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Investments make westward journey
| Thomas Hundt, chief representative of Germany Trade & Invest in Vietnam | Oct 02, 2012 10:41 am
History has created close social and cultural ties between Vietnam and Germany which have facilitated a strong economic partnership.
The strength of Germany as Europes most admirable economic powerhouse and the flourishing Germany-Vietnam relationship are fueling Vietnamese direct investment into Germany, writes Thomas Hundt, chief representative of Germany Trade & Invest in Vietnam, the foreign trade and inward investment promotion agency of Germany.
October 3 marks the anniversary of German reunification. It symbolises German solidarity and the end of the east-west demarcation.
Economic opportunities flourished as the east embraced an open market economy. The once stark economic differences between east and west began to diminish and united Germany evolved into an economic powerhouse. Its sound economic reputation encouraged investors from around the world to invest in Germany.
Although the majority of foreign direct investment (FDI) stocks stem from the EU and the US, FDI stocks from Vietnam have also risen since 2003. Strong cultural and social ties have linked Germany, or more specifically former East Germany, and Vietnam since the onset of the Cold War.
Since reunification, many Vietnamese have either stayed in Germany or returned to their homeland. As a result, Vietnam has the largest population of German speakers in all of Asia.
These cultural and social connections have paved the way for a new era of strong economic cooperation. In recent years, several Vietnamese investors have increased their presence in Germanys retail banking and textile sectors. Germany is already Vietnams most important market within the European Union and given its ideal investment conditions, economic ties will continue to deepen.
With a population of 80 million, Germany is the largest market in Europe and enjoys one of the highest per capita incomes in the world. The Eurozone crisis has solidified its position as the strongman of Europe. In 2011, more federal states attracted investors than any other year. This is an extraordinary feat considering the state of the European economy.
Hence, Germany has an excellent investment reputation. American business executives ranked Germany the top business location in Europe for a third year in a row in the American Chamber of Commerce Business Barometer 2011. The incredible strength of the German economy and its strategic location within Europe makes Germany attractive for Vietnamese companies seeking to sell their goods and services in the European market.
Germanys solid banking reputation and strong finances have facilitated Vietnamese involvement in the retail banking sector. The availability of highly-skilled professionals has been vital for Vietnamese investment in areas such as textiles and management and consulting services.
Perhaps the most decisive and significant step by Vietnamese investors was when Vietinbank set up a subsidiary in Germany. Even more importantly was the decision of Vietinbank to establish its European headquarters in Frankfurt. Vietinbank chose Germany due to its wide range of services for both businesses and private customers.
VietinBank Opens Branch in Germany
The financial centre of Frankfurt has agreed to cooperate with Vietnam. Together, their objective is to assist Vietnamese credit institutions and financial companies in building financial market structures to promote growth in Vietnams emerging market.
History has created close social and cultural ties between Vietnam and Germany which have facilitated a strong economic partnership. Germany has demonstrated unwavering growth during the crisis and is the motor of Europe. This hasnt gone unnoticed by Vietnamese investors.
Germanys strategic location as the crossroads of Europe makes the country an ideal location to set up European headquarters. Here at Germany Trade & Invest, we try and make the process of investing in Germany simpler for potential Vietnamese investors. We provide them with business-related information, including tax and legal regulations in order to support their expansion into the German and ultimately the European market, said Jürgen Friedrich, chief executive of Germany Trade & Invest.
Over the last nine years, Germany has experienced an increase in Vietnamese FDI stocks. The majority of these FDI projects fall into the banking and textile sectors. The trend is expected to increase due to Germanys commitment to research and development, competitive personnel and capital costs and attractive funding programmes. These advantages are opening up excellent investment opportunity for Vietnamese businesses.
The strengthening of economic ties between Vietnam and Germany was confirmed by last months visit to Vietnam by Federal Minister of Economics and Technology, Dr. Philipp Rösler. Prime Minister Nguyen Tan Dung expressed his delight at the increasing development of the sound relationship between Vietnam and Germany in various fields including economics and trade and investment to develop cooperation.
Vietnamese investors see incredible opportunity in Germany due to its ideal investment conditions and its access to the entire European market. Despite the economic calamity facing much of Europe, Germany remains a strong proponent and model of economic growth, a fact that Vietnamese investors will not overlook.
