Vietnamese Government backs French businesses’ operations: Deputy PM

Hanoi (VNA) – Deputy Prime Minister Ho Duc Phoc has affirmed the Vietnamese Government’s commitment to creating favourable conditions for foreign enterprises, including those from France, to accelerate operations and achieve greater successes in the Vietnamese market.

The Deputy PM held a working session with Francois Corbin, Vice Chairman of the Mouvement des Entreprises de France (MEDEF) or the Movement of French Enterprises - the largest employer federation in France, who is also Special Representative of the French Minister for Europe and Foreign Affairs for economic relations with ASEAN countries, along with over 40 French businesses in Hanoi on May 27.

Phoc expressed his pleasure at the recent positive development of Vietnam–France relations across various fields, noting that France became the first EU country to establish a comprehensive strategic partnership framework with Vietnam during Party General Secretary and State President To Lam’s official visit to France in October 2024.

Economic cooperation has remained a key pillar in the partnership, with special focus on infrastructure, transport, agriculture, renewable energy, and sustainable development, he highlighted.

The Deputy PM praised MEDEF’s role in investment promotion and trade activities, contributing significantly to France’s position as a leading European partner in trade, investment, and development aid to Vietnam. France ranks fourth among EU countries in trade with Vietnam. In 2024, bilateral trade reached over 5.4 billion USD, up 12.9% from 2023. Vietnam is also France’s second largest ASEAN trade partner after Singapore, noted the official.

France is the second largest foreign investor in Vietnam with registered capital totalling 3.96 billion USD by the end of April 2025. Deputy PM Phoc highlighted the opening of the Nhon–Hanoi urban railway line in August 2024 - a flagship project in Vietnam–France economic cooperation - which has positively contributed to urbanisation and improved living standards.

However, he underlined that there remains great potential to deepen trade, investment, and economic cooperation, urging full utilisation of the benefits from the EU–Vietnam Free Trade Agreement (EVFTA) and the EU–Vietnam Investment Protection Agreement (EVIPA). He called on MEDEF and French businesses to advocate for the French Parliament’s early ratification of EVIPA to create a favourable legal framework for European and French companies to expand investment and business in Vietnam.

Affirming Vietnam’s steadfast commitment to building an independent, self-reliant economy with active, effective international integration, the Deputy PM also updated on Vietnam’s positive socio-economic achievements so far in 2025. He cited three key Party resolutions that provide new momentum for development - Resolution 57 on breakthrough development in science and technology, Resolution 68 on private sector development, and Resolution 66 on law building and enforcement. Vietnam is also streamlining its administrative system, reducing over 100,000 public officials and employees to boost resources for development and labour productivity.

Acknowledging France’s strengths in high technology, sustainable development, renewable energy, infrastructure, transport, and agriculture, the Deputy PM urged MEDEF to intensify investment connections and business cooperation in these sectors. He expressed his hope for France's support in industrial projects, including auxiliary industries, processing, manufacturing, and transport equipment.

Recognising France’s leading position in retail and distribution, he encouraged expanding cooperation with Vietnamese firms to bring Vietnamese goods into global distribution channels.

In renewable energy, he called on MEDEF to continue supporting credit and technical cooperation to improve human resources, promote energy transition, and innovation in Vietnam; share expertise and technology in hydrogen production and carbon capture/use linked to energy production from coal, oil, and gas; and continue involvement in infrastructure and urban transport projects, including modernising Vietnam’s national railway network.

He expressed his confidence that MEDEF, with its prestige and network, would continue effectively supporting and connecting business and investment communities of both countries.

Commenting on Vietnam’s achievements, Corbin said France and other countries are impressed by Vietnam’s recent growth, driven by reforms and development of a highly competitive industrial base. Vietnam has developed a skilled workforce and improved living standards.

He also noted that Vietnam is one of the few countries worldwide to maintain growth during the COVID-19 pandemic and expressed admiration for past growth and confidence in future development.

Corbin stated that although bilateral trade remains modest, they have great potential to grow, with businesses from both countries complementing each other. The upgrade of the partnership to a comprehensive strategic partnership is a foundation for more dynamic cooperation, he said.

Business cooperation in the private sector will be a pillar of the bilateral relationship, he said, adding that Vietnam and France share a trusted economic partnership, and France is committed to building a cooperative, prosperous relationship for the benefit of both nations.

At the meeting, representatives from French businesses in transport, logistics, engineering, digital technology, renewable energy, agriculture, urban planning, and finance introduced their capabilities and expressed strong interest in deepening cooperation with Vietnam in priority sectors.

Leaders from various Vietnamese ministries discussed key topics for French companies like green growth, infrastructure, and transport, highlighting opportunities for cooperation and encouraging Vietnamese investment in France.

They agreed to hold investment conferences and forums in France to boost collaboration between French businesses and Vietnamese sectors, aiming to promote joint projects and strengthen ties for mutual prosperity./.