The free trade agreement between the EU and Vietnam, which came into force on August 1, will boost mutual trade and investment cooperation.
Economic relations play a key role in bilateral cooperation between Germany and Vietnam, and continue to intensify, said German ambassador to Vietnam Guido Hildner on the occasion of the 30th anniversary of the German reunification and the 45th anniversary of diplomatic relations between the two countries.
|The press conference is held on September 30. Photo: the German embassy in Hanoi|
Speaking at the press conference on September 30, Ambassador Hildner said that the cooperation between Germany and Vietnam has grown unceasingly over the past years.
Thriving economic relations
In recent years, economic cooperation between Germany and Vietnam has developed in many fields. Germany is currently Vietnam’s most important trading partner in the EU.
In 2019, Vietnam earned US$10.9 billion from exports to Germany while shipments from Germany to Vietnam totaled US$4.8 billion. Compared to the same period of 2019, Vietnam's exports to Germany increased by another 1.6% in the first half of 2020 despite the impacts of the Covid-19 pandemic.
In 2019, Germany invested more than US$2.1 billion in Vietnam, mostly in high-technology projects. This represents an increase of 5.8% compared to 2018. A total of 380 German companies have set up branches in Vietnam.
The new “German House” in Ho Chi Minh City is a compelling manifestation of the German presence in Vietnam. The free trade agreement between the EU and Vietnam, which came into effect on August 1, will further drive these developments.
Education and science – key areas of cooperation
Vietnam-Germany University is a pioneering beacon project of both countries for the future shaping and deepening of scientific and technological cooperation. On September 23, the anniversary of the 45th anniversary of the establishment of diplomatic relations between Germany and Vietnam, the trilateral intergovernmental agreement concerning the development and expansion of Vietnam-Germany University was signed. It sets the framework for the legal, organizational and financial security of the university.
2020 year will also be remembered in bilateral relations as the year of the Covid-19 pandemic with its dramatic consequences, thus sending an encouraging signal of international solidarity amid the global health crisis. The Covid-19 pandemic and its effects strongly underline the importance of international cooperation.
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