Vietnam premier seeks to increase German investment during visit

With a variety of favorable conditions throughout the country, Vietnam is expected to welcome increased investment from German businesses following Prime Minister Nguyen Xuan Phuc’s visit to the European country

Vietnamese Prime Minister Nguyen Xuan Phuc and his wife are greeted by Boris Rhein, Hessen State Minister for Higher Education, Research and the Art in Frankfurt, Germany on July 5, 2017.

PM Phuc and a delegation of high-ranking Vietnamese officials arrived in Frankfurt on Wednesday morning, commencing their visit to Germany scheduled for July 5-8.

During his stay, the head of government is slated to attend the G-20 Summit on July 7 and 8.

During his first day, Phuc convened meetings with several local leaders, spreading the message that the Vietnamese government welcomes and is willing to provide favorable conditions for German businesses to operate in the Southeast Asian country and contribute to its development.

Vietnamese Ambassador to Germany Doan Xuan Hung told Tuoi Tre (Youth) newspaper that the visit is aimed at tightening the Vietnam-Germany relationship, especially in regard to economic cooperation.

Vietnam is an attractive country to German investors thanks to its large consumer market of over 90 million citizens.

The country is considered one of Southeast Asia’s strongest opportunities for open market investment.

It possesses stable growth in annual GDP and a young and energetic labor force, creating a promising environment for investment, Ambassador Hung elaborated.

The upcoming G20 Summit following the theme ‘Shaping an Interconnected World’ will provide Vietnam with many advantages in hosting the Asia-Pacific Economic Cooperation (APEC) forum in the central city of Da Nang later this year.

Alongside the international event, PM Phuc is also slated to participate in a Vietnam-Germany business forum, slated to be one of the biggest events of the trip.

This reflects the growing interest of German enterprises in the Vietnamese market, the Vietnamese diplomat assessed.

Germany currently has 285 investment projects in Vietnam with a combined total capital of US$1.41 billion.

The European nation is ranked 20th among 116 countries and territories with investments in Vietnam.

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