The German government fully support the enforcement of agreements in trade and industrial cooperation, including the EU – Vietnam Free Trade Agreement (EVFTA), to boost bilateral trade and investment cooperation.
Vietnam seeks Germany’s support for local enterprises to join production chains of parts and accessories and set up a center for digital transformation in manufacturing to grasp new market opportunities in the Industry 4.0 era.
Minister of Industry and Trade Tran Tuan Anh made the request at the first Vietnamese – German Joint Economic Committee held in a virtual platform in Hanoi.
“The move will help contribute to the development of supporting industries and lay a solid foundation for the sustainable growth of Vietnam’s industrial sector,” stated Mr. Anh.
According to Mr. Anh, Vietnam gives priority to its strategic partnership with Germany, expecting to further promote bilateral economic, trade and industrial cooperation.
“The Ministry of Industry and Trade continues to create favorable conditions for foreign-invested companies, especially those from Germany that are conducting business in Vietnam,” added Mr. Anh, saying this is a key factor to ensure Vietnam’s economic development.
German Economy Minister Peter Altmaier said Vietnam is Germany’s priority partner, as such, the German government fully supports the enforcement of agreements in trade and industrial cooperation, including the EU – Vietnam Free Trade Agreement (EVFTA), to boost bilateral trade and investment cooperation.
During the Covid-19 pandemic, it is increasingly important for enterprises from the two countries to penetrate each market to accelerate the economic recovery process, added Mr. Altmaier.
The two ministers also agreed on facilitating the “Fast Track” mechanism to timely address concern from enterprises, while setting up the timeline for the next meeting of the Joint Economic Committee in 2022.
Germany is currently Vietnam’s largest trading partner in Europe, accounting for 19% of Vietnam’s exports to the EU.
Meanwhile, Vietnam remains Germany’s 24th largest exporter out of 144 countries and territories, and its key partner in Asia given the EVFTA in place.
As of November 2020, bilateral trade turnover reached US$9.08 billion, of which Vietnam’s exports rose by 0.5% year-on-year to US$6.05 billion, an encouraging number despite severe trade disruption by the Covid-19 pandemic.