Trade with France below potential

Economic cooperation between Vietnam and France has failed to reach its potential even though France is now one of Vietnam’s leading trading partners in the EU, a business conference heard in Paris late last week.
Vietnamese Ambassador to France Duong Chi Dung suggested that the two countries should make greater efforts to enhance bilateral cooperation with a focus on promoting co-ordination between localities and identifying prioritised sectors.

During the event, the participants also discussed measures to minimise the negative impacts of the global economic crisis on their economies.

Bilateral trade has seen an average annual growth of 13 per cent per year of the past decade, increasing from $978 million in 2000 to $2.75 billion last year, said deputy minister of Industry and Trade Nguyen Nam Hai.

The figure was forecast to reach $3.3 billion by the end of this year, an increase of 20 per cent over 2010, he said.

Major French groups operating in the petroleum industry have also established their presence in Vietnam and have made a significant contributions to the country’s industrial growth, Hai said.

French companies have also paid increasing attention to Vietnam’s electricity sector, he said, noting that Vietnam had a need for the financial and management expertise of French companies as well as their quality equipment and services.

Tags: Vietnam France trade