Vietnam-France trade, investment ties expected to grow further

The official visit to France by Party General Secretary and State President To Lam and his attendance at the 19th Francophonie Summit are expected to give a boost to the bilateral economic, trade, and investment ties.

According to the Ministry of Industry and Trade, two-way trade saw an average annual growth rate of 15.7% during the 2011-2019 period. France is Vietnam's fifth largest trade partner in Europe, making up a big share in the trade relations between Vietnam and the continent.

The export-import revenue stood at 4.8 billion USD last year, with Vietnam’s exports valued at 3.17 billion USD. In the first eight months of this year, the bilateral trade exceeded 3.4 billion USD, up 6.9% year-on-year, and Vietnam’s shipments fetched 2.23 billion USD, a rise of 4.3%.

Vietnam's key exports included footwear, garments-textiles, household utensils, agro-forestry-fishery products, jewelry, electronic items, ceramics, and rubber, among others.

Meanwhile, it mainly imported high-value and technology-intensive products from the European nation like pharmaceuticals, machinery, equipment, and means of transport.

Experts said since the establishment of the bilateral diplomatic ties in 1973, Vietnam and France have made significant strides in trade. Notably, the EU-Vietnam Free Trade Agreement (EVFTA) has opened up substantial opportunities and prospects, serving as a catalyst for strengthening their economic and trade relations.

Vu Anh Son, head of the Vietnamese Trade Office in France, said 2021 marked the inaugural year for the office’s efforts to introduce Vietnamese fresh fruits, particularly lychee and longan, to the French market. The same year, Vietnamese canned fruit products made their debut at supermarkets there, followed by rice in 2022.

The office stepped up such efforts in 2023 with a range of promotion events in France, he said, adding that in 2024, it coordinated with the Vietnamese Cultural Centre in Paris and the Ministry of Culture, Sports, and Tourism in organising a big programme honouring Vietnamese lychee.

Regarding the Vietnamese goods week at Carrefour supermarkets, Minister of Industry and Trade Nguyen Hong Dien said it is significant to introducing Vietnamese products to French consumers, saying Carrefour is not just a distribution channel but also a platform promoting the Vietnamese cuisine.

The Vietnam Free Trade Agreement Portal (FTAP) has provided necessary information about the French market and the two-way trade for businesses, along with the list of agencies that would support them to set up partnerships with French firms.

The office stressed that Vietnam needs comprehensive and well-structured strategies to boost exports to this demanding market, saying products must strictly adhere to the EU’s regulations regarding food safety, quality management, and environmental protection.

This not only improves the competitiveness of Vietnamese goods in the French market but also contributes to building the country's brand and image on the international stage, it said.

It also suggested businesses equip themselves with knowledge about the EVFTA to optimise it for deeper integration into the French market.

The office also pledged to make greater efforts in unleashing the market, promoting the export of some potential Vietnamese agro-fishery products, and attracting French investors to Vietnam in the time ahead./.