Weil described Vietnam as an important partner of the European Union (EU) in Southeast Asia, and Lower Saxony is interested in further beef up economic collaboration with Vietnamese partners.
He said that he will lead a 50-member delegation, including representatives from 30 businesses, to visit Vietnam in six days in early October to explore bilateral cooperation opportunities. The delegation has chosen Hanoi and Ho Chi Minh City as their main destinations, he said.
Vietnam is an important destination for German firms who want to diversify their market, he held, highly valuing the role of Vietnam in the context that the EU-Vietnam Free Trade Agreement (EVFTA) has took effect in several years.
Highlighting labour shortage in Germany, Weil said that during his visit, he wants to introduce Lower Saxony as an attractive destination for Vietnamese youngsters who are interested in studying or working in Germany.
Lower Saxony and Vietnam can also partner in energy transition, he underlined, explaining that with a 3,000km coastline, Vietnam is an ideal place for wind and solar power development.
The state’s press office underscored that economic cooperation promotion is the major driving force of the visit, noting that Vietnam has shown an outstanding performance in economic development over the past 30 years and one of the production hubs of electronics, garments, footwear and furniture. German firms are interested in the Vietnamese workforce, especially in health care, catering services, industry and handicraft. Therefore, Vietnam is an attractive destination for the state amid the current labour shortage situation, according to the office.
German data shows that among EU member countries, Germany is currently Vietnam's largest trading partner with two-way trade reaching about 18 billion EUR (more than 19 billion USD) in 2022.
There are currently about 500 German companies running their representative offices in Vietnam. In an effort to diversify markets and production locations, many German companies are considering investing in Vietnam. Over 100,000 Vietnamese people have studied and worked in Germany.