The journey of more than 50 years of establishing diplomatic relations and more than 10 years of strategic partnership between Vietnam and France has recorded very good developments, creating momentum for economic and trade cooperation.
Regarding trade, France is currently Vietnam’s 5th largest trading partner in Europe and a market that accounts for a large proportion of trade relations between Vietnam and Europe. Trade turnover Vietnam – France achieving good growth with an average growth rate of 15.7%/year in the period 2011-2019.
In 2023, due to inflation and economic difficulties in the French market, Vietnam’s exports will be greatly affected. Two-way import-export turnover in 2023 reaches 4.8 billion USD, down 9.9% compared to 2022. Of which, exports reach 3.17 billion USD, down 14.2%, and imports reach 1. 63 billion USD, down 0.1% compared to 2022.
In the field of investment, as of February 2023, France ranked 3rd among European countries (after the Netherlands and the UK) and ranked 16th out of a total of 114 countries and territories investing in Vietnam, with 549 The investment project is still valid, the total registered investment capital reaches 3.8 billion USD. In the opposite direction, Vietnamese businesses have invested in France in 9 projects with a total investment capital of 3 million USD.
Based on the remarkable and proud achievements the two countries have achieved, the signing of a cooperation memorandum between the Department of Trade Promotion and Business France will further strengthen bilateral economic and trade cooperation. as well as within the multilateral framework between ASEAN and the EU, bringing great benefits to Vietnam and France. The advantages and opportunities that are opening up in the relationship between the two countries will be a very important foundation, creating more motivation and trust for the business communities of both sides to expand investment, production and business in the future.
Vietnam’s Ministry of Industry and Trade affirmed its readiness to coordinate with the Embassy and French authorities to act as a bridge and effectively support the business communities of the two countries in implementing future cooperation activities.
“We are committed to always sharing, accompanying, and creating favorable conditions according to the provisions of law to help French businesses invest, produce, and do business effectively and sustainably in Vietnam, because of their success. Your success is also our success. And in the opposite direction, Vietnam wants French authorities to create conditions for Vietnamese businesses in the process of market research and trade connections with French businesses.”Mr. Vu Ba Phu – Director of the Department of Trade Promotion emphasized.
Given their geopolitical position in the region and the world, both sides believe that Vietnam and France still have much room to increase. bilateral trade and the potential to promote import and export activities of strategic products into mutual markets.
The foundation of the sustainable political and diplomatic relationship between the two countries along with the strong development in economic relations is the premise to contribute to building the Vietnam – France partnership in many fields, especially Vietnam. Nam will welcome more businesses, investment and business cooperation partners and scientific and technical exchanges from Europe in general and France in particular in the coming time.
