PM Chinh Assures ‘Favorable Conditions’ As Adidas Plans Vietnam Expansion | Vietcetera
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Nov 01, 2022

PM Chinh Assures ‘Favorable Conditions’ As Adidas Plans Vietnam Expansion

Adidas CEO said the brand will continue to expand its operations in the country as they make Vietnam its main production hub.  
PM Chinh Assures ‘Favorable Conditions’ As Adidas Plans Vietnam Expansion

Source: Shutterstock

Vietnamese Prime Minister Pham Minh Chinh led the meeting with the CEO of Adidas Kasper Rorsted and committed the Government’s support in creating favorable conditions as the German manufacturer of athletic shoes and apparel and sporting goods expands its operations in the country.

Following their phone discussions in September last year and March this year with regard to the brand’s presence in the country, PM Chinh assured the Adidas CEO during the in-person meeting that their endorsement is in the spirit of harmonizing interests and sharing risks.

The Vietnamese leader also emphasized how important the partnership with Adidas is, especially since Germany is Vietnam’s biggest European market and the seventh biggest importer in the world. In the same way, Vietnam is Germany’s biggest trade partner in Southeast Asia, with Adidas as a major contributor.

This year, Adidas recorded optimistic numbers in sales, with Vietnam as one of its strategic business areas and suppliers. When the COVID-19 pandemic disrupted the global supply chain, the sports apparel brand remained a partner of Vietnam, and PM Chinh thanked Kasper for that.

The Adidas CEO was quoted by the local media saying, “Adidas will continue to expand its operations and create more jobs to turn Vietnam into its main production hub.” As part of the necessary efforts toward growth, Kasper requested the Vietnamese Government’s support for human resource development.

“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,” reads the report from the Vietnam Government news site.

In addition, the prime minister asked Adidas to give a hand and support Vietnam’s policies in the development of the digital economy, green growth, and delivery of climate change commitments.

In response to PM Chinh’s terms, Kasper pledged to implement and endorse the agreed proposals to Adidas stakeholders.