AHK World Business Outlook Fall 2024 – Vietnam Report

German businesses remain optimistic about Vietnam’s growth and investment potential. Key findings:

• 81% satisfaction with current operations.
• 50% expect business growth in 12 months.
• 35% plan increased investments, up from Spring 2024.
• Strong focus on renewable energy and sustainability.

Vietnam’s role as a manufacturing hub continues to attract German investors, fostering innovation and partnerships despite challenges like infrastructure gaps. Thanks to all participants for their valuable insights!

Reflecting on Progress and Looking Ahead: 2024 Year-End Letter from GBA Chairman

The GBA is excited to share with you the 2024 Year-End Letter from our Chairman Mr. Alexander Ziehe. In 2024, our community, united as the GBA in Vietnam, achieved significant momentum. Looking back now, we are proud of our joint success as one team, strongly delivering towards our ambitious strategy and bringing positive impact to you. Let us continue striving for excellence and success in 2025!

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Vietnam’s Economic Milestones in 2024

Vietnam’s economy demonstrated strong growth in 2024, with GDP expecting by 6.4%, driven by export-led manufacturing and fiscal stimulus. Trade surged, with exports to Germany reaching over $707.56 million by October. FDI totaled $31.38 billion, reflecting investor confidence, including 479 German projects. Opportunities for German companies lie in renewable energy, digital transformation, and high-tech manufacturing, with AHK Vietnam providing critical insights, fostering networking, and supporting businesses to navigate Vietnam’s dynamic economic landscape.

State of Factory Automation Vietnam

Industrial automation in Vietnam is expanding, driven by rising wages, skilled labor shortages, and cheaper, localized automation solutions. Between 2019-2021, 10% of Vietnamese firms adopted automation, with the industrial robotics segment projected to grow 2.38% annually from 2024-2028. Industries like electronics lead this shift, supported by FDI and AI-driven automation replacing low-skilled jobs. Limited financing remains a challenge. AHK Vietnam’s 2025 Automation Workshop will showcase German solutions to help Vietnamese manufacturers advance their automation capabilities.

Business Roundtable with German Ambassador H.E. Helga Margarete Barth

The GBA is delighted to welcome German Ambassador Ms. Barth on her first trip to HCMC on December 2. This visit underscores the close partnership between the GBA and the German Embassy, which is crucial in our advocacy work to support our members’ interests. To mark this occasion, the GBA organized a business roundtable, providing a platform for German investors in Vietnam to openly share opportunities, learnings, and challenges. Our members highlighted their activities and investments in Vietnam, explaining why they chose this vibrant market.

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Renew Your GBA Membership 2025 & Unlock Exclusive Benefits for Corporate Partnership Benefits

As we approach 2025, we extend heartfelt thanks to over 400 members and 16 corporate partners for your steadfast support and commitment. We invite you to renew your GBA membership for 2025 and unlock an array of exclusive benefits through our Corporate Partnership Program. By renewing, you will continue to enjoy the full spectrum of advantages that come with being part of our dynamic and prosperous network. We look forward to an exciting year ahead filled with new opportunities for collaboration, innovation, and success

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AHK & GBA Office Closure: Christmas and New Year’s Holiday

As the holiday season approaches, we extend our heartfelt gratitude for your continued support throughout the year. In celebration of Christmas, please note our office closure schedule:

• AHK offices in Hanoi and Ho Chi Minh City will be closed from December 24 to 26, 2024, and will resume operations on December 27, 2024.
• GBA Office will be closed on December 25, 2024, and will resume operations on December 26, 2024.

To welcome the New Year, our offices will be closed on January 1, 2025. We will be back on January 2, 2025, fully recharged and ready to embark on another successful year.

Wishing everyone a joyful and festive Christmas holiday!

Amended Electricity Law 2024 Boosts Renewable Energy and Infrastructure Firms 

The amended Electricity Law, effective February 1, 2025, supports renewable energy and power generation businesses, aiming for net-zero emissions by 2050. It reforms electricity pricing to reduce EVN losses, simplifies procedures for urgent projects, and incentivizes private investment in energy storage. The law encourages low-emission power plants, promotes gas-fired and nuclear energy, and retains state control over the national grid while clarifying planning and investment processes to boost infrastructure and renewable energy development.

