The development potential for trade partnership between Vietnam and the EU is bright thanks to abundant opportunities brought by the soon-to-be-signed EU-Vietnam Free Trade Agreement (EVFTA), according to a German expert.

Automobile assembling at Vinfast factory (Photo: VNA)

Dr. Gerhard Will, a Southeast Asia expert from the Berlin-based German Institute for International and Security Affairs (SWP), further said that in order to make full use of opportunities for boosting bilateral economic relations, Vietnam should make careful analysis and forecast of chances and challenges.

He advised Vietnam to focus on enhancing productivity and developing high-quality products with greater value, while improving the quality of human resources.

Meanwhile, Dr. Daniel Muller, ASEAN Regional Manager of the German Asia-Pacific Business Association (OAV), held that amidst the global trade tension, Vietnam is a promising gateway for German enterprises to reach the ASEAN. 

Alongside, the 96-million-strong economy has seen increasing income of locals, while the Germany-Vietnam trade partnership has been developing, he said. 

Through its free trade agreements, Vietnam has expressed a strong message of openness amidst the increasing trade protectionism, he said, adding that with its diverse advantages, Vietnam can make stronger competition for deeper trade cooperation with Germany.

Dr. Muller lauded the exchange of high-level visits between Germany and Vietnam since the beginning of 2019. In this November, the OVA will send a delegation to Vietnam to explore the country’s food processing, health care and pharmaceuticals sectors, which the German side see bright prospects of partnership for both sides.

He also said that in terms of foreign investor attraction policies, Vietnam should focus on areas of information and communication technology, garment and textile, and automobile.

Vietnam should also pay greater attention to promoting its internal strength and improve its capacity in producing domestic economic values through such project as Vinfast, the official advised.