ASEAN Snapshot 2020 Focus on German-ASEAN business relations
ASEAN Snapshot 2020
Contents 4
Foreword
5
German Chamber ASEAN Business Council
6
ASEAN snapshot
8
ASEAN – A global bright spot
10
ASEAN countries overview
12
ASEAN-German relations
14
Indonesia
16
Malaysia
18
Myanmar
20
Philippines
22
Singapore
24
Thailand
26
Vietnam
28
Contact – AHKs in ASEAN
30
Imprint
2
About ASEAN Myanmar
ASEAN will become the fourth largest economy in the world by 2030, led by the US, China and the EU
Vietnam Laos
Thailand
Philippines
Cambodia
Malaysia
Brunei
The Association of Southeast Asian Nations (ASEAN), a trade-driven block of 10 Southeast Asian nations, established on 08 August 1967, is of vital geostrategic importance to the world. With a population of some 650 million and fast-growing wealth it is also becoming an economic superpower. Ranking as the fourth largest exporting region in the world, the countries that constitute ASEAN account for some 7% of global exports. They had a combined GDP of US$2.99 trillion in 2018, making them the third largest economy in Asia and the sixth largest globally. Economic growth continues to average 5.4%, way above the global average and this rate is forecast to continue for the near future.
Singapore
Indonesia
ASEAN’s Timeline
1967
1984
1995
1997
1999
2015
2017
Inception by ASEAN 5: Indonesia, Malaysia, Philippines, Singapore, & Thailand.
Brunei Darussalam joins ASEAN.
Vietnam becomes a member nation.
Lao PDR and Myanmar become members.
Cambodia becomes a member, forming the ASEAN 10.
The ASEAN Community Agenda is established.
50 years of ASEAN
3
ASEAN Snapshot 2020 Foreword
Welcome to ASEAN – a dynamic region in the world. With a population of 650 million and the economic growth of 5.4 percent, ASEAN is also becoming an economic superpower. Ranking as the fourth largest exporting region in the world, the countries that constitute ASEAN account for some 7% of global exports. Significant growth opportunities are available for German business across a range of industries and commercial sectors, including automotive, financial services, consumer goods, medical services and equipment, digital technology, green energy and infrastructure development. ASEAN is home to more than 3,000 German companies and the second largest trading partner in Asia for Germany, after China. In return, Germany is the largest EU trade partner for ASEAN countries. The German Chambers ASEAN Business Council as a #PartnerInASEAN are pleased to present the third edition of the ASEAN Snapshot. This publication presents a selection of key economic indicators on ASEAN and
Marko Walde Chief Representative Delegation of German Industry and Commerce in Vietnam GCABC Spokesperson 2020 4
information of German-ASEAN business relations. ASEAN Snapshot aims to provide audiences with an overview of the business developments of ASEAN, ranging from demographic, economics, trade and investment as well as the business relations of selected 7 ASEAN-nations with Germany. With user-friendly charts, infographics and brief texts, ASEAN Snapshot is intended to reach a wide range of users, especially German companies worldwide. We hope you could discover the market potentials in ASEAN and learn more about the ASEAN member states. We look forward to supporting German and ASEAN businesses in enhancing business relations, networking and in experience exchange.
The German Chambers ASEAN Business Council (GCABC) OUR CONSULTING SERVICES
Exploring the ASEAN markets
Finding business partners
Setting up in ASEAN
Participating at trade fairs
Recruiting staff
Implementing vocational training and education projects
The German Chambers of Commerce and Industry in Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam established the German Chambers ASEAN Business Council to provide a dialogue platform, strengthen regional cooperation and to support regional trade and investment.
www.gcabc.asia
5
ASEAN Snapshot
ASEAN GDP 2019
3.1
trillion US$
ASEAN GPD growth 2019
4.8% ASEAN land surface 2019
Source: ASEAN, ADB, Deutsche Bank, GTAI 6
4.5
million qkm
ASEAN presents a compelling investment proposition for businesses who are looking to expand in one of the most dynamic and ambitious parts of the world.
ASEAN Population 2019
649 million
Member states Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.
ASEAN Trade volume 2018
2.8
trillion US$
ASEAN net FDI 2018
153
billion US$
ASEAN Export 2018
ASEAN Import 2018
Total export
Total import
1.43
trillion US$
1.38
trillion US$
Top export products
Top import products
Electrical machinery; Mineral fuels and oils; Machinery and mechanical appliances; Plastics; and Vehicles.
