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A wealth of opportunity for German investment in Vietnam

Vietnam’s equitization of state-owned enterprises (SoEs), principally corporations and major banks will offer a host of investment and business opportunities for the economic private sector, foreign investors who may become Vietnam’s strategic partners.

A wealth of opportunity for German investment in Vietnam

Prime Minister Nguyen Tan Dung made the statement at the Vietnam- Baden Wuerttemberg Economic Forum on the night of October 14 (Hanoi time) in Stuttgart city as part of his ongoing visit to Germany.

“Vietnam needs tens of billions of US$ to invest in projects on developing infrastructure facilities for electricity, renewable energy, urban transport, seaports and airports. This is seen as a good opportunity for foreign firms to invest in infrastructure development and provide public services under the Public Private Partnership (PPP) model that is German investors’ strength.” Dung noted.
He also praised the flourishing Vietnam-Germany relations and all-round cooperation, providently evidenced by the growing number of successful Germany groups in Vietnam.

Germany is currently Vietnam’s largest trade European partner with last year’s bilateral trade reaching nearly US$8 billion, accounting for more than 20% of the total Vietnam-EU trade turnover. This European nation is also one of Vietnam’s top ODA providers.

“Vietnam welcomes influx of investment from Germany with many high-quality projects applying advanced and friendly and environmentally technologies. Many renowned German groups like Siemens, Mercedes-Benz, Adidas, B.Braun, Allianz have found deeper inroad into Vietnam and their production business has been prove very effective.” Dung said.

However, the Government leader said German investment in Vietnam is still very modest and far below the two nations’ full potential and strengths. Germany now ranks fifth out of 23 European investors in Vietnam with 232 projects valued at nearly US$ 1.5 billion.

Dung suggested the two sides should further intensify investment and business operations, fully utilize potential and advantages to serve goals for cooperation and development, delivering practical benefits to both Vietnam and Germany.

At an earlier meeting between PM Dung and Minister-President of Baden Wuerttemberg Winfried Kretschmann, both sides noted with satisfaction the remarkable progress in Vietnam-Baden Wuerttemberg relations across a variety of fields- economics, investment, education and labor cooperation which has significantly contributed to fostering the Vietnam-Germany strategic partnership.

Major Baden Wuerttemberg firms such as Bosch Group (manufacturing), Daimler (automobile), Bilfinger (design consultancy and construction) are operating effectively in Vietnam.

PM Dung asked Baden Wuerttemberg authorities to support vocational training projects, the Vietnam-Germany University construction project in Ho Chi Minh City and accelerate the signing of a Letter of Intent for Vietnam- Baden Wuerttemberg cooperation science and technology.

Winfried Kretschmann, in turn, highly appreciated pilot programs bringing Vietnamese orderlies and nurses to work in Germany including those being trained in Baden Wuerttemberg and agreed to consider the possibility of expanding cooperation in other fields such as electrical engineering and water supply.

Both sides expressed confidence in each side’ potential and strengths, looking to enhanced and expanded cooperation in the future.

On the early morning of October 15 (Vietnam time), PM Dung and his high-level delegation left Stuttgart for Berlin to continue their diplomatic activities.
VOV/Hanoitimes

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