Today: 13/08/2022 20:11:38 (GMT+7)
THE CENTRAL AGENCY OF THE COMMUNIST PARTY OF VIETNAM BAC GIANG PROVINCE THE VOICE OF THE PARTY, GOVERNMENT AND PEOPLE OF BAC GIANG PROVINCE

Germany’s DW considers Vietnam new destination for European companies

Vietnam's active economic performance in recent years has captured the attention of some major European firms, said German English-language news site DW in a June 8 article.

Vietnam was one of the few Asian countries that did not experience an economic contraction during the coronavirus pandemic in 2020 and 2021, it said. This year, the country’s GDP is expected to grow by around 5.5 percent, according to the World Bank.

Germany’s DW, Vietnam, new destination, European companies, active economic performance,  major European firms, new production location

Illustrative photo.

German automotive supplier Brose, which has 11 factories in China, is currently deciding between Thailand and Vietnam for a new production location.

In December, Denmark's Lego announced it will build a 1 billion USD factory near the southern business hub of Ho Chi Minh City, one of the largest European investment projects in Vietnam to date.

It quoted Daniel Müller, manager at the German Asia-Pacific Business Association, as saying: "It currently looks as if, in particular, medium-sized companies are increasingly striving to enter the Vietnam market.”

Vietnam has become a more attractive destination for investors, Raphael Mok, head of Asia Country Risk at Fitch Solutions, told DW.

The article noted the EU and Vietnam ratified a free-trade agreement in 2020, which included an investment pact, the EU-Vietnam Investment Protection Agreement (EVIPA). Bilateral trade rose to 49 billion EUR in 2021, up from 20.8 billion in 2012, the year talks began over the EU-Vietnam Free Trade Agreement (EVFTA).

A report by Germany Trade & Invest, a research and advisory platform, points out that these pacts also give European firms easier access to public procurements in Vietnam.

Viet Yen supplements over 95 million USD for mid term public investment in 2021-2025 period
(BGO) - The People’s Council in Viet Yen district (Bac Giang province) has issued Resolution to adjust and supplement the mid-term public investment plan in 2021 - 2025 period.
 
Yen Dung attracts five investment projects
(BGO) – Yen Dung district (Bac Giang province) has attracted five investment projects to the area for the first five months of 2022.
 
Strategy on foreign investment cooperation for 2021-2030 approved
Permanent Deputy Prime Minister Pham Binh Minh has signed Decision No.667/QD-TTg, approving a strategy on foreign investment cooperation for the 2021-2030 period.
 
Vietnam, UK strive to lift trade and investment relations
Vietnam wants to see more investment from the United Kingdom (UK) in hi-tech agriculture, from cultivation to processing, preservation and distribution of farm produce and foods, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
 
Bac Giang to increase investment in processing to ease burden of fresh lychee consumption
(BGO) - The export of fresh lychee this year is predicted to face difficulties, thus, many firms pay attention to investing in processing to diversify the products.
 

Source: NDO/VNA

Germany’s DW, Vietnam, new destination, European companies, active economic performance, major European firms, new production location
 
New comment has just been added. Click here
Sort:NewBest News