Vietnam Investment Review - Features - Investments make westward journey
| Thomas Hundt, chief representative of Germany Trade & Invest in Vietnam | Oct 02, 2012 10:41 am
History has created close social and cultural ties between Vietnam and Germany which have facilitated a strong economic partnership.
The strength of Germany as Europes most admirable economic powerhouse and the flourishing Germany-Vietnam relationship are fueling Vietnamese direct investment into Germany, writes Thomas Hundt, chief representative of Germany Trade & Invest in Vietnam, the foreign trade and inward investment promotion agency of Germany.
October 3 marks the anniversary of German reunification. It symbolises German solidarity and the end of the east-west demarcation.
Economic opportunities flourished as the east embraced an open market economy. The once stark economic differences between east and west began to diminish and united Germany evolved into an economic powerhouse. Its sound economic reputation encouraged investors from around the world to invest in Germany.
Although the majority of foreign direct investment (FDI) stocks stem from the EU and the US, FDI stocks from Vietnam have also risen since 2003. Strong cultural and social ties have linked Germany, or more specifically former East Germany, and Vietnam since the onset of the Cold War.
Since reunification, many Vietnamese have either stayed in Germany or returned to their homeland. As a result, Vietnam has the largest population of German speakers in all of Asia.
These cultural and social connections have paved the way for a new era of strong economic cooperation. In recent years, several Vietnamese investors have increased their presence in Germanys retail banking and textile sectors. Germany is already Vietnams most important market within the European Union and given its ideal investment conditions, economic ties will continue to deepen.
With a population of 80 million, Germany is the largest market in Europe and enjoys one of the highest per capita incomes in the world. The Eurozone crisis has solidified its position as the strongman of Europe. In 2011, more federal states attracted investors than any other year. This is an extraordinary feat considering the state of the European economy.
Hence, Germany has an excellent investment reputation. American business executives ranked Germany the top business location in Europe for a third year in a row in the American Chamber of Commerce Business Barometer 2011. The incredible strength of the German economy and its strategic location within Europe makes Germany attractive for Vietnamese companies seeking to sell their goods and services in the European market.
Germanys solid banking reputation and strong finances have facilitated Vietnamese involvement in the retail banking sector. The availability of highly-skilled professionals has been vital for Vietnamese investment in areas such as textiles and management and consulting services.
Perhaps the most decisive and significant step by Vietnamese investors was when Vietinbank set up a subsidiary in Germany. Even more importantly was the decision of Vietinbank to establish its European headquarters in Frankfurt. Vietinbank chose Germany due to its wide range of services for both businesses and private customers.
VietinBank Opens Branch in Germany
The financial centre of Frankfurt has agreed to cooperate with Vietnam. Together, their objective is to assist Vietnamese credit institutions and financial companies in building financial market structures to promote growth in Vietnams emerging market.
History has created close social and cultural ties between Vietnam and Germany which have facilitated a strong economic partnership. Germany has demonstrated unwavering growth during the crisis and is the motor of Europe. This hasnt gone unnoticed by Vietnamese investors.
Germanys strategic location as the crossroads of Europe makes the country an ideal location to set up European headquarters. Here at Germany Trade & Invest, we try and make the process of investing in Germany simpler for potential Vietnamese investors. We provide them with business-related information, including tax and legal regulations in order to support their expansion into the German and ultimately the European market, said Jürgen Friedrich, chief executive of Germany Trade & Invest.
Over the last nine years, Germany has experienced an increase in Vietnamese FDI stocks. The majority of these FDI projects fall into the banking and textile sectors. The trend is expected to increase due to Germanys commitment to research and development, competitive personnel and capital costs and attractive funding programmes. These advantages are opening up excellent investment opportunity for Vietnamese businesses.
The strengthening of economic ties between Vietnam and Germany was confirmed by last months visit to Vietnam by Federal Minister of Economics and Technology, Dr. Philipp Rösler. Prime Minister Nguyen Tan Dung expressed his delight at the increasing development of the sound relationship between Vietnam and Germany in various fields including economics and trade and investment to develop cooperation.
Vietnamese investors see incredible opportunity in Germany due to its ideal investment conditions and its access to the entire European market. Despite the economic calamity facing much of Europe, Germany remains a strong proponent and model of economic growth, a fact that Vietnamese investors will not overlook.
Vietnam Investment Review - Features - Investments make westward journey
