BERLIN — The potential for cooperation between Việt Nam and Germany remains huge as Germany is currently an economic locomotive of the European Union (EU) and is also Việt Nam’s largest trading partner in the region, according to Ambassador Vũ Quang Minh.

Since the two countries set up their strategic partnership in 2011, two-way trade doubled to US$11.2 billion in 2021. The figure hit $6.2 billion in the first half of this year, up 15 per cent year-on-year.

As of May 31, German firms had 426 investment projects worth $2.31 billion in Việt Nam, while companies from the Southeast Asian nation ran 36 projects totaling $283 million in the European country.

In the context of the two countries and the whole world quickly recovering post COVID-19, bilateral trade and investment are forecast to grow further in the coming time, stated Minh.

In addition, Việt Nam is seen as a reliable partner and a leading attractive market of German businesses and investors, he said, adding that many delegations of German firms are scheduled to make fact-finding tours to the Vietnamese market from now to the end of this year.

Việt Nam also boasts advantages to cooperate with German energy companies to develop clean and renewable energies such as wind power, solar power, and hydrogen production. Germany recently backed the Group of Seven's (G7) selection of Việt Nam as a global partner in the just energy transition.

The diplomat affirmed that this is a golden opportunity for the two countries to promote bilateral cooperation and bring their strategic partnership to new heights, not only in politics and security, but also in economics, trade, science and technology, education and training, and labour cooperation. — VNS