Berlin (VNA)💃 – Vietnam and Germany hold enormous potential and opportunities to embrace bilateral economic cooperation, particularly in the fields of infrastructure, high technology, processing, energy and environment.

President Truong Tan Sang was speaking at a business forum in Frankfurt – the largest city in German state of Hessen on November 26 with the engagement of over 30 Vietnamese businesses and nearly a hundred of German firms. The President said Vietnam hopes to further deepen the strategic partnership between the two countries across the fields, particularly in the economic domain. For years, Germany has been a major trade partner of Vietnam in the EU, comprising of nearly 20 percent of the country’s exports to the union, he said, raising the fact that German firms, encompassing leading ones, have registered a total investment capital of about 1.4 billion USD in Vietnam. Additionally, the 125,000-strong Vietnamese community in Germany along with some 100,000 Vietnamese speaking German in Vietnam is the solid foundation for the two nations to drive their economic, cultural, and social affiliation forward, he noted. President Truong Tan Sang also highlighted the significant achievements that Vietnam has gained over 30 years of “doi moi” (reform) and confirmed the Vietnamese Government will further improve the investment climate to enable foreign investors, including those from Germany, to do long-term business in Vietnam. Particularly, the upcoming establishment of the ASEAN Community along with the conclusion of negations of the Vietnam-EU Free Trade Agreement (VEFTA) and the Trans-Pacific Partnership (TPP) agreement will open up new opportunities for foreign investors and improve Vietnam’s business climate and competitive edge in the region, he said. Businesses of the two countries are expected to grasp such brilliant opportunities and play a crucial role in propelling the bilateral economic cooperative ties forward, contributing actively to the development of the Vietnam-German strategic partnership, he added. At the forum, German companies evaluated Vietnam as a young economy with abundant human resources and stable macroeconomic and socio-political situation. Scores of German leading groups regarded Vietnam as one of the key markets in their investment strategies in Asia . Businesses from the European country spoke of the Vietnamese Government’s efforts in improving businesses environment, including the implementation of the revised Law on Investment in addition to improving infrastructure, developing support industry, and increasing human resources training. The same day, President Truong Tan Sang met with leaders of Germany’s leading groups such as Siemens, Messer, Braun, and Bombardier to promote their investment in Vietnam.-VNA