French businesses find Vietnam attractive destination hinh anh 1Speakers of the forum (Photo: VNA)

HCM City (VNA) – Vietnam, with an impressive growth speed, has become an attractive destination for French investors, said participants at the France-Vietnam business forum, which took place in Ho Chi Minh City on November 4.

Henri-Charles Claude, President of the French Chamber of Commerce and Industry in Vietnam (CCIFV), highlighted the significant growth of Vietnam in recent years, which he said creates big opportunities for foreign investors, including those from France.

According to him, Vietnam and France have recorded positive economic cooperation but yet to fully tap their potential. He named a number of fields good for stronger bilateral engagements like infrastructure, digital technology, health, culture, and education.

Jean-Jacques Bouflet, Vice Chairman of the European Chamber of Commerce in Vietnam (Eurocham), said Vietnam is among countries which have signed the largest number of bilateral and multilateral free trade agreements (FTA), particularly its involvement in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and in FTAs with the ASEAN and the EU.

He said the EU – Vietnam FTA will create big impacts on the sides’ trade and investment through favourable legal frameworks and business opportunities. Saying the pact is in the final stage, he recommended French and other European countries speed up their networking in Vietnam to gain market advantages.

Valentin Tran, director of Andros group, a French company specialised in farm produce, said his company chose Vietnam to be its strategic investment destination in Asia as the country offers various conditions for its long-term development.

Accordingly, Vietnam has fast growth, ample production material sources, young population, increasing consumption demand, as well as broad regional and international connections and integration. It can be a gateway for investors to reach its neighbouring markets like Thailand or Cambodia.

Fabrice Carrasco, Managing Director of Kantar Worldpanel for Vietnam and the Philippines, informed the forum that Vietnam’s domestic consumption demand grows 12 percent per year on average. Purchasing power has doubled that of five years ago and will be two times higher than the current level in a decade, he added.
Vietnamese consumers are spending more on educational, food, health care and beauty services, he said.

Participating French companies said Vietnamese and French firms should boost innovation and technology transfer cooperation.

They urged the Vietnamese Government to update its investment attraction policy and build a safe and transparent legal corridor to facilitate the implementation of public-private partnership in infrastructure, transport and urban projects.-VNA