Promote bilateral cooperation between Vietnam and France

On the afternoon of April 25, in Hanoi, the Department of Trade Promotion and the French Business Support Agency (Business France) held a signing ceremony of a Memorandum of Understanding between the Trade Promotion Department (Vietrade) and the Business Support Agency. Business France and a discussion program to introduce and promote the investment environment of the two countries.

Speaking at the opening of the event, Mr. Vu Ba Phu, Director of the Department of Trade Promotion, said that in terms of trade, France is currently Vietnam’s 5th largest trading partner in Europe and a market with a large proportion. in trade relations between Vietnam and Europe. Vietnam – France trade turnover achieved 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 Exports reach 1.63 billion US dollars, 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 09 projects in France with a total investment capital of 3 million USD.

“The signing of a memorandum of cooperation between the Department of Trade Promotion and Business France will further strengthen economic and trade cooperation bilaterally as well as within the multilateral framework between ASEAN and the EU, bringing benefits. Great benefits for 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.” – Mr. Vu Ba Phu emphasized.

Given the geopolitical position in the region and the world, Mr. Vu Ba Phu expressed his belief that Vietnam and France still have a lot of room to increase bilateral trade and the potential to promote import and export activities in all aspects. strategic goods into each other’s 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 that contributes to building the Vietnam – France partnership in many fields.

On the French side, Mr. Oliveier Brochet – French Ambassador Extraordinary and Plenipotentiary to Vietnam shared that the signing ceremony is a highly anticipated event for the business community, especially small and medium-sized enterprises. With their geopolitical position in the region and the world, Vietnam and France still have much room to increase bilateral trade and the potential to promote import and export activities of strategic goods into each other’s 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 that contributes to building the Vietnam – France partnership in many fields.

After the signing ceremony, a discussion program took place to introduce and promote the investment environment of the two countries. The program attracted the attention of many large businesses in Vietnam./.