Sovico and Hamburg Forge Partnership to Expand Vietnam-Germany Economic Ties
- Written by: Telegraph Magazine
The agreement aims to connect Vietnamese businesses with Hamburg's industrial and commercial ecosystem and its role as a gateway to European markets.
Earlier that day, Hamburg First Mayor and President of the Senate Peter Tschentscher met Sovico Chairwoman Nguyen Thi Phuong Thao at HDBank's headquarters to discuss cooperation opportunities between businesses in the Sovico ecosystem and German partners.
At the Hamburg–Sovico Strategic Business & Partnership Forum 2026 on October 13, Thao proposed exploring direct air links between Vietnam and Germany and advancing discussions on airport infrastructure, logistics, urban rail, maritime transport and supporting industries. Hamburg highlighted its strengths in aviation, maritime transport, railways, technology research, public transport and sustainable urban development.
Potential areas for further discussion include the Long Thanh and Gia Binh airport projects, high-speed rail, urban rail development in Ho Chi Minh City, Dong Nai and Hanoi, smart cities, green industries and technology. The agreement provides a framework for exploring opportunities; participation in individual projects will require further study and subsequent agreements.
Sovico and its partners have maintained ties with Germany for more than three decades, particularly in aviation and finance. Hamburg has hosted the handover of more than 100 Airbus aircraft to Vietjet, alongside aircraft-financing services. In finance, DEG, a member of Germany's KfW Group, has invested in HDBank over the past five years. HDBank's German Desk also helps connect Vietnamese and German businesses and support bilateral trade and investment.
Thao said Sovico was entering a new investment phase, emphasizing the need for long-term vision, practical investment plans and effective coordination. "I hope the ideas exchanged here today will be translated into cooperation programmes, feasible projects and measurable outcomes," she said.
Hamburg State Secretary Liv Assmann said the visit aimed to deepen existing ties and explore new areas of cooperation. Agreements between universities in Hamburg and Vietnam are also expected to create opportunities for training, professional exchange and workforce development.
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