Since 2011, Germany and Viet Nam have had a “strategic partnership” involving cooperation projects at all levels and in numerous policy fields. Relations are shaped by the many different intersocietal contacts. Germany and Viet Nam regard themselves as partners in endeavours to uphold the rules-based order, respect for international law, multilateralism, global free trade and investment, and environmental and climate protection.
With a bilateral trade volume of around 14.5 billion euro in 2021, Germany is Viet Nam’s most important trading partner in the EU. Viet Nam is also Germany’s number one trading partner within ASEAN. More than 350 German companies are currently represented in Viet Nam. Total investment amounts to more than 2.7 billion US dollars. This investment has created around 50,000 jobs in Viet Nam.
The free trade agreement between Viet Nam and the European Union, which entered into force on 1 August 2020, is expected by both sides to give a further boost to bilateral economic relations as well.
The investment protection agreement that was signed at the same time, in mid-2019, still has to be ratified by the individual EU member states.
Development cooperation focusing on implementing the 2030 Agenda and the Paris Climate Agreement is another important element in relations between Germany and Viet Nam. The Federal Ministry for Economic Cooperation and Development’s 2030 reform strategy defines Viet Nam as a global partner country, with a focus on key issues based on the country’s Green Growth strategy (sustainable growth, climate/energy, environmental protection /resources, health/ One Health and peace/ societal cooperation).