Illustrative image (Photo: VNA) Berlin (VNA) – An onlineworkshop on opportunities brought about by the European Union –Vietnam Free Trade Agreement(EVFTA) for industrial enterprises in Germany’s Bayernstate was held by the Bavarian Industry Association (VBW) and the Bavarian Metalworking and Electrical Associations (Bayme VBM) on October 28.
Addressing the event,Sam Pieters, a official in charge of trade affairs from the Office of theEuropean Commission in Germany, informed participants of the advantages ofEVFTA for companies, including tariff preferences and provisions that make iteasier for European companies to enter the Vietnamese market.
Meanwhile, Dr. Frauke Schmitz-Bauerdick, Country Director of Germany Trade and Invest (GTAI) in Vietnam, talked about the effects ofthe COVID-19 pandemic on the Vietnamese economy.
The growth drivers in Vietnam will be public investment in infrastructure andenergy, domestic private consumption and supply chain diversification, shesaid.
Günter Veit, CEO of VEIT - a business from Bayern state that hasbeen operating successfully in Vietnam since 1994, shared his firm’s business experiencein Vietnam, and how to look for business partners in the Southeast Asiacountry.
Participants all agreedthat EVFTA is bringing positive effects for businesses in Europe, Germany, Bayernstate and Vietnam.
VBW CEO Bertram Brossardt said Vietnam has becomean increasingly attractive investment destination for businesses in Bayern state, eventhough the country is not currently the most important partner of Bayern.
EVFTAwill open up new market access opportunities for businesses of both sides, hestressed, adding that with this agreement, Bayern’s businesses will have anopportunity to seek a better position in a developing market like Vietnam.
According to statistics from VBW, Vietnam - adynamically developing market - currently ranks 39th among the most importanttrade partners of Bayern state, with trade turnover in 2019 reaching over 1.57billion EUR (1.84 billion USD). Bayern exported to Vietnam goods worth over 430million EUR, mainly machinery, data processing equipment,electronics, and optics, while it spent 1.14 billion EUR onimporting Vietnamese goods, mostly leather and textile products./.
EVFTAwill open up new market access opportunities for businesses of both sides, hestressed, adding that with this agreement, Bayern’s businesses will have anopportunity to seek a better position in a developing market like Vietnam.
According to statistics from VBW, Vietnam - adynamically developing market - currently ranks 39th among the most importanttrade partners of Bayern state, with trade turnover in 2019 reaching over 1.57billion EUR (1.84 billion USD). Bayern exported to Vietnam goods worth over 430million EUR, mainly machinery, data processing equipment,electronics, and optics, while it spent 1.14 billion EUR onimporting Vietnamese goods, mostly leather and textile products./.
VNA