Electrical machinery; Mineral fuels and oils; Machinery and mechanical appliances; Plastics; and Iron and steel.
ASEAN Top FDI source countries 2018
23
22
10
10
8
6
2
billion US$
billion US$
billion US$
billion US$
billion US$
billion US$
billion US$
ASEAN
EU-28
Hong Kong
China
US
South Korea
India
Free Trade Agreements with: China (ACFTA); India (AIFTA); Japan (AJCEP); Australia-New Zealand (AANZFTA) and South Korea. Source: GTAI, ASEAN Statistics, AHK Vietnam
7
ASEAN - A global bright spot
The ASEAN markets continuously attract the attention of German investors by being a relatively stable and lucrative option. German companies are overall confident in ASEAN, having an optimistic view on current and market positions in 2020.*
*) AHK World Business Outlook Survey 2019 Source: ASEAN, AHK Vietnam 8
01
Growing consumer market with 649 million people German companies see ASEAN as an exciting consumer market, with lots of potential for growth, especially in terms of middle class spending.
million
02
ASEAN competitive wages Competitive labor cost is a major factor attracting German companies to this region. ASEAN offers young, motivated and skilled workforces.
03
ASEAN’s status as a major foreign direct investment magnet FDI into ASEAN has doubled over the past decade. The manufacturing output is likely to expand, supported by an improving regulatory environment and competitive costs.
04
Improving regional integration The establishment of ASEAN Economic Community AEC, the CPTTP (TPP11) (in which 4 countries in ASEAN participated: Vietnam, Malaysia, Singapore and Brunei) as well as other bilateral FTAs (EU-Singapore and EU-Vietnam) are expected to enhance trade and investment flows to ASEAN.
05
ASEAN strives for leading role in the Industry 4.0 The vision for ASEAN in 2020 is to propel ASEAN towards a digitally-enabled economy that is secure, sustainable, and transformative; and to enable an innovative, inclusive and integrated ASEAN Community. US$ 600 billion will need to be spent on infrastructure to support growth.
Transformative
Innovative
Inclusive and Integrated
9
ASEAN countries overview INDONESIA
MALAYSIA
MYANMAR
PHILIPPINES
Total trade with Germany 2019 (2018) (billion EUR)
Total trade with Germany 2019 (2018) (billion EUR)
Total trade with Germany 2019 (2018) (billion EUR)
6.3
14.2
1.2
Easy of Doing Business Ranking 2020 Surface Area 2019 (km2) Population 2019 (million) Source: Destatis, GTAI, World Bank 10
6.7 73 1,904,569 270.6
Easy of Doing Business Ranking 2020 Surface Area 2019 (km2) Population 2019 (million)
14.1 12 329,847 32
Easy of Doing Business Ranking 2020 Surface Area 2019 (km2) Population 2019 (million)
Total trade with Germany 2019 (2018) (billion EUR) 1
165 677,000 53
6.5 Easy of Doing Business Ranking 2020 Surface Area 2019 (km2) Population 2019 (million)
6.3 95 300,000 108.1
SINGAPORE
THAILAND
Total trade with Germany 2019 (2018) (billion EUR)
13.1 Easy of Doing Business Ranking 2020
VIETNAM
Total trade with Germany 2019 (2018) (billion EUR) 14.6 2
11 Easy of Doing Business Ranking 2020
Surface Area 2019 (km2)
719
Surface Area 2019 (km2)
Population 2019 (million)
5.8
Population 2019 (million)
Total trade with Germany 2019 (2018) (billion EUR) 11.2 21 513,120 69.6
14 Easy of Doing Business Ranking 2020 Surface Area 2019 (km2) Population 2019 (million)
13.9 70 331,210 96.5
11
ASEAN-German relations
GERMAN TRADE WITH ASEAN
Germany - the largest EU trade partner for ASEAN countries
Total Trade 2019
68.4
billion EUR
-2%
FDI stocks until 2017:
GERMAN FDIs IN ASEAN 28.1 billion EUR
German direct investments (stocks) in ASEAN soared between 2007 and 2017 from EUR 0.3 billion to EUR 28.1 billion
TOP FDI Sectors Manufacturing
Source: Destatis, GTAI 12
Other services activities
Wholesale and retail trade; repair of motor vehicles and motor cycles
Transportation and storage
Professional, scientific and technical activities
Electricity, gas, steam and air conditioning supply
ASEAN EXPORTS TO GERMANY 2019
40.6
-2%
billion EUR
Top export products to Germany
Electrical machinery and equipment
Machinery
Apparel and clothing accessories
Footwear
Measuring, checking, medical instruments
Pharmaceutical products
ASEAN IMPORTS FROM GERMANY 2019
27.8
-1%
billion EUR
Top import products from Germany Machinery and mechanical appliances
Electrical machinery and equipment
Other vehicles
Measuring, checking, medical instruments
Pharmaceutical products
Plastics
Major Influence on German Business Climate in ASEAN by Political and Economic Factors Political stability continues to have the most important influence on a positive business climate and a lack of qualified labor is considered as the second biggest risk to the business climate. Source: Destatis, GCABC
Political stability Lack of qualified labor
Inflation rate 13
INDONESIA The worlds fourth biggest country in terms of population, and ASEAN largest economy with more than 40% share of the combined GDP. Indonesia, the only G-20 member state and trillion+ USD economy of ASEAN is after two decades of stable economic growth destined to to be among the top 10 major economies in the world.
