The US$100-million German House in Ho Chi Minh City had its official groundbreaking ceremony on Saturday in the context that more German investors are expected to come to Vietnam.
The event took place at the construction site of the office tower, officially known as Deutsches Haus Ho Chi Minh Stadt, on the corner of Le Duan and Le Van Huu streets in District 1.
The 25-story building will be home to the German Consulate General in Ho Chi Minh City and expected to serve as offices of German and Central European companies as well as retail and exhibition areas.
Vietnam’s Minister of Industry and Trade Vu Huy Hoang, who is also President of the Vietnam-Germany Friendship Association, said: “We have appreciated the initiative to build the house, so we tried our utmost in cooperating with relevant agencies to make this project become true.”
Hoang said he hoped that once finished, the house will become a symbol of German architecture and technology in Vietnam thanks to its green, modern and environment-friendly factors.
“I hope the German House will be not only a destination for German enterprises but also a place for Vietnamese to study the culture and people of Germany,” said Hoang.
Germany is the 22nd biggest foreign investor in Vietnam as its cumulative investment into the Southeast Asian country reached US$1.4 billion at the end of June 2015.
But Marko Walde, chief representative of the Delegate of German Industry and Commerce in Vietnam, said he believed that the real number is much higher.
“Most of the biggest investment of German companies in Vietnam was not shown as German investment in the statistics,” Walde told Thanh Nien News.
For example, the capital from Bosch, Siemens, Metro, and Deusche Bank into Vietnam was not calculated as German investment in the statistics because it came from the branches of these companies in other countries, he said.
Walde expected more investment from German companies, especially in sectors like electronics, food processing, green energy and chemicals, to come to Vietnam following the signing of the free trade agreement between Vietnam and the European Union at the end of this year.
Work on the German House began last November and is scheduled to complete by the third quarter of 2017.
The house will use the latest German technologies, including the installation of photovoltaic equipment and panels, to generate renewable energy.