Vietnamese, German leaders hope for stronger economic ties

In his remarks, PM Chinh said since diplomatic ties were set up nearly 50 years ago, Vietnam and Germany have developed a strategic partnership with strides and outstanding milestones recorded in multiple areas.

Germany is currently the biggest trading partner of Vietnam in Europe. It ranks 18th among the 141 countries and territories and fourth among EU members investing in the Southeast Asian nation with 437 valid projects worth US$2.34 billion at present, rising 2.87-fold from 2010. Its projects concentrate on processing - manufacturing (52.1%) and energy (27.8%) industries.

The outcomes of economic ties are encouraging but have yet to match with their potential, he said, noting that there remains much room and many favourable factors for the two countries’ cooperation.

Suggesting some orientations for business partnerships, PM Chinh asked German enterprises and business associations to strongly advocate the German parliament’s ratification of the EU - Vietnam Investment Protection Agreement (EVIPA) to create a framework for long-term and stable economic, trade, and investment links.

He also called on the Government and enterprises of Germany to continue assisting Vietnam with technology transfer, research and development, building of cooperation agreements on human resource training, and digital transformation in Vietnamese firms.

As Germany defined Vietnam as a global partner in its development cooperation strategy by 2030, Vietnam hopes for Germany’s help in perfecting regulations and policies to access and mobilise green financial resources, especially from the G7 members and international financial institutions, thereby helping build a green economy, promote green growth and sustainable development, respond to climate change, and realise COP26 commitments, he emphasised.

The host leader encouraged German companies to switch their investment to Vietnam, a safe and attractive investment destination with political stability, competitive costs, an abundant workforce, and an optimal business climate.

He expressed his belief that with efforts and resolve by both sides and their people's strong friendship, investment and trade partnerships will remain an important pillar in the bilateral relations and also a driving force for the two countries’ strategic partnership to reach a new height.

The Vietnamese Government pledges to create the best possible conditions for German enterprises to operate fruitfully and sustainably in Vietnam, he stressed, considering their successes as Vietnam’s.

Addressing the event, Chancellor Scholz noted that to many German and European companies, Vietnam is a highly important destination as it is part of the trading and material supply networks of Asia, and its economy boasts impressive immunity during the pandemic.

He held that the global economy is successful only when countries manage to optimise all of their capabilities and potential, which is true to Vietnam - a country with abundant material sources and a skilled workforce.

The Chancellor voiced his delight at the enforcement of the EU - Vietnam Free Trade Agreement (EVFTA), which he viewed as a basis for the two economies to recover and develop, and build up mutual trust in economic cooperation.

The German leader also gave some cooperation suggestions to the countries’ businesses, adding that the German delegation also includes many enterprises wishing to seek partners in economy, infrastructure, and energy cooperation.

He highlighted his hope that businesses of Vietnam and Germany will join in economic partnerships so that the two countries will develop together.

At the event, participating firms shared their development process and contributions to their respective countries’ economies. They also presented their demand regarding the Vietnamese and German markets.

After the business roundtable, Chancellor Scholz attended a banquet hosted by PM Chinh in honour of the German delegation.