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Legal Updates by Dr. Oliver Massmann | December 2024

Our long-standing GBA board member Dr. Oliver Massmann, Partner at Duane Morris LCC, is sharing the most relevant legal updates:

1. Vietnam plans travel ban for individuals with tax debts of $400 or more
2. Premier orders more efforts in thrift practice, wastefulness prevention
3. New information disclosure regulations for bond issuers effective from December 25
4. HCM City approves new regulations for agricultural infrastructure

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Deutsche Bank AG

Deutsche Bank AG provides commercial and investment banking, retail banking, transaction banking, asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.

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Rödl & Partner Vietnam: Enhancing Aid for Children in 2025

In 2025, Rödl & Partner Vietnam will collaborate with the Rödl Children's Fund to provide quick, non-bureaucratic assistance to those in need, especially children. We recently directed 41% of our efforts to "Mobile Health Camps" and medical emergencies, and 59% to humanitarian aid, including support for flood victims and housing repairs in Myanmar (October 2024). We welcome suggestions for local initiatives to assist. Join our cause!

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Plan Your Christmas & Year-end Party at Deutsches Haus!

Located in Ho Chi Minh City's CBD, our multifunctional space offers:

- A luxurious, contemporary design

- Premium location

- European cuisine menu

- State-of-the-art tech

- Easy access to transport hubs

Let’s host cocktail receptions, dinners, and more! Located at Deutsches Haus, 2F – Make your party unforgettable!

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Dürr EcoBell Cleaner D2 - Cleaning and Color Changing within 15 Seconds

The 𝗘𝗰𝗼Bell Cleaner D2 might be just a small component of the painting system, but it significantly enhances the overall performance of the Paint Shop. Not only does it facilitate simultaneous color change and cleaning of the color channels inside the atomizer, but it also enables the system to begin painting the next car body within fifteen seconds. Additionally, VOC emissions are reduced by 94% as most of the media from the rinsing process are collected.

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Gvw Updates on Continued Reduction of Value Added Tax Rates until 30 June 2025

On 30 November 2024, the National Assembly passed a Resolution during its 8th session to extend the 2% VAT reduction on certain goods and services. First introduced in February 2022 to support socio-economic recovery, the policy will remain in effect from 1 January to 30 June 2025. On 3 December 2024, the Ministry of Finance issued Document 13145/BTC-CST, inviting feedback on a draft Decree outlining the implementation of the extended VAT reduction for the first half of 2025.

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Navigate the Transition: Phasing Out Vietnam Accounting Standards (VAS)

Luther Vietnam highlights the ongoing shift from Vietnamese Accounting Standards (VAS) to IFRS. Our latest news alert covers key changes, compliance strategies, and actionable advice to optimise financial processes. With Vietnam's mandatory IFRS adoption post-2025, businesses must prepare for enhanced reporting and transparency. Stay ahead with insights from our bookkeeping experts.

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Mercedes-Benz Vietnam - The Exclusive Privilege for GBA Members

Mercedes-Benz Vietnam is proud to be the only luxury car brand in Vietnam to have an exclusive program designated for all GBA members. Our special offers are up to 4% for all CKD models including C-class, E-class, and GLC-class, and 4% for most of our CBU models. For more details of the program, please contact us via the hotline 1800 400 110 or direct points at our authorized nationwide dealers.

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Season's Greetings and Gratitude from Messer Vietnam

We, Messer Vietnam, extend our heartfelt gratitude to our customers, partners, and colleagues for your continued dedication and support. Your collaboration has been invaluable to us. We wish you a Merry Christmas and a Happy New Year, filled with joy, success, and prosperity. Thank you for being a part of our journey!

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Sao Vang Group SAVABECO

With Savabeco’s diversity in products ranging around Sao Vàng beer brand, our aspiration is to supply high-quality up-to-standards products towards the Vietnamese market and a focus in continuously elevating the value and desirability of exceptional Vietnamese beer in the international market. With that, we are persistently building the Greenfield brewery along with investing in state-of-the-art equipment and machinery supplied by the leading European manufactures and keeping our expertise in brewing to its finest.

