Economic Affairs Minister Brigitte Zypries and Viet Nam's Prime Minister Nguyen Xuan PHUC

Economic Affairs Minister Brigitte Zypries and Viet Nam's Prime Minister Nguyen Xuan PHUC

© BMWi/Susanne Eriksson

Joint opening of this year's German-Vietnamese Business Forum

Brigitte Zypries, Federal Minister for Economic Affairs and Energy, is meeting with the Prime Minister of the Socialist Republic of Viet Nam, Mr Nguyen Xuan PHUC, today. After their conversation, they will be jointly opening this year's German-Vietnamese Business Forum in Berlin.

Economic Affairs Minister Brigitte Zypries said: "Viet Nam is a very important trading partner for Germany in the Asia-Pacific region. We want to further strengthen this partnership in the context of today's Business Forum. The EU-Viet Nam free trade agreement and the establishment of a bilateral chamber of commerce are two major steps that will have a positive impact on our economic relations. In addition, a reliable investment environment is of great importance for German companies. For this reason, we agreed on a 'fast track' with Viet Nam, allowing us to resolve problems that enterprises encounter when investing in Viet Nam quickly and in an unbureaucratic manner."

Thanks to its central location in the Asia-Pacific region and a large number of agreements, Viet Nam provides good business opportunities for companies that wish to invest in the region, especially in the manufacturing sector and as regards the expansion of the transport and energy infrastructure. The growth potential for exporting companies is particularly great in the fields of machinery, chemical products, including pharmaceuticals, motor vehicles and electrical engineering. Therefore, the German-Vietnamese Business Forum is focused on business opportunities.

250-300 representatives of German and Vietnamese firms are expected to attend the Forum. Speeches will be held by Federal Minister Zypries, Prime Minister Phuc and the Chairman of the Board of Management of TÜV Süd, Mr Axel Stepken, and representatives of government and business will discuss business opportunities in Viet Nam during a panel discussion. The signing of several agreements is to strengthen cooperation between German and Vietnamese companies.

In the last few years, the bilateral trade volume between Germany and Viet Nam has developed very positively. While the trade volume between Germany and Viet Nam amounted to €3 billion in 2009, it totalled more than €11 billion in 2016. Germany is Viet Nam's most important trading partner in Europe. In 2016, Viet Nam ranked third among Asian exporters to Germany. These figures, for both imports and exports, will continue to develop positively after the conclusion and entry into force of the EU-Viet Nam free trade agreement.