A view from the Saigon River of HCM City. (Photo: www.hochiminhcity.gov.vn)
German firms have 261 projects worth $1.41 billion as of October 20, putting it at the 22nd position among 105 countries and territories investing in Vietnam, the Foreign Investment Authority under the Ministry of Planning and Investment said.
They have rolled out 104 projects having a combined capital of $237.3 million in HCM City, Vietnam’s largest economic hub. The figures represent 39.8% of the total number of projects and 16.8% of total capital.
In terms of sector, Germany firms are interested the most in the manufacturing and processing industry, pouring $672 million, or 47.6% of the total, into it. The production and distribution of electricity, gas and water comes second, and is followed by the retail and repair sector.
Bjoern Koslowski, vice president of the German Chamber of Industry and Commerce (AHK), has said Vietnam’s investment climate is one of the best ones in ASEAN, which is very attractive to German businesses seeking to invest, the German online newspaper Deutsche Welle-DW reported.
Germany Foreign Minister Frank-Walter Steinmeier’s upcoming visit is expected to create an impulse to improve Vietnam and Germany’s economic ties, as well as deepen political trust, the newspaper added.