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Schaeffler Vietnam is named as Vietnam's Top 100 Best Places to Work in 2024!

Evaluated on multiple aspects including talent attraction and working environment like growth opportunities and rewards, Schaeffler Vietnam has ascended 13 places to secure the 23rd position in the Top 100 Best Workplaces in Vietnam for medium enterprises, compared to last year.

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New Article by Dr. Jörg-Michael Scheil on Nutritional Supplements in Vietnam

SNB Law Partner Dr. Jörg-Michael Scheil has written an article about the latest developments in the legal framework for nutritional supplements in Vietnam that will be published in edition 4/24 of the Zeitschrift für Stoffrecht – The European Journal for Substances and the Law. The article, which is in German, can be obtained through the website.

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tesa site Haiphong

The tesa site in Haiphong, Vietnam, opened in October 2023, spans 70,000 square meters, and produces 40 million square meters of adhesive tape annually. This facility supports the fast-growing Asian market, particularly in the automotive and electronics sectors. Employing around 130 people, it emphasizes sustainability with water-based adhesives and a photovoltaic installation. The site complements tesa’s existing production in Suzhou, China.

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Würth Vietnam

Würth Vietnam primarily trades and distributes chemical technical products, fasteners, engine oils, tools and personal protection equipment of the highest German quality to the automotive and metal industries. In these sectors alone we deliver 5,000 items directly from our warehouse in Ho Chi Minh City. An additional 100,000 products we deliver from our global headquarters in Germany.

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Sponsored Laboratory Equipment to Vietnamese-German University (VGU)

On November 22nd, 2024 Ziehl-Abegg Vietnam proudly marked the handover of Phase 1 of laboratory equipment to Vietnamese-German University (VGU) in support of the Electrical and Computer Engineering (ECE) program. This sponsorship is a significant step in strengthening the university’s capacity for research and innovation. We look forward to continuing our collaboration and contributing to the development of the next generation of talents.

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Bayer Vietnam - Health for all, Hunger for None

Bayer, a global leader in health care and nutrition, has operated in Vietnam since 1994 with factories in Dong Nai and Binh Duong, and offices in Hanoi and Ho Chi Minh City. Its Pharmaceuticals Division focuses on cardiology, women’s healthcare, and oncology. The Consumer Health Division offers OTC products, while the Crop Science Division provides crop protection solutions. Bayer Vietnam is committed to sustainable development and corporate social responsibility.

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MVV SNP - Where International Expertise Meets Local Experience

MVV SNP is a member of Media Ventures Vietnam Group (MVV) with 8 offices in Hanoi and Ho Chi Minh City. Working with us means working with a team of 200 experienced and passionate professionals in branding, marketing, communications, digital, content development and visual marketing. We are reaching out to the world by establishing our first offices in Singapore and the US in 2017.

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Connect with the German Business Association for Key Networking Opportunities in Vietnam

Stay informed on our latest events by visiting our Website, following us on Facebook and LinkedIn, or joining our WhatsApp and Zalo groups.

GBA Annual General Meeting 2025, Hanoi & HCMC, Vietnam

Feierabend Rendez-Vous | Franco-German Day 2025, Hanoi & HCMC, Vietnam

Symposium 2025: Factory Automation - Made in Germany, HCMC, Vietnam

Business initiation Vietnam: Training and further education with a focus on the circular economy, Hanoi & HCMC

Market exploration Cambodia & Laos: Education and training (products and services)

NRW Foreign Trade Day 2025, Mönchengladbach, Germany

Hamburger Foreign Trade Day, Hamburg, Germany

Asia-Pacific Forum Bavaria, Nuremberg, Germany

Trade & Connect, Munich, Germany

German Pavilion in Vietnam

HortEx Vietnam 2025, HCMC, Vietnam, March 12-14, 2025: Int. Exhibition & Conference for Horticultural and Floricultural Production and Processing Technology in Vietnam. Read more

