Germany Becomes Vietnam’s Biggest European Trading Partner

Posted: December 2, 2014 in Econ 101, Free Trade

SOURCE: http://tuoitrenews.vn/business/24201/germany-is-vietnams-largest-european-trade-partner-pm

Germany is Vietnam’s largest European trade partner: PM

TUOI TRE NEWS

11/22/2014

Germany is the largest trading partner of Vietnam from the European Community, Vietnamese Prime Minister Nguyen Tan Dung said at the 14th Asia-Pacific Conference of German Business (APK), which kicked off in Ho Chi Minh City on Thursday.

The bilateral trade value between the two countries was approximately US$8 billion in 2013, and Vietnam appreciates the German enterprises and investors who are doing good business in the Southeast Asian country, the premier said in his opening speech.

The biannual APK has evolved into the largest German networking event in Asia since its first edition in 1986, according to the event’s website.

This is the first time Vietnam has hosted the APK, which is under the theme of “Understanding Trends and Perspectives” and focuses on industries and trends of the future, where “cooperation between businesses in Germany and Asia-Pacific can thrive.”

Prime Minister Dung said he and his German counterpart agreed to boost the two countries’ strategic cooperation and increase the effectiveness of their collaboration on the fields of politics, trade, investment, environmental protection, and technology and science during a meeting last week.

Vietnam is in need of billions of U.S. dollars for the construction of infrastructure and power development, which Dung said are a strength of German businesses.

The Southeast Asian nation has exerted effort to launch reforms and is actively participating in free trade agreements (FTA), which the premier said will help make its legal and business environments more competitive and convenient.

Vietnam has signed eight FTAs and is negotiating to join six others, according to the prime minister.

“Talks on the FTA between Vietnam and the EU have been concluded and the trade pact is slated for signing early next year,” he added.

The three-day conference provides 750 participants ample opportunity to speak, listen, network, and contemplate concepts and solutions for a sustainable future, according to the event’s website.

German Federal Minister for Economic Affairs and Energy Sigmar Gabriel said the APK creates an opportunity for Germany to fortify economic ties with not only the host country but also other ASEAN nations, which are important economic and political partners of the West European country.

ASEAN is a ten-member bloc which is comprised of such Southeast Asian countries as Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Cambodia, Laos, Myanmar, and Vietnam.

The number of participants demonstrates the importance of the conference as well as the interest of the participating countries, Asia-Pacific Committee of German Business chairman Hubert Lienhard, who co-chairs the event with Gabriel, said.

“The economies in the Asia-Pacific region combined are playing an ever-more important role in global trade, as is their share in world population and GDP,” according to the event’s website.

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