A forum for the promotion of economic and trade cooperation between Vietnam and Germany was held in Hanoi on November 12.

German Ambassador to Vietnam Guido Hildner addresses the forum
in Hanoi on November 12

The forum was jointly organised by the University of Economics under the Vietnam National University - Hanoi (VNU), Germany’s Friedrich Naumann Foundation for Freedom (FNF) in Vietnam, and the Ministry of Natural Resources and Environment.

It took place in the context of many opportunities and challenges facing the two countries, with the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) having been approved.

According to Deputy Foreign Minister To Anh Dung, since the two countries officially established diplomatic ties 45 years ago, Vietnam and Germany have signed a host of bilateral agreements to comprehensively promote economic, political, and cultural relations.

Vietnam-Germany trade and investment cooperation have developed rapidly over recent years but remain modest compared to potential and the desire for cooperation on both sides.

Businesses from the two countries should actively tap into opportunities and advantages to further promote economic cooperation, Dung said.

The EVFTA presents an opportunity for EU and German businesses to expand their business and investment activities in Vietnam, he noted.

German Ambassador to Vietnam Guido Hildner said the fields of environmental protection, sustainable development, and energy supply have been the foundation of bilateral cooperation for many years, affirming that his country will continue to maximise its support for Vietnam in developing these fields as well as education and vocational training.

Germany has remained a major trading partner of Vietnam in Europe over the last 45 years, accounting for about 20% of Vietnam’s exports to Europe. It’s also an important transit point for Vietnamese goods entering other European markets.

It is now the fourth-largest European investor in Vietnam, with registered capital totalling over US$2 billion as of May 2020. Projects focus on mechanics, machinery, chemicals, renewable energy, and smart infrastructure. The country is also Vietnam’s largest partner in vocational training and education.