Vietnam and Germany will soon establish a joint chamber of commerce to boost trade of both sides to promote and increase business opportunities, especially when the Vietnam-EU Free Trade Agreement is signed, the Vietnam chamber of commerce and industry (VCCI) said on its website.
Dr Vu Tien Loc, president of VCCI and Jens Ruebbert, president of the Germany business association in Vietnam met at the VCCI headquarters in Hanoi to discuss the issue.
Dr Vu Tien Loc affirmed that Vietnam-Germany relations have been developed comprehensively. Germany is now the largest trade partner of Vietnam in Europe as it contributes 28 per cent of Vietnam-EU trade value. Germany is also an important gateway hub for Vietnamese goods to enter other EU markets. Vietnam and Germany now have very good opportunities to better tap their cooperation potential.
With the joint chamber of commerce, all issues arising in trade and investment relations would also be tabled to seek for best solutions for businesses, he said.
Ruebbert said Germany sees Vietnam as a rapidly developed potential market in Asia (after China and India). Many leading German corporations like Siemens, Metro, Mercedes-Benz, Deutsche Bank and Allianz opened business facilities and commit long-term investments in Vietnam. However, Germany’s investments in Vietnam remain very modest relative to potential and expectations of both sides.
He hoped that the proposed joint chamber of commerce will receive active support from Vietnam for the early completion of this establishment.
Vietnam enjoys a trade surplus with Germany. Bilateral trade touched $1.28 billion in the first two months of 2015, up 15.9 per cent year on year, of which Germany’s share was $372.33 million, up 2.7 per cent, and Vietnam’s share was $913.80 million, up 22.1 per cent.
Many Vietnamese businesses have regularly participated in international exhibitions and trade fairs in Germany like Anuga Colonge, Tendence, Koblenz, Resale Frankfurt and Hannover Expo. Through these events, they have established partnership relations and signed contracts with many German importers and other foreign businessmen. Garment and textile are the biggest exports to Germany, followed by footwear, coffee, handicrafts, seafood, computers and components.
Germany is the largest supplier of advanced machines, equipment and technology for national industrialisation and modernisation of Vietnam. In addition, Vietnam imports pharmaceuticals, plastics and industrial materials from Germany