ECONOMY 2019
US$ 1,130 B 5%
Real GDP (YoY%)
3.1%
CPI (yoy %) ann avg
Nominal GDP
ECONOMY OUTLOOK 2021F Medan
US$ 1,385 B Makassar
Jakarta Surabaya Bandung
Source: GTAI, Destatis, Deutsche Bank 14
5%
Real GDP (YoY%)
3.8%
CPI (yoy %) ann avg
Nominal GDP
EXPORT VOLUME 2019
IMPORT VOLUME 2019
US$ 168 B
US$ 164 B
(Merchandise exports)
US$ 18.3 B
(Merchandise imports)
TOP EXPORT PARTNERS 2018
TOP IMPORT PARTNERS 2018
China
China
Japan
US
FDI NET INFLOW 2019
India
Singapore
TOP EXPORT PRODUCTS 2018
Coal; Mineral fuels and oils; Natural resources; Chemical products; and Foodstuff.
Singapore
Japan
Thailand
TOP FDI CONTRIBUTORS 2018
US
TOP IMPORT PRODUCTS 2018
Singapore
Japan
China
Hong Kong
Malaysia
TOP FDI SECTORS 2018
Chemical product; Machinery; Petro chemistry; Foodstuff; and Electrical
Electricity, gas, steam and water; Real estate; Mining; and Transportation,
engineering.
Warehousing and Telecommunication.
GERMAN-INDONESIAN RELATIONS TOP German export products 2018 Machinery; Chemical products; Other vehicles; Electrical engineering; and Measuring, checking and medical instruments. TOP German import products 2018 Textile and garments; Footwear; Electronics assembly; Mineral fuels and oils; and Natural resources.
German Export 2019 EUR 2.8B
EUR 3.5B German Import 2019 German FDI stock in 2017 EUR 3.3B German FDI net inflows 2018 EUR 368M 15
MALAYSIA
ECONOMY 2019
Since gaining independence in 1957, Malaysia has successfully diversified its economy from one that was agriculture and commodity-based, to one that is a leading exporter of electrical appliances, electronic parts and components. Malaysia is one of the most open economies in the world, with a trade to GDP ratio averaging over 140 percent since 2010. Openness to trade and investment have been instrumental in employment creation and income growth, with about 40 percent of jobs in Malaysia linked to export activities.
Georgetown
Kota Kinabalu
US$ 364 B 4.5%
Real GDP (YoY%)
0.7%
CPI (yoy %) ann avg
Nominal GDP
ECONOMY OUTLOOK 2021F
Ipoh
US$ 389 B
Kuala Lumpur
Johor Bahru Kuching
Source: GTAI, Destatis, Deutsche Bank 16
4.6%
Real GDP (YoY%)
2.2%
CPI (yoy %) ann avg
Nominal GDP
EXPORT VOLUME 2019
IMPORT VOLUME 2019
US$ 197.2 B
US$ 168 B
(Merchandise exports)
China
US
Hong Kong
US$ 2.9 B
(Merchandise imports)
TOP EXPORT PARTNERS 2018
Singapore
FDI NET INFLOW 2019
Japan
TOP EXPORT PRODUCTS 2018
TOP IMPORT PARTNERS 2018
TOP FDI CONTRIBUTORS 2018
China
China
Singapore
US
Taiwan
Japan
TOP IMPORT PRODUCTS 2018
Electronics assembly; Chemical products; Petro chemistry; Electrical
Electronics assembly; Chemical products; Petro chemistry; Machinery; and
engineering; and Mineral fuels and mineral oils.
