Frank Horch, Senator for Economics arrived in Vietnam Saturday with a trade delegation including representatives of Hafen Hamburg Marketing e.V. (HHM), the East-Asian Association (Ostasiatischen Verein OAV) and companies from the Hamburg Metropolitan Region. The week-long tour (November 25, 2017-December 2, 2017) comes after Nguyen Xuan Phuc, Prime Minister of Vietnam, issued an invitation to Horch during the G20 summit in Hamburg earlier this year.
The tour takes the delegation to Hanoi, Hai Phong and Ho Chi Minh for talks with business executives and politicians. Horch noted: “Vietnam is one of the fastest-growing countries in Southeast Asia. It has a domestic market of over 93 million people. Vietnam is a regional hub.” Possible collaborations hinge on the EU-Vietnam Free Trade Agreement. “That will open up considerable bilateral opportunities for companies by strengthening access to the market for good and services. I want to sound out opportunities for Hamburg especially in the maritime industry and to act as a door-opener for the economy,” Horch added.
Vietnam’s dynamic growth
Vietnam has been undergoing an economic boom since 1986. Annual growth rates of 7 to 8 per cent, a high level of international trade relations and an increasing amount of direct foreign investments are driving economic growth. Vietnam and its dynamic high-tech sector have a growing need of transport. The country presently imports most precursor products and exports end products. The EU-Vietnam Free Trade Agreement is likely to help reduce tariffs and have a positive impact on the country’s economic growth.