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Germany provides sees strong economic prospects in Vietnam
Published in Saudi Press Agency on 06 - 03 - 2008

German Chancellor Angela Merkel and Vietnamese
Prime Minister Nguyen Tan Dung pledged to work to enhance cooperation
in the economic sphere, education and the law when they met in Berlin
Thursday, according to dpa.
Merkel highlighted the significance of the German input into a
planned underground rail project in Ho Chi Minh city and into a
German-Vietnamese university, calling them "symbolic."
Agreements relating to both were signed in the presence of the two
leaders.
German engineering company Siemens is a strong contender for the
underground railway, estimated to cost 800 million euros (1.2 billion
euros), although Dung stressed the company "has much work to do"
before the deal is sealed.
Germany has put together a financial package of some 240 million
euros for the project, including 86 million euros in aid and the rest
in low-interest loans from the KfW state reconstruction bank. The
European Investment Bank (EIB) and Austria are also involved.
Dung described the meeting as "very, very good," adding he had
pressed Merkel to visit Vietnam.
While he welcomed the German financial assistance, he indicated
more would be welcome and he urged Germany to assist with poverty
reduction and meeting the UN Millennium Goal in this regard.
He also called for more German private sector investment in the
impoverished South-East Asian country.
Merkel highlighted Vietnam's rapid economic growth - put at 8.2
per cent in 2006 - but said the country faced "a large task in
developing rural areas."
"The key to success is good education," the German chancellor
said.
Regarding cooperation in the legal area, Merkel stressed the need
for Vietnam to observe intellectual property rights.
Earlier German Economics Minister Michael Glos focused on the
opportunities for German companies in Vietnam.
"I see outstanding opportunities if the pace of reform in Vietnam
is maintained," Glos said.
Glos and Dung opened the seventh meeting of the German-Vietnamese
dialogue forum. The forum was set up in 1996 to discuss political and
economic cooperation between the two countries.
Last week, German Foreign Minister Frank-Walter Steinmeier visited
Vietnam during a tour of the region, expressing confidence German
companies would be successful in bidding for the underground rail
project.
Germany is Vietnam's largest trading partner within the European
Union, with mutual trade rising 40 per cent in 2007 to 3.4 billion
euros, although one-off deliveries of Airbus aircraft and railway
engines inflated the figures.


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