EVFTA to boost cooperation between French and Vietnamese businesses
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.
- Vietnam’s economy remains resilient amid weakening global demand
- Hanoi boosts e-commerce adoption in farm produce sales
- US urged to recognize Vietnam’s market economy status
- Vietnam desires stronger ties between ASEAN and China
- PM seeks stronger transport links with China's Guangxi Zhuang Autonomous Region
- Prime Minister Pham Minh Chinh touches down in China for Expo and summit
- Vietnam facilitates China-Southeast Asia economic cooperation
- The Hanoi Great Souvenirs 2023 fair opens
- Walmart supports Vietnamese businesses in expanding global reach
- Billion-dollar deals signed during US President Biden’s visit to Vietnam
Ambassador Julien Guerrier: Vietnam and EU have common aspirations
Vietnam news in brief - September 27
Hanoi's road patching heroes: For the safety of road travelers
Typical Hanoian autumn snacks
Hanoi Fall Festival 2023 captivates visitors with unique activities
Revising Capital Law opens door to Hanoi's prosperity: Mayor
Global Conference of Young Parliamentarians: Opportunity to promote international cooperation
Global Conference of Young Parliamentarians: Roadmap for better future
The quintessential craft of Ngu Xa bronze casting