President of Germany Visits, Boosts German Business Cooperation in Vietnam

Potential German Business Cooperation in Vietnam After the President’s Visit

The German President’s visit to Vietnam marks a significant milestone in the growing German business cooperation in Vietnam. President Frank-Walter Steinmeier, accompanied by his wife, arrived in Hanoi for a state visit at the invitation of Vietnamese President. This visit, occurring on January 23-24, is the first by a German President to Vietnam in the past 17 years and is pivotal for German business cooperation in Vietnam.

Accompanying President Steinmeier is a delegation of officials from various fields such as diplomacy, labor and social affairs, economics, and climate protection, alongside a prominent group of German business leaders. This visit is not only ceremonial but also a significant stride in bolstering the German business cooperation in Vietnam.

Vietnamese President is set to host the official welcome ceremony at the Presidential Palace and will hold talks with the German President. Furthermore, President Steinmeier is scheduled to meet Prime Minister, National Assembly Chairman, and engage in other activities during his visit.

After concluding activities in Hanoi, the President will visit and survey various German projects in Ho Chi Minh City and its neighboring areas. Economic and trade cooperation forms one of the focal points of this visit. A roundtable discussion between the accompanying German business delegation and German enterprises and business organizations operating in Vietnam is expected to be organized, further highlighting the significance of German business cooperation in Vietnam.

President Steinmeier, who has previously visited Vietnam as Foreign Minister in 2008 and as Deputy Prime Minister in 2016, has contributed significantly to the bilateral relations between the two countries and has shown a keen interest in the development and integration of the Vietnamese community in Germany, according to the Ministry of Foreign Affairs.

Since assuming the presidency in March 2017, President Steinmeier represents Germany as the head of state, with authority to appoint government members and federal judges. His visit follows more than a year after Prime Minister Olaf Scholz’s official visit to Vietnam, further cementing the German business cooperation in Vietnam.

On the afternoon of January 23, the German President and his wife laid flowers at the Memorial of Heroes and Martyrs, a gesture symbolizing respect and the deepening ties between the two nations.

Vietnam and Germany established diplomatic relations on September 23, 1975. The two countries established a Strategic Partnership in 2011. Germany is Vietnam’s largest trading partner in Europe, accounting for nearly 20% of Vietnam’s exports to the European Union (EU), and also serves as a crucial transit hub for Vietnamese goods to other European markets. The bilateral trade volume in 2023 reached over $11 billion.

Currently, there are more than 350 German companies doing business in Vietnam. As of May 2023, Germany has 444 effective projects in Vietnam with a total registered investment capital of over $2.36 billion, ranking fourth in the EU and 18th among 143 countries and territories investing in Vietnam. Vietnamese enterprises have 11 effective investment projects in Germany, with a total investment capital and adjustments of over $30.95 million.

Germany is one of the largest and most regular ODA donors to Vietnam, providing over $2 billion for ODA projects since 1990. This visit by President Steinmeier is a testament to the strength and potential of German business cooperation in Vietnam, paving the way for enhanced economic and diplomatic ties between the two nations.

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