Foodstuffs.
Indonesia
Netherlands
Japan
US
TOP FDI SECTORS 2018
Manufacturing; Services; Agriculture; Mining; and Natural resources.
GERMAN-MALAYSIAN RELATIONS TOP German export products 2018 Electronics assembly; Machinery; Chemical products; Cars; and Electrical engineering.
German Export 2019 EUR 5.6B
EUR 8.7B German Import 2019 TOP German import products 2018 Electronics assembly; Electrical engineering; Measuring, checking and medical instruments; Textile and garments and Machinery.
German FDI stock in 2017 EUR 5.7B German FDI net inflows 2018 EUR 457M 17
MYANMAR Export of garments to Germany increased more than 30% in 2017 - trend continues.
ECONOMY 2019
US$ 66 B
Nominal GDP
6.4%
Real GDP (YoY%)
7.9%
CPI (yoy %) ann avg
ECONOMY OUTLOOK 2021F Mandalay
US$ 78.8 B
Naypyitaw
Yangon
Source: World Bank, IMF, GTAI, Destatis, Myanmar Ministry of Commerce, Dica 18
6%
Real GDP (YoY%)
6.9%
CPI (yoy %) ann avg
Nominal GDP
EXPORT VOLUME 2019
IMPORT VOLUME 2019
US$ 17 B
FDI NET INFLOW 2019
US$ 18 B
(Merchandise exports)
US$ 4.2 B
(Merchandise imports)
TOP EXPORT PARTNERS 2018
TOP IMPORT PARTNERS 2018
China
China
Thailand
Japan
India
Hong Kong
TOP EXPORT PRODUCTS 2018
Foodstuffs; Garments; Gas; Non-metallic minerals; and Non-ferrous metals.
Singapore
Thailand
India
Indonesia
TOP IMPORT PRODUCTS 2018
Petro chemistry; Chemistry; Machinery; Garments and Foodstuffs.
TOP FDI CONTRIBUTORS 2018
Singapore
China
Thailand
Hong Kong
UK
TOP FDI SECTORS 2018
Oil and gas; Energy; Transportation and communication; Manufacturing; and Real estate.
GERMAN-MYANMAR RELATIONS TOP German export products 2018 Machinery; Chemical products; Electrical engineering; Measuring, checking and medical instruments; and Foodstuffs. TOP German import products 2018 Textile and garments; Footwear; Non-metallic minerals; and Foodstuffs.
German Export 2019 EUR 0.2B
EUR 1B German Import 2019 German FDI stock in 2017 EUR 10.4B German FDI net inflows 2018 EUR 2M 19
PHILIPPINES The current administration has prioritized the development of the country’s infrastructure and intends to spend around $158 billion over the next five years on its “Build, Build, Build” program. The Filipino population is young with an average age of 23 years, speaks good English, and is consumeroriented, interestingly, the Philippines has also the narrowest Global Gender Gap in ASEAN
ECONOMY 2019
US$ 358 B 5.9%
Real GDP (YoY%)
2.5%
CPI (yoy %) ann avg
Nominal GDP
Angeles Manila
ECONOMY OUTLOOK 2021F
US$ 391 B
Cebu
Cagayan de Oro Davao
Source: GTAI, Destatis, Deutsche Bank 20
6.4%
Real GDP (YoY%)
3.5%
CPI (yoy %) ann avg
Nominal GDP
EXPORT VOLUME 2019
IMPORT VOLUME 2019
US$ 51.7 B
US$ 103.9 B
(Merchandise exports)
Hong Kong
Japan
US$ 4.3 B
(Merchandise imports)
TOP EXPORT PARTNERS 2018
US
FDI NET INFLOW 2019
China
Singapore
TOP IMPORT PARTNERS 2018
TOP FDI CONTRIBUTORS 2018
China
China
South Korea
Japan
US
Thailand
Singapore
Japan
British Virgin
Malaysia
Islands
TOP EXPORT PRODUCTS 2018
TOP IMPORT PRODUCTS 2018
Electronics assembly; Electrical engineering; Foodstuffs; Natural resources; and
Electronics assembly; Foodstuffs; Chemical products; Machinery; and Vehicles.
Other vehicles.
