Berlin (VNA) - Authorities inthe German city of Hamburg and German businesses in general have expressed theirinterest in the potential the Vietnamese market holds and their belief that theEU-Vietnam Free Trade Agreement (EVFTA) will help open up more opportunitiesfor German companies in the country.

At a recent working session withAmbassador of Vietnam Nguyen Minh Vu, FirstMayor of Hamburg Peter Tschentscher spoke highly of the traditional friendshipand potential for cooperation between the two countries.

Hamburg always has itsdoors open and is ready to bolster cooperation with Vietnam, especially in fieldswhere both sides possess strengths, he affirmed.

The mayor lauded theVietnamese community’s dynamic integration into German society as well as its contributionto Hamburg’s economic development and cultural diversity.

For his part, Ambassador Vusaid Germany is a leading partner of Vietnam in the EU, with two-way tradereaching 14 billion EUR in 2019.

He also highlighted thedevelopment of relations between Vietnam and Hamburg, particularly in trade,maritime transport, shipbuilding, and tourism, saying the German port city is asan important gateway for Vietnamese goods entering Germany and Europe.

Trade between Vietnam andHamburg exceeded 2.32 billion EUR last year, up 10.8 percent year-on-year,according to the ambassador.

He said the two sidesstill have substantial potential for cooperation, most notably in maritimetransport and renewable energy, including wind power, which is one of Hamburg’sstrengths, and human resources training.

The ambassador hopes thatHamburg can step up connectivity and cooperation with coastal localities inVietnam such as Da Nang, Hai Phong, and HCM City.

At a meeting withrepresentatives from the Hamburg Chamber of Commerce (IHK), the GermanAsia-Pacific Business Association (OAV), and German companies, Vu spoke about Vietnam’ssocio-economic development this year and the Vietnamese Government’s efforts atreforming administrative procedures and improving the local businessenvironment to attract more foreign investors.

The EVFTA and theEU-Vietnam Investment Protection Agreement are both expected to create new opportunitiesfor Vietnam and its partners, he said.

The embassy is ready towork with German companies to promote cooperation between the two sides and to organisetrade, investment, and tourism promotions between Vietnam and Hamburg.

President of IHK Hamburg NorbertAust spoke highly of Vietnam’s dynamic development over the last 30 years,affirming the country is an attractive destination for both European and Germaninvestors.

More than 200 companies from Hamburg haveestablished economic ties with Vietnam, while 60 others have opened representativeoffices or joint ventures in the country.

Presidentof OAV Hans-Georg Frey said the association has focused on cooperation withASEAN member countries while highlighting the long-term relationship betweenVietnam and Germany in cooperation projects, particularly in renewable energy, theenvironment, and vocational training.

Vietnam,he added, has become an attractive destination for German companies in recent years.

Heexpressed his belief that with the Vietnamese Government’s efforts to improvethe investment environment, the country’s socio-economic stability, and theEVFTA coming into effect, Vietnam can serve as a potential and reliable partnerin the region, and the Vietnam-Germany strategic partnership will thrive in thenear future.

German business representatives also shared their experience in doing businessin various sectors in Vietnam, such as food, coffee, design, and foreign trade,with many saying the EVFTA will help remove tariff barriers and offer greater opportunitiesto both sides.

Participants were also impressed by Vietnam’s success in containing thecoronavirus, expressing their hope that entry restrictions and quarantineprocedures will be lifted soon so that trade may resume between the twocountries./.