German businesses eyeing Vietnam’s health sector

German businesses have paid much attention to Vietnam’s health sector planning to pour money in the sector, according to a survey conducted by the German Industry and Commerce Vietnam (GIC).
The survey has shown that German businesses in the field of healthcare have eyed Vietnam’s market especially after ratification of the European Union – Vietnam Free Trade Agreement (EVFTA) which will take effect in July, 2010.
German multinational companies and German SMEs confirmed their interest in doing business in Asia (86 percent) and in Vietnam (66 percent).
Presently, Germany is the most important trade partner in the EU and one of the top two exporters of medical equipment for Vietnam (just behind the US )with the total value of US$153 million in 2018.
However, the survey also pointed out barriers for German firms in Vietnam including finding necessary market information ( with 54 percent), cultural differences ( with 43 percent) and finding an appropriate local partner and high quality workforce in Vietnam ( with 37 percent).
Before, in January 2020, GIC has worked with associations in the field of healthcare to conduct the demand and difficulty-related survey to value Vietnam’s potential for German firms. The survey also put forward strategic solution to push up commerce and investment between the two countries.

By Thi Hong - Translated by Uyen Phuong

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