Vietnam is a potential market for German small and medium enterprises (SMEs), said Mario Ohoven, president of the German Mittelstand Association of Small and Medium-Sized Enterprises (BVMW) at a recent webinar.

 Vietnamese Ambassador to Germany Nguyen Minh Vu (third from right)
and other delegates at the event (Photo: VNA)   

During the event, Vietnamese Ambassador to Germany Nguyen Minh Vu briefed participants on an overview of the country’s socio-economic development, whilst also providing an update on the country’s novel coronavirus (COVID-19) prevention and control measures.

Furthermore, the diplomat detailed some of the efforts going on in an attempt at reviving the national economy and supporting local firms in the post-pandemic period.

He highlighted the country’s advantages and government policies aimed at attracting German businesses, along with investment opportunities for German SMEs operating in a number of promising fields such as manufacturing mechanics, automobile, supporting industries, information technology, biotechnology, healthcare and pharmaceuticals, along with finance and banking.

With the EU-Vietnam Free Trade Agreement (EVFTA) coming into force on August 1 and the Investment Protection Agreement (EVIPA) set to be ratified in the near future, there are bright prospects ahead in terms of business opportunities for German and EU enterprises, Vu noted.

In response, BVMW President Ohoven spoke highly of the country’s dynamic development and the Vietnamese Government’s determination to implement radical reforms in an effort to support SMEs, improve the local business climate, and increase the domestic economy’s adaptability to ongoing digital trends.

Mario went on to describe Vietnam as a potential market for German SMEs, noting that the country should strive to improve logistics services, enhance workforce's qualifications and simplify administrative procedures in a bid to facilitate the operations of German SMEs in Vietnam.

Elsewhere, Frauke Schmitz-Bauderdick, Vietnam director of Germany Trade & Invest, and Ludwig Graf Westarp, a BVMW representative in Vietnam, praised the nation’s success in containing the COVID-19 pandemic, adding that the Southeast Asian country has maintained robust growth despite the threat of the pandemic.

The pair added that with a transparent investment climate and benefits brought about by the two trade deals, Vietnam will become an attractive investment destination for German businesses in the near future.

The webinar also saw the Vietnamese Embassy in Germany and the German Association of Small and Medium Enterprises agree to continue intensifying co-operation activities moving forward by organising additional seminars, networking activities, and exchange visits to help German SMEs gain further insights into Vietnamese market.