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German media spotlights Vietnam’s robust economic growth
A German online journal has run an article highlighting Vietnam’s strong economic growth and describing Vietnam as an emerging economy in Asia.
The article, published on August 15, said that Vietnam has recorded a rapid economic growth rate, which is higher than most other countries. Thanks to the Doi Moi (Renewal) policy introduced in 1986, Vietnam has developed dramatically, it reported.
The journal also quoted Oliver Massmann, an economic lawyer from the German Embassy in Vietnam, as saying that Vietnam is a huge potential market and is considered one of the most dynamic economies in Southeast Asia. The lawyer added that labour costs in Vietnam are lower than in China.
At present, Germany is Vietnam’s largest trade partner in Europe, with a two-digit annual trade growth. Vietnam’s key export items to Germany include pepper, coffee, and garments and textiles.
About 220 German businesses are currently operating in Vietnam, including Adidas, Metro, Siemen, Heidelberger Druck, Seidensticker, Van Laack, Triumph, Wiha, B. Braun and Bosch.
Vietnam’s entry into the World Trade Organisation, as well as Renewal policy has helped improve the country’s investment climate, the journal said.
The website Bousier.com on August 16 ran an article saying that Vietnam is an attractive destination, it also reported. The US group PepsiCo has announced it will invest US$250 million over three years to expand its operations in Vietnam.
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