Vietnamese investment environment attracts French enterprises

A meeting between Vietnamese and French business leaders at the Vietnamese embassy in France on the sidelines of the fourth high-level economic dialogue between Việt Nam and France.

This was the conclusion reached by participants at a Việt Nam-France business meeting that took place on Sunday at the Vietnamese embassy in France. The meeting was organised on the sidelines of the fourth high-level economic dialogue between Việt Nam and France, attended by leading French corporations such as Airbus, Alstom, ADF and EDF, besides Areva and La Poste, and Vietnamese businesses such as FPT and Viettel. Speaking at the meeting, Vietnamese Ambassador to France Nguyễn Ngọc Sơn said the Việt Nam-France relationship had expanded since the beginning of 2016, following the visits of President of the French National Assembly Claude Bartolone and French Minister of Defence Jean-Yves Le Drian. The year 2016 will also be marked by three major events, which are the fourth high-level economic dialogue in Paris, the Việt Nam-France Decentralised Co-operation Conference in Cần Thơ City in September and the Việt Nam-France Business Forum in HCM City in October. French President Francois Hollande’s visit, scheduled to take place in September, is expected to boost the development of a diversified, deep and comprehensive relationship between Việt Nam and France, further promoting the comprehensive strategic partnership the two countries signed in September 2013. For his part, Deputy Minister of Planning and Investment Nguyễn Thế Phương reviewed Việt Nam’s economic situation in 2015 and in the first half of this year.

He said Việt Nam achieved a growth rate of 6.48 per cent in 2015, the highest since 2009, and set a target of 6.5 per cent for this year. Phương said the country has signed many bilateral and multilateral trade agreements, such as the Trans-Pacific Partnership (TPP), and has concluded negotiations on the European Union-Việt Nam Free Trade Agreement (EVFTA). According to Phương, foreign investors have been pouring money into Việt Nam to take advantage of the FTAs when they take effect, as evident from the steady increase of foreign direct investment in Viet Nam in recent years. Việt Nam is also perfecting legal corridors for investment and business with the introduction of the modified Law on Investment and Business 2014 and the Law on Bidding 2015, besides focusing on reforming administrative procedures. At the meeting, French companies introduced their technological advantages and financial capability and indicated that they wished to expand their operations or seek new opportunities in Việt Nam.

Phương said he hoped French corporations would boost technology transfers so that Việt Nam could manufacture many technology-intensive products.