German businesses expect to expand operation in VN

13:48 | 20/11/2014

VGP – A number of German enterprises look forward to expanding their operations in Viet Nam.

Photo: VGP/Huy Thang

The Viet Nam-Germany Economic Dialogue, themed “Industrial development in Viet Nam, supply of skilled labor and other challenges”, was held in Ha Noi on November 19.

At the event, Minister of Planning and Investment Bui Quang Vinh said that Viet Nam appreciates    German investments into high, modern and environmental-friendly technology.

Viet Nam is the springboard for Germany to strengthen cooperation with other nations in ASEAN, confirmed German Deputy PM Sigmar Gabriel.

MercedesBenz Viet Nam General Director & CEO Michael Bahrens asserted that after 19 years of operation, Viet Nam is the country’s fastest growing market in Asia.

Other German investors are increasing investment and expanding their operations in Viet Nam. 

 Bosch has increased its investment from €50 million to €282 million within five years while the Braun Corporation is planning to pour US$270 million in the next seven to nine years.

Over the past 10 months of 2014, German businesses invested in 21 projects with a total investment of US$142 million, bringing the total number of projects to 239 with a combined registered capital of US$1.336 billion, ranking 22ndamong nations and territories investing in Viet Nam.

Currently, as many as 300 German businesses are operating in Viet Nam in fields of high technology, information technology, construction, education, finance, green technology and renewable technology.

Germany is the largest trade partner of Viet Nam in the EU with two-way trade turnover reaching nearly US$8 billion, accounting for 20% of the total export turnover between Viet Nam and the EU.

By Thuy Dung