Visit of Lower Saxony Delegation Enhances Business Relations Between Germany and Vietnam

04 Oct, 2023

Visit of Lower Saxony Delegation Enhances Business Relations Between Germany and Vietnam

On Monday, a business delegation representing Lower Saxony State in Germany paid a visit to the headquarters of PVI Joint Stock Company (PVI) in Hà Nội, marking an enhanced collaboration between businesses from both nations. This meeting coincided with the visit of Lower Saxony's Premier, Stephan Weil, who was accompanied by representatives from over 40 businesses in Lower Saxony to Việt Nam.

During the meeting, the Premier of the German state highlighted Lower Saxony's strengths. As the second-largest state in Germany, Lower Saxony is well-known for its robust industrial development, particularly as Europe's largest automobile industry cluster, home to renowned companies such as Volkswagen and Continental. Additionally, the state plays a significant role in Germany's renewable energy sector, especially in wind and biomass, aligning with potential collaboration in Việt Nam's transition to gas energy.

Germany holds a prominent position as Việt Nam's largest trading partner in the EU, with bilateral trade reaching 18 billion euros (over US$19 billion) in 2022. Conversely, Việt Nam is Germany's primary trading partner in ASEAN. Currently, more than 500 German companies have established a presence in Việt Nam.

From a local cooperation perspective, trade between Việt Nam and Lower Saxony reached a value of 1.4 billion euros ($1.46 billion) last year, which is equivalent to more than one-tenth of the total trade revenue between the two countries.

HDI Global SE, headquartered in Lower Saxony and fully owned by the Talanx Insurance Group, has made substantial investments in PVI. With ownership exceeding 50 percent of PVI's equity, HDI Global SE offers essential assistance in various areas, including management expertise, product development, risk management, and human resources support. This collaboration between HDI Global SE and PVI aims to strengthen and enhance PVI's capabilities within the insurance sector.

Stephan Weil praised the productive cooperation between PVI and HDI in recent years, highlighting their well-established and prestigious positions in the insurance industries of both countries. Meanwhile, Hoàng Quốc Vượng, Chairman of the Board of Directors at Petrovietnam, expressed Petrovietnam's commitment to supporting PVI comprehensively, from strategy to mechanisms, with the aim of solidifying its leading position domestically and globally.

Vượng also shared Petrovietnam's responsibility in leading the energy transition and renewable energy development in Việt Nam, which aligns with the strengths of German enterprises in technology, policies, and financial resources. He called for support from Lower Saxony's authorities to facilitate cooperation between Petrovietnam's units and German enterprises in these areas, emphasizing the need for PVI to play an active role in enhancing and supporting this collaboration.

Jens Wohlthat, Chairman of the Board of Directors at PVI, emphasized the company's expansion in various Asian markets, leveraging HDI Global SE's global network to provide insurance solutions both domestically and internationally. PVI's success story underscores the value of strategic collaboration.

The visit of the Lower Saxony delegation, comprising numerous large German businesses, not only signifies a significant step in strengthening trade and investment relations between Việt Nam and Germany but also enhances the ties between PVI and German investors. This development opens up new opportunities for long-term cooperation, particularly in expanding industrial insurance activities, an area in which PVI has demonstrated strength over the years. — VNS