German newspaper hails investment environment in Vietnam

(VOV) - German newspaper "The Mirror" recently ran an article praising the Vietnamese investment environment as well as its open policies for foreign businesses.

German investors and representatives from German Industry and Commerce Vietnam (GIC) as part of the German Chambers of Industry and Commerce (AHK), praised the Vietnam Government for offering favourable conditions for foreign investors.

Among German investors, Evert Helms CEO of  Pepperl & Fuchs Company (P&F), specializing in industrial sensor and processor technology, said he is happy to be working in Vietnam, not only because his company is provided with the best conditions for production, but the more importantly, that his company’s products exported to Southeast Asian markets enjoy tax exemption.

He said Vietnam has maintained political stability and the Vietnamese people have always shown a progressive spirit. According to him, business activities of the P&F, with a team of 5,600 employees worldwide and revenues of more than 500 million Euros per year, will certainly achieve double-digit growth in Vietnam.

The P&F CEO also commended Vietnam's Labour Code with confidence and clarity, the same as the EU standards. He advised small and medium sized German enterprises to come to Vietnam if they intend to do business in this region.

Also, regarding the investment environment in Vietnam, General Director of Saigon Leather Tan Tec, Uwe Hutzler appreciated the investment policy and preferential tariffs for foreign enterprises. According to him, Vietnam has a more stable framework conditions than some other regional countries.

The article quoted AHK Deputy Chief Representative in Vietnam, Peter Kompalla said there are about 300 German enterprises doing business in Vietnam and dozens of businesses are looking for partners in the country.

Meanwhile, German Bank for Reconstruction (KfW) Chief  Representative in Hanoi, Ms Birgit Erbel emphasized Vietnam’s admirable achievements.

In 1993, the Southeast Asian country had nearly 60% of the poor population but this rate has now dropped to below 12%. Besides, Vietnam has recorded economic growth of 5% for years and is expected to reach 6.4% in 2018.

The Vietnamese Government aims to develop Vietnam into an industrialized country by 2020, she added.

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