TOP FDI SECTORS 2018
Manufacturing; Electricity and gas; Administrative services; Real estate; and Construction.
GERMAN-PHILIPPINE RELATIONS TOP German export products 2018 Other vehicles; Electronics assembly; Machinery; Chemicalproducts; and Foodstuffs.
German Export 2019 EUR 2.5B
EUR 4B TOP German import products 2018 Electronics assembly; Electrical engineering; Foodstuffs; Measuring, checking and medical instruments; and Textile and garments.
German Import 2019
German FDI stock in 2017 EUR 1B German FDI net inflows 2018 EUR 218M 21
SINGAPORE Singapore is one of the world’s greenest cities and ranks #1 in Asia for sustainability. The Sustainable Cities Index by Arcadi ranks 100 global cities according to three facets of sustainability: social, environmental and economic. Moreover, Singapore is one of the top cities in the world in terms of ease of doing business. The World Bank’s Doing Business survey looks at measures such as trading across borders, enforcing contracts, getting credit and paying taxes.
ECONOMY 2019
US$ 365 B 0.8%
Real GDP (YoY%)
0.6%
CPI (yoy %) ann avg
Nominal GDP
ECONOMY OUTLOOK 2021F
US$ 390 B
Source: GTAI, Destatis, Deutsche Bank, Singapore Department of Statistics 22
2.6%
Real GDP (YoY%)
0.9%
CPI (yoy %) ann avg
Nominal GDP
EXPORT VOLUME 2019
IMPORT VOLUME 2019
US$ 441 B
FDI NET INFLOW 2019
US$ 345 B
(Merchandise exports)
US$ 43.7 B
(Merchandise imports)
TOP EXPORT PARTNERS 2018
TOP IMPORT PARTNERS 2018
China
China
Hong Kong
Malaysia
Indonesia
US
TOP EXPORT PRODUCTS 2018
Malaysia
US
Taiwan
Japan
TOP IMPORT PRODUCTS 2018
TOP FDI CONTRIBUTORS 2018
US
Netherlands
Cayman Islands
Switzerland
Japan
TOP FDI SECTORS 2018
Electronics assembly; Chemical products; Petro chemistry; Machinery; and
Electronics assembly; Petro chemistry; Machinery; Chemical products; and
Manufacturing; Financial & insurance services; Wholesale & retail trade; Professional,
Electrical engineering.
Petro chemistry.
scientific & technical, administrative & support services; and Real estate.
GERMAN-SINGAPOREAN RELATIONS TOP German export products 2018 Machinery; Other vehicles; Chemical products; Electrical engineering; and Cars.
German Export 2019 EUR 7.3B
EUR 5.8B TOP German import products 2018 Chemical products; Electronics assembly; Measuring, checking, medical instruments; Electrical engineering; and Machinery.
German Import 2019
German FDI stock in 2017 EUR 13.5B German FDI net inflows 2018 EUR 285M 23
THAILAND Thailand is the second largest economy in ASEAN, after Indonesia. It is the automotive hub in ASEAN and was in 2018 the 11th biggest vehicle producer in the world, currently pushing to become the next-generation automotive industry base. The Eastern Economic Corridor (EEC) is being developed into a hub for manufacturing, transport and logistics and offers huge investment opportunities. The Board of Investment identified 12 targeted industries which benefit from special investment incentives.
Chiang Mai
ECONOMY 2019
US$ 540 B 2.5%
Real GDP (YoY%)
0.7%
CPI (yoy %) ann avg
Nominal GDP
Nakhon Ratchasima
Bangkok
ECONOMY OUTLOOK 2021F
US$ 615 B 2.9%
Real GDP (YoY%)
1%
CPI (yoy %) ann avg
Hat Yai
Source: GTAI, Destatis, Deutsche Bank 24
Nominal GDP
EXPORT VOLUME 2019
IMPORT VOLUME 2019
US$ 244.4 B
FDI NET INFLOW 2019
US$ 217 B
(Merchandise exports)
US$ -7 B
(Merchandise imports)
TOP EXPORT PARTNERS 2018
TOP IMPORT PARTNERS 2018
TOP FDI CONTRIBUTORS 2018
China
China
Japan
US
Japan
Vietnam
Hong Kong
TOP EXPORT PRODUCTS 2018
Electronics assembly; Foodstuffs; Vehicles; Chemical products; and Machinery.
