Vietnam-France trade has potential for further growth: Minister

Hanoi (VNA) – Ample room remains for trade between Vietnam and France to grow, Minister of Industry and Trade Nguyen Hong Dien told French Minister for Foreign Trade, Attractiveness and French Nationals Abroad Olivier Becht during a working session in Hanoi on February 28.

The session focused on ways to boost bilateral economic, trade and investment ties in the context that the two countries are celebrating the 10th anniversary of strategic partnership and the 50th anniversary of diplomatic ties this year.

Minister Dien said the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) will be significant to further enhance Vietnam-France economic, trade and investment links.

In order to further improve the efficiency of EVFTA, Vietnam wished to receive France’s technical support in the process, he said, suggesting that the two sides' technical units continue working closely together to address any issues arising during the implementation, seriously fulfill commitments made in the EVFTA, and ensure its highest possible effectiveness and results.

According to him, the economies of Vietnam and France are complementary. Vietnam is strong in agriculture, aquaculture, textile and garment, leather and footwear, wooden furniture, electronic components and consumer goods, along with a big market with nearly 100 million people, rising income and purchasing power.

Meanwhile, France has many world-renowned products and brands in the fields of mechanical engineering, aerospace, machinery, automobiles, railways, chemicals, pharmaceuticals, and consumer goods that Vietnam has high demand for. Therefore, both sides need to help their businesses grasp market information, hold trade promotion activities, and establish effective trade connections for business communities, he said.

The host suggested France further assist Vietnam in supporting industry, manufacturing, mechanical engineering, new materials, metallurgy and chemicals.

In his opinion, French firms could cooperate with Vietnamese partners in renewable energy, eco-friendly energy, effective and economical use of energy, and smart grid technology.

Becht, for his part, spoke highly of Vietnam’s efforts in energy transition over the past years. He promised that France will continue partnering with Vietnam to help the country overcome challenges in the process, toward achieving net zero emission by 2050.

Both sides shared the belief that Vietnam and France will continue to be reliable partners that support each other, contributing to deepening their strategic partnership and collaboration within other multilateral cooperation frameworks./.