Workshop spotlights chances in Vietnam for German investors

The Hamburg Chamber of Commerce and Industry (IHK) and the German Asia-Pacific Business Association (OAV) held a workshop on investment in Vietnam on December 5, attracting about 50 major enterprises from the German city and nearby areas.
Workshop spotlights chances in Vietnam for German investors
Workshop spotlights chances in Vietnam for German investors

Addressing the event held at the IHK headquarters, Vietnamese Ambassador to Germany Vu Quang Minh highlighted some outstanding outcomes of German Chancellor Olaf Scholz’s recent visit to Vietnam, noting the trip showed that Germany views Vietnam as a trustworthy partner in not only politics and security but also economy, trade, and investment.

Amid numerous global uncertainties and German enterprises’ intention to diversify business ties, Vietnam is one of the leading and trustworthy destinations for investors, he went on, suggesting the two sides expand partnerships to renewable energy, green technology, digital economy, sustainable development, environment, farm produce processing, manufacturing, IT, pharmaceutical production, health care, and other key sectors of Germany.

By the end of September, Germany had 436 FDI projects worth 2.34 billion USD in Vietnam, according to Counsellor in charge of investment Nguyen Manh Hai at the Vietnamese Embassy.

He noted the Southeast Asian country is attracting more foreign investors thanks to low labour costs, an abundant workforce, good production capacity, and incentives for businesses.

Talking about some advantages making Vietnam attractive to German firms, Regional Manager for ASEAN at OAV Daniel Marek said Vietnam has posted fast growth despite global economic difficulties during the COVID-19 pandemic. Some of its key industries include textile - garment, footwear, electronics, and farm produce; while it imports mainly machinery, pharmaceuticals, and equipment from the European nation.

Bilateral trade reached 14.5 billion EUR (15 billion USD) in 2021, including 10.7 billion EUR in Germany’s imports from Vietnam.

At the workshop, representatives of some German businesses like TESA and the German Investment and Development Corporation (DEG) shared experience in operating in Vietnam and also pointed out several issues related to production and business there.

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(Source: VNA)