Investment cooperation continues to be an important pillar in Vietnam-Germany relations

Prime Minister Pham Minh Chinh speaks. Photo: Lam Khanh/VNA

Within the framework of the official visit to Vietnam of German Chancellor Olaf Scholz, on the evening of November 13, at the International Conference Center, the Vietnam-Germany Business Roundtable took place under the chairmanship of Prime Minister Pham Minh Chinh and German Chancellor Olaf Scholz.

Also attending were a number of senior leaders of the Federal Republic of Germany; leaders of a number of ministries and sectors of Vietnam and a large number of business communities of the two countries.

Speaking at the event, Prime Minister Pham Minh Chinh emphasized that over the past two years, the world has experienced many fluctuations, especially the impact of the COVID-19 pandemic.

In 2021, in the context of many difficulties and challenges, Vietnam has made efforts and achieved important results, notably accelerating vaccine coverage, controlling the epidemic, stabilizing the macro economy, controlling inflation, ensuring major balances of the economy, and GDP increasing by 2.58%.

In the first 9 months of 2022, Vietnam's economy continued to grow. GDP in the first 9 months increased by 8.83% over the same period - the highest increase in 9 months since 2011.

Total import and export turnover of goods increased by 15.1%. Along with that, 136,300 enterprises were newly established and resumed operations, up 38.6% over the same period.

The business investment environment has improved positively, and Vietnam has been included in the top 20 countries attracting FDI in the world by the United Nations Conference on Trade and Development (UNCTAD).

Prime Minister Pham Minh Chinh emphasized that after nearly 50 years of establishing diplomatic relations, Vietnam and Germany have built a strategic partnership with remarkable progress and marks in many fields of politics, economics, society, health, education, etc.

Germany is one of the European countries that regularly provides ODA to Vietnam (about 2 billion USD since 1990). Germany is also Vietnam's largest trading partner in Europe.

Regarding investment, Germany currently has 437 valid projects in Vietnam with a total investment of 2.34 billion USD, an increase of 2.87 times compared to 2010 (ranking 18th out of 141 countries and territories and 4th among EU member states).

Investment projects are mainly concentrated in the fields of manufacturing and processing industry (52.1%) and energy (27.8%).

"The results of economic cooperation between the two sides in recent years have been encouraging but still not commensurate with their potential. With the world situation having many changes, the room for cooperation between the two countries is huge with many favorable factors," Prime Minister Pham Minh Chinh stated.

Vietnam-Germany business roundtable conference. Photo: Lam Khanh/VNA

Suggesting some directions for business cooperation between the two countries, Prime Minister Pham Minh Chinh asked German businesses and business associations to strongly support the German Parliament to ratify the EU-Vietnam Investment Protection Agreement (EVIPA) to create a long-term and stable economic-trade-investment cooperation framework; ensuring the implementation of trade liberalization commitments between Vietnam and the EU, in which Germany is the leading partner.

Along with that, the German Government and businesses continue to support Vietnam in cooperation and technology transfer; research and development; building cooperation programs to train and improve the quality of human resources; and digital transformation for Vietnamese enterprises.

"Germany has identified Vietnam as a global partner in the Development Cooperation Strategy until 2030. Therefore, Vietnam hopes that Germany will support Vietnam in perfecting institutions and policies to access and mobilize green financial resources, especially from G7 countries and international financial institutions, contributing to building a green economy, promoting green growth, sustainable development, responding to climate change, and implementing COP26," the Prime Minister emphasized.

In the context of the slowing economic growth of some countries in the Asia-Pacific region and the disruption of many supply chains, the Prime Minister expressed his hope that German businesses would shift their investment to Vietnam - a safe and attractive investment destination with a stable political foundation, competitive costs, abundant human resources, and a favorable business environment...

With the efforts and determination of both sides and above all the strong friendship of the two peoples, the Prime Minister believes that investment and trade cooperation will continue to be an important pillar in the Vietnam-Germany relationship, and at the same time a driving force to bring the strategic partnership between the two countries to new heights.

"The Vietnamese Government is committed to always sharing, accompanying and creating all favorable conditions for German enterprises to invest and do business effectively and sustainably in Vietnam in the spirit of harmonizing interests and sharing difficulties and risks. Your success is also our success," Prime Minister Pham Minh Chinh emphasized.

Expressing his delight at attending the Vietnam-Germany Business Roundtable, German Chancellor Olaf Scholz said that after two years of economic impacts due to the COVID-19 pandemic, this event with many economic topics discussed will be the basis and an important contribution to trade and investment cooperation between the two countries.

German Chancellor Olaf Scholz speaks at the roundtable conference with Vietnamese-German businesses. Photo: Lam Khanh/VNA

German Chancellor Olaf Scholz emphasized that for many German and European companies, Vietnam is a very important destination because it is located in Asia's abundant trade and raw material supply network, with the impressive resistance of the economy during the pandemic.

The German Chancellor analyzed that the world economy can only succeed when countries take advantage of all available capabilities and potentials. This is true for Vietnam, a country with abundant raw materials and skilled labor.

The German Chancellor was delighted that the EU-Vietnam Free Trade Agreement came into effect; affirming that this is the basis for the two countries' economies to recover and develop together, creating mutual trust in economic cooperation.

Suggesting some cooperation contents for businesses of the two countries, the German Prime Minister mentioned the favorable conditions available in Vietnam such as economic standards, transportation...

According to German Chancellor Olaf Scholz, in the delegation visiting Vietnam this time, there are many German businesses looking for partners to cooperate in economics, infrastructure, energy...

He believes that from this roundtable conference, businesses of the two countries will find investment and business opportunities.

Emphasizing the vocational training sector, the German Prime Minister said that vocational training programs are being implemented in Vietnam following the German model, and receiving help from German businesses.

Once again affirming the desire for all businesses of the two countries to join hands in economic cooperation for the two countries to develop together, the German Prime Minister called on businesses of the two countries to attend the roundtable conference to share experiences and boldly explore cooperation opportunities with each other.

At the conference, businesses from both sides shared their development process and contributions to each country's economy as well as the actual needs of each business for the Vietnamese and German markets.

Immediately after the conference, Chancellor Olaf Scholz attended an official reception hosted by Prime Minister Pham Minh Chinh, welcoming the German Chancellor and the high-ranking delegation of the Federal Republic of Germany on an official visit to Vietnam.

According to VNA