Vietnam and France need to further boost trade cooperation and enter into large-scale contracts in the future to match the two sides’ potentials. This requirement was stated by both Vietnamese and French representatives at a press briefing in Hanoi on Nov. 25 to review outcomes of a recent meeting of the High-level Council for Vietnam-France Economic Cooperation Development (HCDCE). The meeting, co-chaired by Vietnamese Deputy Minister of Planning and Investment Cao Viet Sinh and French Foreign Trade Secretary of State Pierre Lellouche, aimed to target a dynamic new trade cooperation.
Addressing the press briefing, Deputy Minister Sinh said two-way trade turnover between Vietnam and France had reached 2 billion USD so far this year, noting that France had invested into 305 projects with a total capital of 3 billion USD.
For his part, Pierre Lellouche underlined that the French government and businesses were pleased with the frankness and friendship at the meeting and that French businesses have pointed out difficulties and barriers when doing business in Vietnam . He said he was impressed by Vietnam ’s GDP growth rate of 7 percent, and especially the country’s bilateral trade turnover over the past two years which has increased remarkably – by nearly 30 percent. However, he pointed out that the French market share in Vietnam was only 1.2 percent, which, he said, did not match the two sides’ potential. A retreat meeting took place on Nov. 25 in Hanoi , during which the two co-chairs shared their views on difficulties challenging the two countries’ businesses, especially the way to penetrate and invest into each market. They also worked on measures to improve investment environments and reduce trade barriers, thus boosting economic cooperation in the future. The extended meeting of the HCDCE serves as a forum for businesses to exchange and assess potential for investment and trade cooperation between the two countries./.
