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Investment and trade partnership remains important pillar in Viet Nam-Germany relations

VGP - Investment and trade partnership will remain an important pillar in the bilateral relations and also a driving force for the strategic partnership between Viet Nam and Germany to reach a new height, said Prime Minister Pham Minh Chinh.

November 14, 2022 2:09 PM GMT+7
Investment and trade partnership remains important pillar in Viet Nam-Germany relations - Ảnh 1.

Prime Minister Pham Minh Chinh (R) and visiting German Chancellor Olaf Scholz co-chair a roundtable with Vietnamese and German businesses, Ha Noi, November 13, 2022 - Photo: VGP/Nhat Bac

The Prime Minister made the point during a roundtable with Vietnamese and German businesses which was held in Ha Noi on November 13 under the co-chair of Prime Minister Pham Minh Chinh and visiting German Chancellor Olaf Scholz.

Prime Minister Pham said since diplomatic ties were set up nearly 50 years ago, Viet Nam and Germany have developed a strategic partnership with strides and outstanding milestones recorded in multiple areas.

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

He urged German enterprises and business associations to strongly support the German parliament’s ratification of the EU – Viet Nam Investment Protection Agreement (EVIPA) to create a framework for long-term and stable economic, trade, and investment links.  

Pham took the occasion to suggest the Government and enterprises of Germany continue assisting Viet Nam with technology transfer, research and development, building of cooperation agreements on human resource training, and digital transformation in Vietnamese firms.

As Germany selected Viet Nam as a global partner in its development cooperation strategy by 2030, Viet Nam looks to seek Germany’s help in perfecting regulations and policies to access and mobilize green financial resources, especially from the G7 members and international financial institutions, thereby helping it build a green economy, promote green growth and sustainable development, respond to climate change, and materialize its COP26 commitments.

The host leader encouraged German companies to switch their investment to Viet Nam, adding that the Vietnamese Government pledges to create the best possible conditions for German enterprises to operate fruitfully and sustainably here. 

In reply, Chancellor Scholz noted that a large number of German and European companies consider Viet Nam as 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 assessed Viet Nam as a country with abundant material sources and a skilled workforce.

The Chancellor applauded the enforcement of the EU – Viet Nam Free Trade Agreement (EVFTA), which serves a basis for the two economies to recover and develop, and build up mutual trust in economic cooperation./.