After 45 years of establishing diplomatic
relations between Vietnam and Germany (from 1975 to 2020), Germany and Vietnam
have had cooperation programs in many fields such as culture, economics,
education, and health. Especially, after the Vietnam-EU Free Trade Agreement
(EVFTA) came into effect, the commercial cooperation relationship between the
two countries has developed.
EVFTA is an opportunity for Vietnamese
businesses to expand their markets to European countries, including Germany. On
the contrary, this is also an opportunity for German businesses to invest in
Vietnam to set up company thanks to policies to attract and
preferential investment commitments.
Germany is the world’s leading
technologically developed country and an integral part of the global supply
chain. Germany also has many strict requirements on the quality of goods and
the environmental friendliness of products, which requires Vietnam to improve
production quality and use environmentally friendly products/materials. With
the signing of the EVFTA, Vietnam and Germany will have more favorable
conditions for technology exchange and investment, which will help trade
cooperation between the two countries more developed.
Before 2014, Vietnamese goods exported to
Germany were the least polluted category, including agricultural products, wood
products, processed foods, beverages, garments, footwear and glassware. Since
2014, the export of machinery and equipment to Germany began to increase and
became the item with the highest export turnover. After EVFTA, Vietnam will
increase exports of footwear, textiles and agricultural products such as
coffee, tea, pepper and rubber and will import many products related to
processing, pharmaceuticals, chemicals.
In addition, in order to improve product
quality to meet import criteria into Germany and Europe, Vietnam also attracts
foreign investment to develop sustainably economic sectors such as
pharmaceuticals and chemicals, in order to create quality products that are
qualified for domestic use and import to many countries around the world.
Currently, the number of investment projects
of German investors implementing in Vietnam is not high compared to other
countries such as Japan, Korea, Singapore, etc. This requires Vietnam to
re-examine its strengths and weaknesses in order to meet the investment needs
of German investors. The implementation of EVFTA, Investment Law 2020,
Enterprise Law 2020 is an opportunity for international investors, including
German investors to easily access Vietnam market when expanding their
investment.
With many cooperation efforts between Vietnam
and Germany in recent years, Vietnam hopes that in the coming years, Vietnam
will be the leading destination in investment for German investors and help
improve furthermore good relationship between the two countries in the future.
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