The Growth of Vietnam's Economy Opens Up Opportunities for German-Vietnamese Economic Cooperation

Journalist Klaus Kirchleitner, Publisher and Editor-in-Chief of Chiemseepost/Kirchleitner Press Service, Germany (left), in conversation with Austria's new Federal Chancellor Christian Stocker in Wiener Neustadt, March 29, 2025. (Photo: Provided by interviewee)

WAJ: How do you assess President Donald Trump's decision to impose a 46% import tariff on Vietnam and some other countries? Do you believe this will have significant impacts on the trade relations between these countries?
Journalist Klaus Kirchleitner: Yes, this will certainly have a very strong impact on global trade relations. My home country, Germany/Bavaria, has already been strongly affected by this. The company Adidas, which is headquartered in Herzogenaurach, Bavaria, for example, has 40% of its high-quality shoes produced in Vietnam. Now, the stock price of Adidas has already dropped by over 10 percentage points, which is related to the 46% import tariffs against Vietnam. Further dramatic turbulence in global stock markets will follow.

WAJ: In the context of the phone call between President Donald Trump and the General Secretary of the Communist Party of Vietnam, Tô Lâm, what factors do you think could influence the resolution of trade conflicts between the two countries?
Journalist Klaus Kirchleitner: President Donald Trump is an excellent businessman and politician. If he is offered a good business deal, it will certainly be good for the wonderful country of Vietnam. Since the Vietnamese government has very skilled political negotiators, there are opportunities to benefit from many political business fields. One should not only consider the political aspect of tariffs but also many other business sectors. As the U.S. has recently become a more difficult business partner, there is a growing interest in the developing markets in Vietnam in Germany. In this regard, I am also happy to facilitate contacts with Bavarian companies.

WAJ: Do you believe that the high U.S. tariffs could lead to a change in the global trade strategy, especially in relations with European countries?
Journalist Klaus Kirchleitner: Of course, the high U.S. tariffs will change the global trade strategy. With high U.S. tariffs, exports to the U.S. will logically decline. Therefore, the economy must grow elsewhere. This also creates new global challenges for Bavaria, Germany, and Austria. Especially Germany will have to adopt new political paths after the failure of German foreign policy under the overwhelmed green Foreign Minister Annalena Baerbock. However, this also opens up opportunities for Germany to cooperate pragmatically without being influenced by human rights ideology.

WAJ: Thank you so much!