German investors are most interested in developing renewable energy and high-technology in Vietnam, a forum has heard.
Speaking at the Vietnam – Germany Economic Forum held yesterday in HCM City, Vo Quang Hue, CEO of Bosch Vietnam, said high-technology production was very appealing to German investors.
He said German businesses, which are renowned worldwide for clean and renewable energy, especially solar and wind power, could contribute greatly to boost Vietnam’s economic competitiveness.
Oliver Massmann, director of Duane Morris law firm, which has been consulting many German investors, also said most of his customers wanted to invest in renewable energy and high-technology machinery here.
But he said inconsistent implementation and understanding of Vietnam’s law system had prevented many investors from entering the local market.
“Vietnamese people have also missed the chance to access green technology since your legal system lacks regulations about renewable energy,” he said.
He suggested the Vietnamese government should allow foreign investors to directly distribute their products in Vietnam to attract more investments to the country.
For her part, German President Angela Merkel said Germany wished to work with Vietnam in many sectors including infrastructure and education.
She said the two countries had signed a euro 450 million deal on cooperation in profession training, public health and the environment.
“We need a trustworthy legal framework and a transparent administrative system from Vietnam,” she said.
Vietnam’s deputy prime minister Hoang Trung Hai said Germany had been Vietnam’s biggest commercial partner in the EU with bilateral trade reaching $4.1 billion last year.
So far this year, German investors have been operating 167 projects with a total investment of $850 million in Vietnam, Hai said. He urged German and Vietnamese businesses to boost their trade promotion to strengthen bilateral trade. “Vietnam will provide the most convenient conditions for German businesses to operate here,” he said.