Vietnam-Germany Trade Tops 18.8 Billion EUR, Boosted by Investment
Vietnam and Germany have fortified their trade ties, with bilateral trade hitting 18.8 billion EUR in 2021. This makes Vietnam Germany's top trading partner in ASEAN and sixth-largest in Asia. German businesses appreciate Vietnam's business climate, driving increased investment.
Vietnam's efforts to enhance its business environment have drawn praise from German firms. They value its flexibility, reliability, and political stability. Investment from Germany has risen, fueled by companies expanding in Asia to serve both Vietnam's domestic market and neighboring growing markets.
Vietnam presents opportunities in sectors like manufacturing, infrastructure, renewable energy, and more. To lure more German and European investors, Vietnam is advised to professionalize its macroeconomic framework, upgrade infrastructure, and develop a skilled workforce. Challenges include lengthy licensing procedures, corruption, and meeting higher sustainability standards.
Vietnam's exports to Germany have surged, signaling early success in supply chain diversification. The EU-Vietnam Free Trade Agreement and the upcoming EU-Vietnam Investment Protection Agreement are expected to bolster legal certainty and investment. Vietnam and Germany are seen as ideal and complementary partners in trade and investment.
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