Tuesday, September 25 2018


Viet Nam vows favourable terms for German investors

Update: September, 19/2012 - 09:39


Prime Minister Nguyen Tan Dung (right) meets Germany's Minister of Economics and Technology Philipp Roesler during his official visit to Viet Nam yesterday. —VNA/VNS Photo Duc Tam
HA NOI (VNS)— The Vietnamese Government will seek to boost trade relations with Germany by creating favourable conditions for German businesses investing in Viet Nam, especially in manufacturing and infrastructure building sectors.

The pledge was made by Prime Minister Nguyen Tan Dung while receiving Germany's Minister of Economics and Technology Philipp Roesler in Ha Noi yesterday.

Applauding Roesler's visit, Dung expressed his delight at the strengthening relationship between Viet Nam and Germany in various fields, ranging from politics, economics, development cooperation, education and culture, particularly since establishing their strategic partnership last October.

He spoke highly of the working results between Roesler and ministry leaders in Viet Nam, backing the two sides to effectively implement the signed cooperation agreements.

Dung suggested the two sides step up implementation of the agreed projects, such as the metro line No.2 in HCM City, the German House, the Viet Nam-Germany University and the German International School, as part of efforts to boost cooperation further.

He also asked Germany for its support in resolving East Sea issues through peaceful negotiations, based on international law.

Roesler said the aim of his Viet Nam visit is to further strengthen the relationship between the two countries in all fields, especially economics, trade, investment, and education and training.

The Minister emphasised Germany's support for Viet Nam's comprehensive cooperationwith the European Union (EU) and speeding up the approval process of the Viet Nam-EU free trade agreement.

He affirmed that Germany is willing to help Viet Nam in areas of finance, science and technology, as well as increase its development aid to Viet Nam.

Trade promotion

Viet Nam and Germany should further promote bilateral trade co-operation, especially in sectors Germany held advantages such as high-tech, clean technologies and high quality products, because they would help Viet Nam's economic development.

Vietnamese Minister of Planning and Investment Bui Quang Vinh made the statement at the Viet Nam-Germany Business Forum held in Ha Noi yesterday.

Vinh said Germany had been one of the biggest providers of ODA for Viet Nam so far, with a total of 1 billion euros (US$1.3 billion) contributing to the country's socio-economic development.

However, he added that Germany's investment in Viet Nam had not matched the potential between the two countries.

Visiting German Minister of Economics and Technology Philipp Rosler said Viet Nam was one of the strongest economies in the ASEAN region, despite difficulties.

He said Viet Nam should maintain a stable legal framework to encourage German businesses to invest in the country, adding that Germany would bring a stable legal foundation to Vietnamese enterprises.

By the end of last month, German had more than 180 valid projects in Viet Nam with total registered capital of more than $904 million, ranking 24th among 95 investing countries and territories.

German investment has mainly concentrated on manufacturing technologies, accounting for half of the country's investment in Viet Nam.

Germany is also Viet Nam's biggest trade partner in the European Union, accounting for 19 per cent of Viet Nam's exports to the bloc.

Two-way trade between the two countries reached nearly 6 billion euros ($7.8 billion) last year, an increase of 33 per cent over the previous year, with a target of reaching 7 billion euros ($9.1 billion) in the future.

Viet Nam considered Germany an important gateway for exports of goods to other markets in the EU, and has focused on investment promotion programmes.

Under the forum, the Vietnamese Ministry of Construction and Bausparkasse Schwaebisch Hall (BSH), Germany's largest home savings and loan company, signed a Memorandum of Understanding (MoU) on co-operation.

Under the MoU, the BSH would establish a research team of specialists from the Ministry and other relevant agencies to study a home savings fund with support from the Government.

In addition, the team would suggest revisions, supplements and documents to create a legal framework for the establishment of home savings banks in Viet Nam.

In return, Viet Nam would create favourable conditions for the BSH to study the country's investment market, and arrange meetings with commercial banks to discuss further opportunities.

Vinamotor and Siemens Viet Nam also signed a contract to build a prototype bus. — VNS

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