Germany to Boost Funding for Infrastructure Projects in Vietnam: Official

Germany will pour more money into infrastructure projects in Vietnam, specifically in HCM City which has been highly lauded for dynamic and robust development as the largest economic center in Vietnam, said Hans Jorg Brunerb, Charge d’Affaires of the German Embassy in Vietnam. Some German-invested projects in HCM City include the $2.07 billion Metro Route 2 which is slated for completion soon and the $80 million German House which will be scheduled for completion by 2017. The conclusion of the EU-Vietnam free trade agreement will further intensify economic relations between the two countries and that German companies will pay more attention to the Vietnamese market and shift their investment from China to Vietnam, he added. German investment in the Southeast Asian country will continue to increase and play an important role in Vietnam’s development in the future, the official noted. German companies are keen on long-term investment in Vietnam to tap benefits from the ASEAN Economic Community (AEC) which recently has been formed, earlier said Marko Walde, chief representative from the German Industry and Commerce in Vietnam. German investment in Vietnam totaled $1.48 billion as of Dec. 20, 2015. The investment focused on production, processing, assembling, energy and retail sales sectors. Around 300 German companies, including Siemens, Mercedes and BMW are operating in Vietnam. (ven.vn Feb 7)