Japan
US
Malaysia
UAE
TOP IMPORT PRODUCTS 2018
Singapore
US
Hong Kong
Netherlands
TOP FDI SECTORS 2018
Electronics assembly; Petro chemistry; Chemical products; Machinery; and
Financial and insurance activities; Automobile; Real estate; Electronics
Electrical engineering.
assembly and Chemistry.
GERMAN-THAI RELATIONS TOP German export products 2018 Machinery; Chemical products; Cars; Electrical engineering; and Electronics assembly.
German Export 2019 EUR 5B
EUR 6B German Import 2019 TOP German import products 2018 Electronics assembly; Machinery; Electrical engineering; Foodstuffs; and Vehicles.
German FDI stock in 2017 EUR 3.8B German FDI net inflows 2018 EUR 241M 25
VIETNAM Vietnam’s economy is one of the fastest-growing in Asia with the lowest barrier to entry the market, the young, motivated and reliable workforces. Germany and Vietnam have excellent economic relations and Germany enjoys an outstanding reputation in Vietnam, which is unique in this form in the ASEAN region. Moreover, Vietnam is the only country in ASEAN that is in all relevant free trade initiatives in the region, including CPTPP (TPP11) and the FTA between the EU and Vietnam.
ECONOMY 2019
US$ 261 B 6.9%
Real GDP (YoY%)
2.5%
CPI (yoy %) ann avg
Nominal GDP
BAC NINH HANOI HAI PHONG
ECONOMY OUTLOOK 2021F DANANG
BINH DUONG
DONG NAI
US$ 326 B 7%
Real GDP (YoY%)
4.2%
CPI (yoy %) ann avg
HO CHI MINH
Source: GTAI, Destatis, Deutsche Bank, GSO 26
Nominal GDP
EXPORT VOLUME 2019
IMPORT VOLUME 2019
US$ 264.5 B
US$ 248 B
(Merchandise exports)
China
Japan
South Korea
US$ 15.5 B
(Merchandise imports)
TOP EXPORT PARTNERS 2018
US
FDI NET INFLOW 2019
Hong Kong
TOP EXPORT PRODUCTS 2018
Mobile phones; Textile and garments; Computer; Machinery; and Footwear.
TOP IMPORT PARTNERS 2018
China
South Korea
Japan
Taiwan
Thailand
TOP IMPORT PRODUCTS 2018
Computer; Machinery; Mobile phones; Textile and garments; and Iron and steel.
TOP FDI CONTRIBUTORS 2018
South Korea
Japan
Singapore
Taiwan
British Virgin Islands
TOP FDI SECTORS 2018
Manufacturing; Real estate; Electricity; Hospitality, accommodation and gastronomy; and Construction.
GERMAN-VIETNAMESE RELATIONS TOP German export products 2018 Other vehicles; Machinery; Chemical products; Electrical engineering; and Measuring, checking and medical instruments. TOP German import products 2018 Electronics assembly; Footwear; Textile and garments; Foodstuffs; and Handbags and travel items.
German Export 2019 EUR 4.3B
EUR 9.7B German Import 2019 German FDI stock in 2017 EUR 0.8B German FDI net inflows 2018 EUR 61M 27
ASEAN contact information
INDONESIA German-Indonesian Chamber of Industry and Commerce
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ASEAN Snapshot 2020
Imprint Delegation of the German Industry and Commerce in Vietnam Ho Chi Minh City Office Deutsches Haus Ho Chi Minh City 4th Floor, 33 Le Duan Blvd, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam Tel.: +84 (28) 3823 9775 Fax: +84 (28) 3823 9773 Hanoi Office Lotte Center Hanoi, East Tower 18th Floor, 1803 - 1804, 54 Lieu Giai, Ba Dinh District, Hanoi, Vietnam Tel.: +84 (24) 3825 1420 Fax: +84 (24) 3825 1422 www.vietnam.ahk.de
30
Chief Representative Marko Walde, Delegation of the German Industry and Commerce in Vietnam Editor-in-Chief Trang Dao, Delegation of the German Industry and Commerce in Vietnam Concept Delegation of the German Industry and Commerce in Vietnam Supported by: Federal Ministry for Economic Affairs and Energy
Layout Incamedia Printing Incamedia Status March 2020 Legal Information © Delegation of German Industry and Commerce in Vietnam, March 2020 All rights reserved. Reprinting – even all or part of part – is only possible with prior explicit approval. With adequate care, we take no liability for the content.
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