietnam in the EU, with two-way trade reaching EUR14 billion in 2019 (Photo: VNA).
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NDO – The Trade Office at the Vietnamese Embassy in Germany and the Ministry of Industry and Trade’s Trade Promotion Agency held a virtual conference on trade and investment promotion between Vietnamese and German enterprises on October 15.

Speaking at the event, Vietnamese Ambassador Nguyen Minh Vu stressed how bilateral cooperation has been expanded in many fields and seen remarkable achievements, especially after the two countries upgraded their ties to the strategic partnership level in 2011.

For years, Germany has been one of Vietnam’s most important economic partners in the European Union, with two-way trade hitting EUR14 billion (US$16.39 billion) in 2019, a fourfold increase compared with 2009. Germany is also among four EU nations investing most in Vietnam with 361 valid FDI projects in such fields as mechanical engineering, logistics, chemicals, renewable energy, among others. Meanwhile, Vietnam is among Germany’s three biggest economic partners in ASEAN, he noted.

He stressed that the EU-Vietnam Free Trade Agreement, which is now in effect, and the pending EU-Vietnam Investment Protection Agreement will open up brighter prospects for economic collaboration between the two countries.

The diplomat expressed his hope that through the conference, participating enterprises will build up substantial, win-win cooperation to bring fully into play the opportunities brought about by the bilateral relations.

Director of the Trade Promotion Agency Vu Ba Phu affirmed that his agency always supports efforts to boost Vietnam-Germany trade cooperation, and conduct its role as a bridge connecting the two countries’ businesses.

At the event, participating enterprises from both sides also shared experiences in relation to the opportunities and challenges brought about by the EVFTA.