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Investment ties with Germany increased

Update: September, 20/2012 - 10:52

HCM CITY (VNS)— A stable and transparent legal framework will help Viet Nam attract more investors from Germany, visiting German Vice Chancellor and Minister of Economics & Technology Philipp Roesler said yesterday.

Speaking at the third Viet Nam-German Economic Forum held in HCM City, Roesler said German enterprises were interested in participating in the healthcare, food processing, energy security, renewable energy and education sectors in Viet Nam.

Viet Nam Minister of Industry and Trade Vu Huy Hoang replied that Viet Nam would like to receive more support from the German government in three areas: improving the investment environment in Viet Nam, including strengthening legal capacity and carrying out administrative reforms; developing infrastructure; and training high-quality human resources.

"German investors will have many advantages in doing business in Viet Nam – a large market of 87 million people, a huge labour resource, political stability and the presence of many Vietnamese people fluent in the German language," Hoang said.

Elmar Dutt, head of the German Industry and Commerce delegation in Viet Nam, urged major improvements in the quality of vocational training to meet the needs of German investors.

This was echoed by Frank Schellenberg, CEO of GHP Far East Co. Ltd, who has been in Viet Nam since 2000.

Dr Le Van Hien of the vocational training college run by the Viet Nam Machinery Installation Corporation (LILAMA), said that international vocation training programmes should be introduced in Viet Nam and adapted to local conditions.

He stressed the need for trainers with more practical experience and training quality that passes tests by international organisations.

At present, 240 German enterprises are doing business in Viet Nam with 184 FDI projects valued at US$904 million. Germany ranks 24th in total of 94 countries investing in Viet Nam.

Germany is Viet Nam's leading economic partner in the EU, accounting for 19 per cent of export turnover to the bloc in 2011.

Reliable

Viet Nam was an attractive and reliable investment destination for German businesses, Foreign Minister Pham Binh Minh said yesterday.

Minh made the statement at the opening of a Viet Nam-Germany trade and investment forum in Frankfurt/Main, in Germany's State of Hessen.

The one-day forum, jointly organised by the Vietnamese Foreign Ministry and Hessen State authorities, Frankfurt Chamber of Commerce and Industry, the East Asia Association, Deutch Bank and the World University Service, focused on potential for the development of infrastructure, finance and industry in Viet Nam.

Minh stressed the establishment of the Viet Nam-Germany strategic partnership had created a new impulse for the countries' economic co-operation.

Viet Nam imports $2 billion worth of goods from Germany and bilateral trade turnover is expected to reach $7 billion soon, Hoang Van Dung, vice chairman of the Viet Nam Chamber of Commerce and Industry (VCCI), said at the forum.— VNS

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