Germany’s Bavaria state seeks to expand trade ties with Viet Nam
An online workshop on opportunities brought by the EU-Viet Nam Free Trade Agreement (EVFTA) for industrial enterprises in Germany’s Bavaria state was held by the Bavarian Industry Association (VBW) and the Bavarian Metalworking and Electrical Associations (Bayme VBM) on Wednesday.
An online workshop on opportunities brought by the EU-Viet Nam Free Trade Agreement (EVFTA) for industrial enterprises in Germany’s Bavaria state was held by the Bavarian Industry Association (VBW) and the Bavarian Metalworking and Electrical Associations (Bayme VBM) on Wednesday.
Addressing the event, Sam Pieters, an official in charge of trade affairs from the Office of the European Commission in Germany, informed participants of the advantages of the EVFTA for companies, including tariff preferences and provisions that make it easier for European companies to enter the Vietnamese market.
Meanwhile, Frauke Schmitz-Bauerdick, Country Director of Germany Trade and Invest (GTAI) in Viet Nam, spoke about the effects of the COVID-19 pandemic on the Vietnamese economy.
Growth drivers in Viet Nam will be public investment in infrastructure and energy, domestic private consumption and supply chain diversification, she said.
Gunter Veit, CEO of VEIT - a business from Bavaria that has been operating successfully in Viet Nam since 1994, shared his firm’s business experience in Viet Nam, and how to look for business partners in the country.
Participants all agreed that EVFTA is bringing positive effects for businesses in Europe and Viet Nam.
VBW CEO Bertram Brossardt said Viet Nam has become an increasingly attractive investment destination for businesses in Bavaria, even though the country is not currently the state's most important partner.
The EVFTA will open up new market access opportunities for businesses of both sides, he stressed, adding that with this agreement, Bavaria's businesses will have an opportunity to seek a better position in a developing market like Viet Nam.
According to statistics from VBW, Viet Nam - a dynamically developing market - currently ranks 39th among the most important trade partners of Bavaria, with trade turnover in 2019 reaching over 1.57 billion euros (US$1.84 billion).
Bavaria exported to Viet Nam goods worth more than 430 million euros, mainly machinery, data processing equipment, electronics, and optics, while it spent 1.14 billion euros on importing Vietnamese goods, mostly leather and textile products. — VNS
