The German newspaper Focus has published an article about the development of Asia, in which it highly evaluated Vietnam’s potential.

The article cited Horst Geicke, an investor and Chairman of the Deutsches Haus (German House) in Ho Chi Minh City, as saying that Vietnam is considered a new investment destination for a wide range of foreign investors in general and German enterprises in particular.

In Asia, in addition to Singapore, only Vietnam has signed a free trade agreement with the European Union (EVFTA). German businesses targeting the Southeast Asian markets includes the automobile spare parts suppliers Brose and ZF, equipment manufacturer Kärcher, building materials provider Knauff, and consumer goods company Henkel.

The article said Vietnam posted nearly 27.72 billion USD in total foreign direct investment and 22.4 billion USD in disbursed amount last year. These figures significantly contributed to Vietnam’s impressive GDP growth of over 8% in 2022 and an average of 5.9% over the past 13 years.

It also mentioned the visit of German Chancellor Olaf Scholz to the country last November and emphasised that German leaders highly value the relationship with Vietnam and wish to further enhance this connection.

Earlier, German magazine PT-Magazin also published an article on investing in Vietnam, stating that in an effort to diversify supply chains, medium-sized enterprises still see the nation as an interesting choice.

According to the article, Vietnam is one of the developing countries with a policy of free market access, thus attracting many foreign investors. Many have chosen well-known locations, such as Ho Chi Minh City and its neighbouring provinces in the south, Bac Ninh and Hai Phong in the north, and Da Nang in the central region. Currently, less-developed destinations like Quy Nhon are also gaining attention.

VNA