Dozens of Vietnamese and German firms were attending a teleconference on October 15 with the aim of boosting trade promotion, strengthening connectivity, and ramping up bilateral co-operation between the two countries.

Delegates attend the teleconference at the headquarters of 
the Vietnamese Trade Office in Berlin, Germany  (Photo: VNA)

The event was jointly held by the Vietnamese Embassy in Germany and the Vietnam Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade.

In his opening speech, Ambassador Nguyen Minh Vu emphasised that co-operative relations between Vietnam and Germany have been developing across multiple fields, especially following the two countries upgrading ties to a strategic partnership in 2011.

Germany has since developed into one of Vietnam’s most important economic partners within the EU, with two-way turnover reaching EUR14 billion last year, a four-fold increase compared to figures from 2009, Vu said.

In addition, he said Germany is also one of the four EU members that has poured a large amount of investment into Vietnam. Currently, 361 German-invested projects are operating in Vietnam, focusing mainly on such fields as mechanics, machinery manufacturing, logistics, chemicals, and renewable energy.

Meanwhile, Vietnam represents one of Germany’s three largest economic partners within ASEAN, funneling investment into finance, banking, informatics, as well as restaurants and hotels.

The Vietnamese diplomat underscored the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA) and the imminent ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) in putting both sides on the pathway to brighter economic prospects in the near future.

At the event, Vu Ba Phu, VIETRADE director, noted Germany has become one of the country’s traditional and most significant trading partners, acting as an important gateway for Vietnamese goods to penetrate other markets throughout Europe.

According to Phu, local firms have recently been keen to meet the stringent requirements set by German and EU importers, while fully tapping into opportunities brought by the EVFTA. In addition, he said VIETRADE has exerted all-out efforts to serve as a bridge for firms from both sides to enhance trade exchanges and intensify investment in the future.

Representatives of the Federal Association for Economic Development and Foreign Trade, the German Association for Small and Medium-sized Businesses, and the Vietnam Business Association in Germany shared experiences, as well as opportunities and challenges from the EVFTA, in order to expand cooperation partnerships.

Businesses of the two sides then met virtually to exchange information and seek partners for future cooperation.