More German firms eyeing investment opportunities in Vietnam | News | Sourcing Vietnam

More German firms eyeing investment opportunities in Vietnam

Germany's weekly Die Zeit (The Times) has ran an article spotlighting Vietnam's prosperous economy and its open-door policy to investors, affirming that these has helped attract more German firms to the country.

The article emphasised the economic and social changes in Vietnam in recent years, especially the sharp decrease of the poverty rate.

It cited data of the World Bank, noting that per capita income in Vietnam has doubled in the past 10 years and Vietnam aims to become an industrialised and high-income country by 2045. This means that Vietnam will become one of the 45 countries with an annual per capita income of over $12,695.

The article quoted Torben Minko, CEO of B. Braun Vietnam – a subsidiary of B. Braun Group of Germany, -as saying that Vietnam's development leads to the firm’s development which is hiring a total of 1,600 employees.

B. Braun Vietnam is constructing its third factory in the southwestern area of Hanoi, which is expected to create jobs for about 200 labourers, he said.

According to Minko, Vietnam has opened its door, therefore more and more Western corporations are looking to the Southeast Asian nation compared to just a handful of European companies in the past.

Vietnam's economy is growing faster than any other country in Asia, the article said, stressing that it still achieved impressive economic achievements even during the Covid-19 crisis.

In 2022, despite the crises and armed conflicts in the world, Vietnam's economy still grown by 8.02%, while prices did not increase as strongly as in many other countries, it noted.

The newspaper added that Vietnam is drawing companies from all over the world, and new factories are springing up almost everywhere in the country.

Chief Representative of the German Industry and Commerce Vietnam (AHK Vietnam) Marko Wald said that he receives many requests for assistance to inquire about Vietnam.

Hundreds of German businesses are seeking to expand their operation to Vietnam, especially since Vietnam lifted entire Covid-19 restrictions

Meanwhile, Till Gartner, Director of Mgm – an IT firm of Germany, spoke highly of Vietnam’s reliability, and said that many companies are considering investing in the country.

VNexpress

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