Seminar promotes German business, investment in Vietnam

The German Asia-Pacific Business Association (OAV) has held a seminar on business and investment in Vietnam, attracting the participation of many German firms.

Addressing the May 25 event in Bayern state, Ambassador Vu Quang Minh introduced the countries’ cooperation and its growth potential.

According to the diplomat, Vietnam and Germany have all necessary collaboration frameworks, including the EU-Vietnam Free Trade Agreement which took effect in August 2021. Meanwhile, Vietnam is among the countries with the most favourable FDI laws in the region and the world, and also one of the fastest recovering economies from the COVID-19 pandemic.

The Vietnamese and German economies are perfectly complementary to each other, Minh said, calling upon German investors in Vietnam to spread their knowledge and experience on the market to the German business community.

Andreas Schick, OAV Country Committee Head for Vietnam and Chief Operating Officer of Schaeffler AG – the second biggest German investor in Vietnam, said Vietnam is increasingly attractive to investors thanks to improved transport infrastructure, favorable conditions for developing green energy sources, a young, abundant and well-trained workforce, and the potential for human resources development in data science and information technology.

He unveiled that Schaeffler will continue to cooperate with Vietnamese businesses and partners to expand production, and reduce greenhouse gas emissions.

Nguyen Manh Hai, counsellor overseeing the investment section at the Embassy of Vietnam in Germany, affirmed that the Vietnamese Government always creates the best conditions possible for foreign enterprises to invest in the manufacturing and production sector.

By the end of 2021, Germany had a total of 415 effective FDI projects worth US$2.29 billion in Vietnam, with the biggest being a US$190 million solar project in Thanh Hoa province.

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