EVFTA: Impetus for intensifying Viet Nam-Germany trade ties

Viet Nam and Germany virtually host the first meeting of a joint committee for economic cooperation on January 12.

The Viet Nam-Germany joint committee for economic cooperation was established to identify possible areas for enhanced cooperation and remove obstacles for companies from the respective host country, the German Federal Ministry for Economic Affairs and Energy (BMWI) said in a press release.

In addition to addressing the COVID-19 pandemic, the meeting focused its discussions on trade and industry, energy, vocation training and recruitment of skilled workers.

Speaking at the event, Altmaier said Viet Nam and Germany have long been linked by a close and strong partnership which both sides want to further advance through the meeting.

The EU-Viet Nam Free Trade Agreement (EVFTA) which entered into force in August last year has provided significant impetus for intensifying the bilateral trade relations, he noted.

He further emphasised that the exchange between the two countries is more important than ever in the current COVID-19 crisis because only open markets and free trade can make it possible for the two sides to overcome the crisis and get the economies going again more quickly.

According to the BMWI, the special interest of the German economy in strengthening cooperation with Viet Nam was shown by the participation of a number of leaders of business associations and major corporations, such as Andreas Schick, chairman of the Viet Nam committee at the German Asia-Pacific Business Association (OAV) and a member of Schaeffler AG’s Executive Board; and Joe Kaeser, President and ECO of Siemens AG and Chairman of the Asia-Pacific Committee of German Business.

The Viet Nam - Germany trade in goods has quadrupled over the last 10 years with Germany now being Viet Nam’s largest trade partner in the EU.

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