Adidas: Vietnam – A Reliable Partner

Adidas CEO Kasper Rorsted expressed his expectation for the future development, investment and business opportunities in Vietnam. Photo: VGP

Prime Minister Pham Minh Chinh received Kasper Rorsted, CEO of Adidas during his working visit to Vietnam on the afternoon of October 31. Vietnam is currently the most important supplier for Adidas. Previously, Prime Minister Pham Minh Chinh had meetings and phone calls with Kasper Rorsted in September 2021 and March 2022.

At the meeting, the Prime Minister thanked the German Government, people and Adidas for their invaluable support to Vietnam during the difficult period caused by the Covid-19 pandemic.

The Prime Minister said that the world situation from the beginning of 2022 is complicated, leading to a decline in global economic growth, financial risks, inflation, energy and food insecurity. They negatively impact countries and businesses.

Under the leadership of the Communist Party of Vietnam, with the support of the people, friends and international partners, the pandemic in Vietnam has been controlled.

Vietnam’s macro-economy is basically stable, with inflation under control. Economic growth in the first 9 months of 2022 is among the highest in the region, and major balances of the economy are guaranteed.

Foreign investment continued to achieve positive results, the realized capital in 10 months was estimated at US$17.45 billion, up 15.2% over the same period in 2021.

Two-way trade turnover in 2021 reached US$11.22 billion, an increase of more than 12% compared to 2020 despite the impact of the Covid-19 pandemic. In the first nine months of 2022, two-way trade turnover reached over US$9.44 billion, up 16.6% over the same period in 2021.

Germany ranks 18th out of 139 countries and territories investing in Vietnam, third among EU countries in terms of investment scale, with a total registered investment capital of US$2.33 billion.

Adidas also supported the two countries to achieve the above results, contributing to deepening the relationship between Vietnam and Germany.

The Prime Minister suggested that Adidas continue to expand production and business in Vietnam. Photo: VGP

The Prime Minister is happy that Adidas continues to identify Vietnam as the strategic and important country in the brand’s supply chain. The Vietnamese government will continue to improve the business environment and reform administrative procedures.

Vietnam creates favorable conditions for investors and Adidas particularly to maintain, expand, and develop in Vietnam. The nation hopes to contribute to the brand’s overall performance, the socio-economic development of Vietnam, and the further cooperation between Vietnam and Germany.

Adidas CEO Kasper Rorsted congratulated Vietnam on its achievements in pandemic control, economic recovery, high growth, and inflation control.

He expressed his expectation for the future development, investment and business opportunities in Vietnam, appreciated Vietnam’s commitments in responding to climate change.

The CEO of Adidas expressed his thanks to the Vietnamese Government and Prime Minister’s support to Adidas during difficult times.

This support shows that Vietnam is a reliable partner and friend. He also informed about human resource training activities in Vietnam, and gave some recommendations.

Rorsted said Adidas will continue expanding its operations and create more jobs to turn Vietnam into its main production hub. He suggested the Vietnamese Government offer more support to Adidas to join in human resource development.

Agreeing with the Adidas expansion plan, the PM proposed the group make it easier for Vietnamese firms to join high-value stages of Adidas’s global supply chain.

The PM urged the sportswear giant to prompt the parliaments of the EU member nations to approve the EU-Vietnam Investment Protection Agreement as soon as possible, underlining the deal will create an important driving force for economic and investment ties between Vietnam and the EU, as well as Adidas’s operations in Vietnam.