German businesses seek investment opportunities in Vietnam

Vietnamese ambassador to Germany Nguyen Minh Vu made the statement during a meeting held alongside representatives from the Vietnamese Embassy in Germany, leaders of Hamburg, the Hamburg Chamber of Commerce (IHK), and the German Asia-Pacific Business Association (OAV).

In a working session held with Dr. Peter Tschentscher, First Mayor of Hamburg, Ambassador Vu outlined the friendship that exists between the two countries, affirming that the Central European nation has always been the country’s most important partner in the EU, with bilateral trade turnover reaching EUR14 billion last year.

The Vietnamese diplomat emphasised that the nation and Hamburg have recorded significant achievements in the fields of trade, maritime transportation, shipbuilding, and tourism, with the German city serving as an important gateway for Vietnamese goods to make greater inroads into both the German and European markets.

Furthermore, Ambassador Vu spoke highly of support provided by the Hamburg authorities in terms of facilitating the Vietnamese community’s integration into socio-economic life in the city, expressing that Hamburg will continue to intensify links with coastal Vietnamese localities such as Da Nang, Hai Phong, and Ho Chi Minh City. This will allow both sides to share experience and fully tap into the available potential in an effort to accelerate trade exchanges between both sides.

In response, Dr. Peter Tschentscher, First Mayor of Hamburg, emphasised that with a wide network of partners globally and more than 100 foreign consulate generals based in the city, Hamburg is ready to open its door to further improve bilateral co-operation in an efficient manner. Indeed, the Vietnamese business community have made an array of positive contributions to the city.

During the meeting held with representatives from IHK Hamburg, OAV, and various German businesses operating in Vietnam, Ambassador Vu revealed that the Vietnamese government will continue to simplify administrative procedures, and improve the business environment in a bid to boost foreign investment.

It is therefore hoped that the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement will create fresh opportunities for both Vietnam and its partners, adding that the Vietnamese Embassy will strive to intensify co-ordination in trade promotion activities as a way of strengthening investment and tourism between the two sides.

Prof. Norbert Aust, IHK Hamburg President, is highly appreciative of the dynamic Vietnamese development witnessed over the past 30 years, noting that the country serves as an attractive destination for both European and German financiers.

At present, over 200 companies from Hamburg have moved to establish economic ties with the nation, while 60 businesses have set up representative offices or joint venture locally.

Moreover, Hans-Georg Frey, OAV President, asserted that OAV's focus moving forward is to co-operate alongside ASEAN member states, an important growth hub in Asia. In addition, Vietnam can serve as a potential and reliable partner in the region, whilst the Vietnam-Germany strategic partnership will thrive in the near future thanks to an increase in socio-economic stability due to the entry into force of the EVFTA.

Representatives of German businesses also shared their experience in doing business in various Vietnamese sectors such as food and coffee, design, in addition to garment and textiles, noting that the EVFTA will help remove tariff barriers and bring about further opportunities for both sides to enjoy.

Participants were also left impressed by Vietnamese success in containing COVID-19, expressing their hope that entry restrictions and quarantine procedures will soon be lifted to resume trade activities between the two countries.