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The revised Heyd-Scuseria-Ernzerhof screened hybrid functional (HSE06) is used for calculating the formation and migration energies of the vacancy in Ge, and the results are compared with those previously obtained using the local density approximation with the on-site Coulomb interaction U (LDA+U) approach and with other published results. It is demonstrated that using HSE06 gives a much more accurate electronic description of the vacancy and yields an excellent estimate of the activation energy of self-diffusion in Ge consistent with experimental data. The migration energies of the vacancy in different charge states calculated with the HSE06 approach agree well with the results of low-temperature infrared-absorption measurements. In contrast to previous results, the HSE06 calculations suggest that vacancies in Ge are multiple-level acceptors with levels located in the upper half of the bandgap. This can explain the observed high density of acceptor-like interface traps near the conduction band, pinning the Fermi level and inhibiting the formation of an inversion layer in n-channel devices in Ge.