Vietnam a bright destination for French investors

The conference was attended by French and Vietnamese leaders and businesses

Yesterday afternoon (September 28), the Ministry of Planning and Investment (MPI), in collaboration with the Vietnamese Embassy in France and the Movement of the Enterprises of France (MEDEF International), held an online investment promotion conference.

Amidst the COVID-19 pandemic, enterprises over the world are seeking to restructure their manufacturing and supply chains and are looking for a safe and efficient destination. This brought around 70 big corporations and companies from France and members of MEDEF International to the online event, including Total, ADP Ingenierie, EGIS, Michelin, Naval, Societe General, SNCF, and RATP.

Regarding socioeconomic development, Deputy Minister of Planning and Investment Tran Quoc Phuong said that Vietnam makes sure that the economy can operate normally without any disruptions, thanks to positive solutions in fighting against COVID-19. GDP in the first half of the year increased by 1.81 per cent and expects to raise by 4.1 per cent in the whole year and 6.7 per cent next year. Vietnam is one of very few countries in the world to report positive growth in the year, with steady inflation and foreign trade turnover estimated at $174 billion, up 1.6 per cent on-year. Vietnam is considered an attractive destination for foreign investment relocation.

The deputy minister also highly appreciated the relations between Vietnam and France, which have been developing fruitfully since the two countries set up a strategic partnership in 2013.

Vietnam is the second ASEAN country (after Singapore) and the first developing country in Asia to sign a free trade agreement with the EU (EVFTA). He said the EVFTA and the EU-Vietnam Investment Protection Agreement (EVIPA) said they will open up more opportunities for Vietnamese and French investors to access each other's markets.

Vietnam has paid attention to quality, efficiency, technology, and environmental protection during its investment attraction efforts, he stressed.

François Corbin, president of the Vietnam-France Business Council and vice president of MEDEF International, said the large number of businesses involved in the conference reflects the high level of interest in Vietnam. He highlighted Vietnam’s positive growth amid the pandemic, saying the country has become a candidate destination for value chain transformation in Asia.

According to Do Nhat Hoang, director general of the Foreign Investment Agency, the Vietnamese government has revised the Law on Enterprise and the Law on Investment in an effort to streamline procedures and create an open corridor for foreign investors in the country.

In anticipation of new waves of foreign investment, the country has prepared land and human resources while setting up a working group in charge of removing obstacles to investment and attracting quality and large-scale investment projects.

Participating French investors at the conference expressed great interest in co-operation opportunities and raised several issues regarding Vietnam’s priority projects and measures to address difficulties facing existing projects. The two sides agreed to continue exchanging information and facilitate French investment in areas of shared concern, especially technology-intensive and high-tech sectors.