AGRITECHNICA ASIA 2025, HCMC, Vietnam, March 12-14, 2025: The premier trade fair for crop production and smart farming in Asia. Read more

ProPak Vietnam 2025, HCMC, Vietnam, March 18-20, 2025: International Processing and Packaging Exhibition. Read more

Boot Düsseldorf, Germany, January 18-26, 2025: Dive into the world’s largest watersports trade fair! Read more

EuroCIS, Düsseldorf, Germany, February 18-20, 2025: Discover cutting-edge retail technology. Read more

XPONENTIAL Europe, Düsseldorf, Germany, February 18-20, 2025: Making its Düsseldorf debut, featuring advanced tech. Read more

Beauty Düsseldorf, Germany, March 28-30, 2025: Where beauty professionals meet the latest trends. Read more

K 2025, Düsseldorf, Germany, October 8-15, 2025: Plattform for plastics and rubber industry innovations. Read more

A+A, Düsseldorf, Germany, November 4-7, 2025: Focus on workplace safety and health—exhibit spaces still open! Read more

Spielwarenmesse 2025, Nuremberg, Germany

January 28-Fenruary 1, 2025: Discover the global hub for the toy industry, uniting international decision-makers. Read more

Foreign Investors Flocking to Southern Region

Foreign investors are exploring opportunities in Southern Vietnam. On November 7, over 40 German businesses visited Dong Nai. Alexander Ziehe, chairman of the German Business Association in Vietnam, praised the province’s professional environment.

In the past year, Dong Nai hosted representatives from South Korea, Japan, and India. In Binh Duong, investors proposed or expanded projects. As of October 31, total registered FDI in Vietnam reached $27.26 billion, up 1.9% year-on-year.

New Blog: Vietnam 2024 – Legal and Policy Updates Shaping Opportunities for German Businesses

As 2024 ends, Vietnam emerges as a vibrant hub for foreign investment. AHK Vietnam’s latest blog highlights key legal updates shaping opportunities for German businesses in 2025. Explore insights on green investment incentives, streamlined customs via the National Single Window, enhanced data protection, and SME-focused initiatives. Sectors like renewable energy, digital transformation, and smart manufacturing underscore Vietnam’s growth potential. Discover how German enterprises can thrive in this evolving market.

Early Bird Ending Soon: Sponsor the AHK Vietnam Booklet 2025!

Don’t miss your chance to feature in the AHK Vietnam Booklet 2025, celebrating #50VietDuc and reaching over 50,000 German business leaders worldwide. Gain unparalleled visibility across print, digital, and social media platforms, connecting with top CEOs and investors exploring Vietnam. Sponsors also enjoy bonus media perks via newsletters and blogs.

• Early Bird Discount Deadline: December 31, 2024
• Registration Closes: February 28, 2025

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Delegation from Rhineland-Palatinate Strengthens Partnerships in Vietnam

AHK Vietnam @ Long Hau Partner Summit 2024

German Pavilion @ ASEAN Ceramics Vietnam 2024

Visiting The Vietnam Football Federation (VFF) for #50VietDuc

German Ambassador Mrs. Barth Visited AHK Vietnam in Ho Chi Minh City

GBA Football Cup 2024 - Season VII, HCMC, Vietnam

GBA Corporate Partners’ Appreciation Dinner 2024, HCMC, Vietnam

Workshop: Green Hydrogen and PtX: Global Trends and Vietnam Market Potential, HCMC, Vietnam

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GBA Business Meeting: “Vietnam 2025: Navigating Geopolitical and Economic Current”, HCMC, Vietnam

GBA Christmas Dinner 2024, Hanoi, Vietnam

Workshop: Next-Gen Logistics - The Role of EV Trucks in the Green Transition, HCMC, Vietnam

DeutschenTreff December, HCMC, Vietnam

[Supported] Strong German Precense in Vietnam

BASF Celebrated 30 Years of “Creating Chemistry” in Vietnam. Read more

Schmalz Celebrated the Grand Opening of New Office and Showroom in HCMC. Read more

The Delegation of German Industry & Commerce in Vietnam (AHK Vietnam)

German Business Association (GBA)