The agreement is important for the German economy, because Vietnam has a trade volume of around 14 billion EUR - comparable to Canada - and Vietnam is Germany's second biggest trading partner in the ASEAN region. More than 4,000 German companies have already been exporting to Vietnam, thereof 69 percent are small and medium-sized enterprises (SMEs).

In times of increasing international trade conflicts and erosion of the world trade rules, the new agreement is an essential sign for rules-based trade and fair competition. The European Parliament also voted in favour of an investment protection agreement with Vietnam./.

Khac Kien