Seminar seeks to promote France - Vietnam trade, investment ties
VOV.VN - French businesses are advised to innovate their approach and enhance their understanding of Vietnamese culture in order to expand their market share in Vietnam, heard a seminar held in Paris on April 4.
The event was held to introduce Vietnam’s economic potential to French businesses, in addition to attracting major Vietnamese enterprises to expand investment in France, Europe and countries in the Francophone community.
Addressing the seminar, Dr. Jean-Philippe Eglinger, founder of Viet Phap Strategies, pointed out that France previously led non-Asian countries investing in Vietnam in the 1990s, but French firms later failed to take full advantage of the country's integration into the global economy.
Despite a rise in French investment in Vietnam, its proportion to total foreign investment in the country has endured a downward trajectory, said Eglinger.
He attributed the paradox to the fact that French firms have not yet adapted to the fast growing economy in Vietnam and faced fierce competition from Asian rivals.
According to the expert, Vietnam is significantly transforming from a manufacturing industry based on assembling products for export to a new model that boasts added value and greater competitiveness. It has joined a number of free trade agreements (FTAs), especially new-generation FTAs that set forth higher requirements relating to environmental and labour protection, as well as the rule of origin traceability.
Vietnam is a huge market with great potential, and businesses of both sides have a wealth of opportunities to fully tap into the time-honoured strategic partnership between France and Vietnam, as well as the EU-Vietnam Free Trade Agreement (EVFTA), he said.
To grasp the opportunities, Eglinger suggested both sides should gain more insights into each other’s market conditions.
Additional training activities are needed to help more French people learn about Vietnamese culture and language, he said.
He also suggested that French businesses should seek further investment opportunities in other localities outside Hanoi and Ho Chi Minh City – the two big cities in Vietnam.
Meanwhile, Professor Pierre Journoud of Paul Valéry Montpellier University highlighted the country’s multilateral foreign policy, noting that Vietnam has actively contributed to the Francophone community and joined numerous bilateral and tripartite cooperation programmes. He also stressed that France has become Vietnam’s reliable partner which supports the Southeast Asian nation in overcoming challenges in international economic integration.
At present, as many as 170 French enterprises are operating in Vietnam. Among them, EDF group is pouring EUR1.5 billion into Son My liquefied gas plant, while Bouygues Group is investing EUR1.5 billion in a Hanoi metro project.
