German newspaper: Vietnam increasingly attracts German businesses

With the title "Vietnam is the focus of German companies," German news site NTV on September 14 published an article and a podcast about Vietnam and the attractiveness of this Southeast Asian country's market to German businesses.

The Vietnam News Agency correspondent in Berlin quoted the article as saying that Vietnamese people are educated , future-oriented and ready for innovation.

Together with practical thinking and action, these have laid the foundation for the country's economic boom.

According to the article, Vietnam has long been known not only for its footwear, textiles, coffee and pepper, but also for its willingness to innovate and adopt new technologies. As a result, Vietnam has been famous for many years as a manufacturing location for electronics.

On the other hand, "Made in Germany" goods and machinery are also very popular in Vietnam in terms of product quality, similar to cars and chemical products in which Germany has strengths.

Germany currently has about 350 companies with offices and facilities in Vietnam.

Two-way trade turnover in 2022 will reach about 18 billion euros, of which Germany's imports from Vietnam will reach 14.7 billion euros.

With such turnover, Germany is currently Vietnam's most important trade partner in the European Union (EU), while Vietnam is Germany's largest partner in the Association of Southeast Asian Nations (ASEAN).

Mr. Ludwig Graf Westarp - Chief Representative for Vietnam of the German Federal Association of Small and Medium Enterprises (BVMW) - commented on the great potential of Vietnam for German companies, emphasizing that Vietnam is a country with many development opportunities and a very dynamic market.

Over the years, the country has invested heavily in developing infrastructure, roads, ports and airports.

Vietnam is also expanding its renewable energy sector, which requires not only German experience but also technology.

According to NTV, Vietnam's per capita gross domestic product (GDP) has doubled over the past 10 years.

This Southeast Asian country not only has a young, eager-to-learn population, but also has a stable political system.

Although the COVID-19 pandemic has affected Vietnam's economy like most countries in the world, looking ahead, experts are still very optimistic about this economy.

The EU-Vietnam Free Trade Agreement (EVFTA) has made it easier for German companies to gain a foothold in Vietnam.

The growing middle class in Vietnam creates a large purchasing power with high demand for products made in Germany. This creates an increasingly attractive sales market for German companies.

NTV reiterated the affirmation of German Chancellor Olaf Scholz emphasizing that Vietnam is an important partner for Germany and German businesses, especially the EVFTA taking effect from August 2020 is a good foundation for bilateral economic relations.

The article also said that in addition to the purely economic field, Vietnam is also a quite attractive country for Germany in terms of geopolitics.

More and more countries such as South Korea and Japan are setting up manufacturing facilities in Vietnam to enjoy economic benefits.

In an increasingly volatile world order, these facts further demonstrate Vietnam's potential for German business.

According to VNA/Vietnam+

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