Vietnam – interesting potential market in Asia-Pacific: German economist
Vietnam continues to be one of the most interesting potential markets in the Asian-Pacific region, together with India, economist Daniel Müller from the German Asia-Pacific Business Association (OAV) has said.
Berlin (VNA) – Vietnam continues to be one of the most interestingpotential markets in the Asian-Pacific region, together with India, economistDaniel Müller from the German Asia-Pacific Business Association (OAV) has said.
Talking to the Vietnam News Agency correspondents inGermany, Müller stated that the Vietnamese economy has recovered significantlyand dynamically, reflected through a year-on-year increase of 29.5 percent inthe trade turnover in the first four months of 2021, with 206.5 billion USD –the highest in the past 10 years.
However, in the second quarter, it is difficult for thecountry to achieve the growth rate as high as that of the first quarter, giventhe new COVID-19 outbreak, which will hinder the re-opening of its borders.
He predicted Vietnam’s economic growth rate would beequivalent to the average level of previous years.
In the medium term, the German expert affirmed that theindustrial sector will continue to be the main driving force of Vietnam'seconomy.
If Vietnam continues to expand its policies to attractforeign direct investment and accelerate digital transformation, Vietnam willhave good opportunities to participate more in global supply chains, forexample, in electronics, computing and automotive industries, he stressed.
In these industries, Vietnam should develop a strategicdevelopment plan, in which it should connect well with potential foreigninvestors.
Economist Daniel Müller from the German Asia-Pacific Business Association (Photo: VNA)
To cope with long-term challenges, the Government should adjustthe relationship between the State and businesses to conform to internationalstandards so as to make the public-private partnership more effectively, headded.
Regarding the economic relationship between Vietnam andGermany in the first half of 2021, Müller said that forums and communicationchannels have helped deepen the economic ties.
The European Union-Vietnam Free Trade Agreement (EVFTA)plays an important role and is a good opportunity to promote economic cooperationbetween the two countries’ businesses. In January 2021, the OAV coordinatedwith the German Ministry of Economy and the Vietnamese Ministry of Industry andTrade to establish the Joint Committee on Germany-Vietnam Economic Cooperation(JEC). JEC will regularly hold discussions, with focus on the progress ofimplementing the EVFTA.
Regarding the prospect of the EU-Vietnam InvestmentProtection Agreement (EVIPA), the German expert said that Germany is interestedin this pact, thanks to an increase in Germany's direct investments inVietnam. However, it is not known exactly when the EVIPA will be ratified bythe German Parliament and other EU member parliaments, he added./.
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Illustrative image (Photo: VNA) 
Economist Daniel Müller from the German Asia-Pacific Business Association (Photo: VNA) 
