The article cited Horst Geicke, an investor and Chairman of the Deutsches Haus (German House) in Ho Chi Minh City, as saying that Vietnam is considered a new investment destination for a wide range of foreign investors in general and German enterprises in particular.

Vietnam is one of the developing countries with a policy of free market access, thus attracting many foreign investors.

In Asia, in addition to Singapore, only Vietnam has signed a free trade agreement with the European Union (EVFTA). German businesses targeting the Southeast Asian markets includes the automobile spare parts suppliers Brose and ZF, equipment manufacturer Kärcher, building materials provider Knauff, and consumer goods company Henkel.

The article said Vietnam posted nearly 27.72 billion USD in total foreign direct investment and 22.4 billion USD in disbursed amount last year. These figures significantly contributed to Vietnam's impressive GDP growth of over 8% in 2022 and an average of 5.9% over the past 13 years.

It also mentioned the visit of German Chancellor Olaf Scholz to the country last November and emphasised that German leaders highly value the relationship with Vietnam and wish to further enhance this connection.

Earlier, German magazine PT-Magazin also published an article on investing in Vietnam, stating that in an effort to diversify supply chains, medium-sized enterprises still see the nation as an interesting choice.

According to the article, Vietnam is one of the developing countries with a policy of free market access, thus attracting many foreign investors. Many have chosen well-known locations, such as Ho Chi Minh City and its neighbouring provinces in the south, Bac Ninh and Hai Phong in the north, and Da Nang in the central region. Currently, less-developed destinations like Quy Nhon are also gaining attention.

Quang Ninh’s six-month domestic investment reaches yearly target

The northern province of Quang Ninh attracted more than 44 trillion VND (1.85 billion USD) of domestic investment capital in the first six months of this year, equivalent to 102.4% of the target set for the entire 2023 and up 29.8% over the same period last year.

New golf course and urban area in Nham Bien Mountain approved investment policy

(BGO)- The provincial People’s Committee of Bac Giang province has issued the Decision on approving the investment policy of the golf course and urban residential area project in Nham Bien Mountain, Dong Son commune, Bac Giang city and Tien Phong commune, Yen Dung district.

Enterprises need more investment to master technology

The policy of the Party and State is to accelerate the transformation of the growth model based on the application of science, technology and innovation, to improve the productivity, quality and competitiveness of the economy. Many enterprises identify innovation as the driving force and the optimal solution, to enhance competitiveness in the context of increasingly extensive and comprehensive international economic integration.

LG Innotek Vietnam Hai Phong raises investment by 1 billion USD

The People's Committee of northern Hai Phong city held a conference on June 26 to present a certificate to LG Innotek approving its additional capital of 1 billion USD from 2023-2025, raising the company's total investment to over 2 billion USD.

More work needed to improve administrative procedures on investment

Improvements in the group of investment administrative procedures are still slow and not yet in sync with policies to attract investment at the local level.

Source: VNA