Vietnam, France maintain economic growth

Goods exchange between Vietnam and France has achieved a rather high growth rate over the past two years.

Two-way trade value is estimated to reach 2.2 billion euro in 2011, an increase of 10.9 percent from a year earlier. Of the figure, Vietnam’s exports to France reached 1.6 billion euro, up 18.5 percent over last year.

Vietnam’s imports from France increased considerably in 2009 and by nearly 50 percent to 800 million euro in 2010. It continued to rise in the first half of 2011 but leveled off in the third quarter and fell sharply in the fourth quarter of 2011.

It dropped by 25 percent to 600 million euro throughout this year. Its trade surplus hovered around 550 million euro in 2010 and rose to 1 billion euro in 2011.

Nguyen Canh Cuong, trade counselor to France, said the rapid export growth is thanks to the sales of high quality products at reasonable prices to meet the increasing demand of French consumers.

Vietnam’s imports rose strongly from 2000 to 2010 because the country focused on modernizing industries, developing civil aviation and serving the growing number of consumers with above average incomes.

To some extend, fluctuations in the foreign exchange rates in 2011 have affected bilateral trade relations as the appreciation of the Euro does no good to France’s exports but benefits Vietnam’s exports.

It is expected that in 2012 Vietnam’s key export items, such as garments, sport shoes, rice, coffee, pepper and seafood will be much sought after by French consumers, including Vietnamese residents in the country.

However, Cuong warned that these products would have to compete strongly with similar products coming from Eastern Europe, Africa, Caribbean and Mediterranean countries, which enjoy trade preferences. – VOV

Tags: Vietnam France trade

Posted by VBN on Dec 13 2011. Filed under Economy News, Int'l Cooperation. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry