Germany to Ship US$43.12 Mln Apparel Machineries to Vietnam

German companies are forecast to export EUR29 million (US$43.12 million) worth apparel machineries to Vietnam this year, up 50 per cent on year, said Thomas Waldmann, managing director of the foreign country's apparel association.

 

The forecast was announced during a two-day exhibition on German apparel technology in Ho Chi Minh city. The ongoing event is co-organized by the German Ministry of Economic and Labor, Garment and Textiles Associations of the two countries.

 

Germany reportedly shipped to Vietnam EUR15 million in 2005, EUR16 million in 2006, Thomas Waldmann noted while highly speaking of Vietnam's potential advantages to develop the apparel exports.

 

Among EU members, Germany is now Vietnam’s biggest trade partner. In 2006, trade between the two nations was US$2.3 billion. Germany invested US$337 million into Vietnam, accounting for 30 per cent of the EU’s total.

 

As of October 22, Germany had invested in 94 projects in Vietnam, with the total registered capital of US$426 million, including US$161.3 million disbursed, ranking 22nd in terms of registered investment capital among countries and territories investing in Vietnam. (Vietnam Economic Times, VIR)