31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
EVFTA to boost cooperation between French and Vietnamese businesses
Ngoc Thuy 05:09, 2020/07/10
Vietnam is looking for cooperation with French companies in fields of renewable and green energies, hi-tech, agriculture, manufacturing and processing.

With the enactment of the EU – Vietnam Free Trade Agreement (EVFTA) and the EU – Vietnam Investment Protection Agreement (EVIPA), it is expected that more European businesses, French ones included, will be looking for strategic partnerships with Vietnamese peers to form new production and supply chains.

 Overview of the online conference. Photo: MoIT. 

The growing interest of French businesses presents opportunities for Vietnamese enterprises to further integrate into global value chains, but also requires them to change their business mindset, production method and corporate governance to meet strict requirements of the European market, said a representative of over 400 French companies participating at an online conference discussing the EVFTA impacts on July 8.

The event was the first of its kind held by Vietnam’s Ministry of Industry and Trade (MoIT) and a European country regarding the EVFTA, aiming to equip all parties involved with useful information before the deal comes into effect on August 1, 2020, stated the MoIT.

 More French and European businesses will be looking for strategic partnership with local peers to form new production and supply chains. Photo: MoIT. 

Minister of Industry and Trade Tran Tuan Anh said Vietnam is looking to cooperate with French companies in the fields of renewable and green energies, hi-tech, agriculture, manufacturing and processing, in which French companies have strong expertise.

The Vietnamese government would create the utmost conditions in terms of business environment, infrastructure conditions to boost cooperation between the two business communities, Minister Anh stated.

Trade between Vietnam and France more than tripled from US$1.6 billion in 2009 to US$5.3 billion in 2019, in which France is Vietnam’s third largest trading partner in Europe, only behind Germany and the Netherlands.

As of May, France has 588 ongoing projects in Vietnam with capital of a combined US$3.56 billion, being the second largest European investor in Vietnam, behind the Netherlands.

Due to Covid-19 damage, Vietnam – France trade revenue in the first five months declined by 18.66% year-on-year to US$1.77 billion. The MoIT expected a recovery in trade could only happen in the final months of the year after France restarts its economy.

RELATED NEWS
TAG: EVFTA France Vietnam French businesses cooperation EVIPA green energy renewable hi-tech farming agriculture manufacturing and processing MOIT Germany Netherlands FDI exports
Other news
20:05, 2023/05/26
Vietnam set for robust economic growth in 2023: Experts
The country’s economic performance next year will remain solid despite strong headwinds.
14:45, 2023/45/19
Vietnam calls for int’l support in green development
Vietnam would not sacrifice social advancement, equality, and the environment for economic growth.
13:45, 2023/45/17
Switzerland to support Vietnam’s transition to green economy
Vietnam encourages Swiss investment in high-priority fields such as finance banking, insurance, manufacturing and processing, pharmacy, renewables, and tourism.
16:27, 2023/27/12
Vietnamese Govt to restructure real estate, bond markets in 2023
The main objective for Vietnam in 2023 remains to ensure stable macroeconomic fundamentals, contain inflation, and boost growth.
14:41, 2023/41/10
Vietnam strives to become developed country by 2050
The average GDP growth should be around 7% for 2021-2030, and GDP per capita would reach US$7,500 by 2030.
21:55, 2023/55/06
Vietnam targets GDP per capita at US$32,000 by 2050
The country by 2030 will become a developing country with modern industrial sectors and reach the upper-middle income status.