German Minister of Economics Philipp Roesler emphasised Vietnam needs to maintain legal stability to attract German investment.

Speaking at a Vietnam-Germany Business Forum in Hanoi on September 18, Roesler affirmed that Germany will ensure a stable legal framework for Vietnamese businesses when implementing agreements already signed by the two countries. He said despite difficulties, Germany considers Vietnam a strong ASEAN economy and values its recent development. Minister of Investment and Planning Bui Quang Vinh said Germany has been a major provider of ODA for Vietnam over the years, contributing a total of more than €1 billion to its socio-economic development projects.

However, Vinh said, such investment is not on a par with the two countries’ potential and strengths.

He proposed that both sides work more closely together to boost bilateral cooperation, especially in the areas of Germany’s strength, such as advanced and clean technology, as well as high quality services.

After the forum, both ministers witnessed the signing of a memorandum of understanding on cooperation between the Vietnamese Ministry of Construction and the German Schwäbisch Hall home savings and loan company, and a contract between the Vietnam Motor Industry Corporation and Siemens Vietnam Ltd. Vietnam for manufacturing buses.

German businesses are now operating 184 projects in Vietnam with a total registered capital of US$904 million, ranking 24th of the 95 countries and territories investing in the country. It is also one of the main places Vietnam promotes trade because of its advantages in modern technology, potential capital, and advanced management experience.

Germany is Vietnam’s biggest European trade partner, accounting for 18 percent of its exports to the EU, and is also a gateway for Vietnamese products to penetrate other European markets.

Thanks to Germany’s economic recovery, two-way trade reached nearly €6 billion in 2011.

Photo Credit: The Voice of Vietnam