Vietnam, Germany share experience in joining FTAs

Vietnamese and German officials gathered in Ho Chi Minh City on October 22 to discuss the opportunities and challenges of joining free trade agreements (FTA).

Textile and garments are among Vietnamese exports to Germany (Photo: VNA)

Wolfgang Tiefensee, MP and member of the German Committee on Economic Affairs and Energy, said FTAs bring nations closer together. However, in order to sign a free trade agreement, signatories need to address a number of challenges in tariffs, administrative procedures and legal systems.

He stressed the need for the parties involved to consider harmonising their interests to ensure equal competitiveness.

German Consulate General in Ho Chi Minh City Hans-Dieter Stell said the two countries are preparing celebrations for the 3rd anniversary of their strategic partnership, which will provide an opportunity for the two sides to accelerate cooperation programmes in all fields.

Germany is willing to provide assistance and share its experiences to help Vietnam develop sustainably and ensure social welfare, he added.

Phung Cong Dung, Vice President of the Vietnam Union of Friendship Organisations in Ho Chi Minh City, hailed the long-standing and continuously growing relations between the two countries, affirming that Germany is one of Vietnam’s most important partners in Europe.

During the first eight months of 2014, bilateral trade between Vietnam and Germany exceeded US$ 4.95 billion.

Vietnam enjoyed a trade surplus of US$ 1.69 billion from exporting products worth US$ 3.32 billion to Germany, and spending only US$ 1.63 billion on imports from the European country.

Source: VNA

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