New impetus for Vietnam-France economic, trade cooperation

French Ambassador to Vietnam Olivier Brochet - Photo: Hoa Quynh

Vietnam and France have decided to elevate their relationship to a comprehensive strategic partnership, making France the first EU member to have this relationship with Vietnam. Could you elaborate on this milestone event?

Over the past 50 years, France has maintained strong, trustworthy cooperation with Vietnam, contributing significantly to Vietnam’s development.

France has become the first European country to establish a comprehensive strategic partnership with Vietnam. This reflects France’s recognition of Vietnam’s important position and role in partnering with France, a permanent member of the UN Security Council, in global policies to ensure peace and stability in the world and the region.

Upgrading the relationship with Vietnam demonstrates France’s stronger commitment to supporting Vietnam’s sustainable development, innovation, independence and sovereignty. This aligns with the general spirit of EU member states, which is expected to be further promoted in the coming time. I believe this significant milestone will serve as a driving force for Vietnam’s cooperation with France in particular, and with the EU as a whole, in the future.

How can France-Vietnam cooperation strengthen the relationship between the EU and ASEAN?

Currently, ASEAN is the EU’s third-largest trading partner, after China and the US. The EU greatly values ASEAN’s central role in ensuring peace, stability, and development in the region. Therefore, we are eager to further develop the partnership with ASEAN.

Trade between ASEAN and the EU, as well as between Vietnam and France, has made significant progress since the EU-Vietnam Free Trade Agreement (EVFTA) was signed and took effect. In the coming period, one of the areas where the EU and France can support and share with ASEAN is on issues related to economic integration, energy, transportation, and sustainable development.

In the ASEAN region, only Vietnam and Singapore currently have free trade agreements with the EU. These two countries serve as the driving force of trade relations between ASEAN and the EU. Based on its comprehensive strategic partnership with Vietnam, France aims to further enhance trade flows between Vietnam and, more broadly, ASEAN and EU countries.

The opening ceremony of a Vietnamese Goods Week event in Collérien City of France

How do you assess the potential for strengthening trade relations between Vietnam and France in the near future?

We have witnessed significant progress in trade cooperation between ASEAN and the EU in general, and between Vietnam and France in particular, based on the EVFTA. Four potential areas of Vietnam-France cooperation in the future include aviation, pharmaceuticals and healthcare, food and beverages, and high-end cosmetics.

In the context of upgrading relations, through discussions, the leaders of both countries have expressed their expectation that France will support Vietnam in increasing the added value of its products and services. This can be achieved by encouraging French businesses to boost investment in production processes in Vietnam. Some French companies have brought machinery and equipment to establish production lines in Vietnam.

The two countries have also identified strategic and foundational areas, such as sustainable transport development, with the Metro Line 3 project (Nhon-Hanoi Station) serving as a concrete example. Furthermore, Vietnam currently has a high demand for energy to support its development goals and is undergoing an energy transition to achieve carbon neutrality. French businesses are willing to partner with Vietnam in this field.

French businesses have noted that Vietnam’s investment environment has continuously improved. However, they hope for further enhancements in intellectual property protection, simplification of administrative procedures, and the implementation of EVFTA commitments. On the other hand, I believe it is also necessary to strengthen investment promotion and share information about Vietnam’s investment potential with the French side. We welcome Vietnamese businesses to invest in the French market to take advantage of its favorable investment ecosystem with a network of high-quality research centers and a favorable tax system that encourages innovation./.