Germany has pledged €185.5 million ($215.2 million) to Vietnam for development projects over the next two years, according to a statement from the Embassy of the Federal Republic of Germany.
Germany has pledged €185.5 million ($215.2 million) to Vietnam for development projects over the next two years, according to a statement from the Embassy of the Federal Republic of Germany.
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This was the outcome of bilateral government negotiations held from November 26-28 in Hanoi. The talks were headed by Hoang Hai, deputy director general of the Department of Debt Management and External Economic Relations at the Ministry of Finance, and Gisela Hammerschmidt, deputy director general of the Federal Ministry for Economic Cooperation and Development.
Of this amount, $29.6 million has been designated for advisory projects under technical cooperation. In addition, Germany will provide $185.7 million for sustainable investments in enterprises.
Both countries aim to deepen collaboration in renewable energy and vocational training.
A new focus will be placed on closer cooperation with the private sector. Economically and politically, Germany is already Vietnam’s most important partner in Europe, and this partnership will now become even more closely aligned.
Furthermore, an important breakthrough was achieved with an agreement on technical cooperation guidelines, which foresees a significant acceleration and improved coordination of procedures for project evaluation and implementation, as well as greater efficiency in cooperation at project level.
With these new commitments, Germany is further expanding its support for Vietnam on the 50th anniversary of bilateral ties. Since the beginning of cooperation development, Germany has provided Vietnam with more than $3.48 billion.
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