Vietnam more attractive investment destination: German business magazine
Due to China's strict zero-COVID policy and disrupted supply chains, more and more German companies in Asia are looking for alternatives and neighbouring Vietnam has become a new target, the German weekly business news magazine WirtschaftsWoch wrote in an article published on May 29.
Berlin (VNA) – Due to China's strict zero-COVID policy and disrupted supplychains, more and more German companies in Asia are looking for alternatives andneighbouring Vietnam has become a new target, the German weekly businessnews magazine WirtschaftsWoch wrote in an article published on May 29.
In Asia, many German companiesare looking at Vietnam as a new location for production.
The article cited Marko Walde,Chief Representative of the German Industry and Commerce in Vietnam, as saying thatsince Vietnam reopened its borders on March 15, the chamber has been visitedalmost every week by medium-sized German companies looking for new locations.
Vietnam offers tariff advantages thanks to the Trans-Pacifictrade agreement with the US and is the only Asian country, besides Singapore,that has a free trade agreement with the EU.
Internationally activecompanies are diversifying their supply chains and considering Vietnam as aninvestment location, the article quoted the Germany Trade & Invest (GTAI)in analysis of the country of 99 million inhabitants.
The GTAI also took Danishtoy manufacturer Lego as an example, with the company investing more than 1.2billion EUR (1.29 billion USD) in a new factory in Vietnam./.
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Illustrative image (Photo: VNA) 
