Potential for cooperation between Vietnam and Germany remains huge with new opportunities, as Germany is currently an economic locomotive of the European Union (EU), and also Vietnam’s largest trading partner in the region, according to Ambassador Vu Quang Minh.

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

As of May 31, Germany had 426 valid investment projects worth 2.31 billion USD in Vietnam, while the Southeast Asian nation ran 36 projects totaling 283.3 million USD in the European country.

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

In addition, Vietnam 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.

Vietnam also boasts advantages to cooperate with German energy companies to develop clean and renewable energies such as wind power, solar power, and hydrogen production. Especially, Germany recently backed the Group of Seven (G7)’s selection of Vietnam as a global partner in 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 a new height, not only in politics and security, but also in economics, trade, science and technology, and education and training, and labour cooperation

Source: VietnamPlus