German federal economic minister supports stronger investment in Vietnam

Prime Minister Nguyen Xuan Phuc (R) receives Federal Minister for Economic Affairs and Energy Brigitte Zypries (Photo: VNA)

Berlin (VNA) – Federal Minister for
Economic Affairs and Energy Brigitte Zypries said she will encourage German
businesses to make more investment in Vietnam while meeting with Prime Minister
Nguyen Xuan Phuc on July 6 as part of his ongoing official visit to Germany.

The two sides discussed measures to increase
trade and investment, especially in the field of energy.

The Minister urged Vietnam and Germany to work
to increase the bilateral trade to 15-20 billion EUR by 2020, especially when
Vietnam and the EU are about to sign a free trade agreement.

The two sides should also join hand to deploy
the Fast Track mechanism which was just signed between Vietnam’s Ministry of
Industry and Trade and Germany’s Ministry for Economic Affairs in order to
quickly remove bottlenecks for businesses while investing and doing business in
the other country, she said.

Prime Minister Nguyen Xuan Phuc hailed big
German companies such as Siemens, Mercedes Benz, Bosch, Braun, and Adidas for
making effective investment in Vietnam.

However, he noted that Germany’s investment in
Vietnam only stands at 1.4 billion USD, which is still modest to the bilateral

The two sides agreed to promote delegation
exchanges and business presence at each other’s trade fairs and exhibitions to
encourage German small-and medium-sized enterprises to invest in Vietnam.

Phuc thanked the German Government for providing
official development assistance (ODA) for Vietnam over the past years, which
has made significant contributions to the Southeast Asian country’s
socio-economic development.

He proposed Germany further help Vietnam to
implement projects on vocational training, climate change adaptation and waste

Minister Zypries pledged to provide more
assistance for Vietnam to carry out vocational training programmes.

Both sides agreed to seek
optimal measures to ensure interests of German businesses in Vietnam in
accordance with its legal regulations.-VNA

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