This requirement was stated by both Vietnamese and French representatives at a press briefing in Hanoi on November 25 to review the outcomes of a recent meeting of the High-level Council for Vietnam-France Economic Cooperation Development (HCDCE).

The meeting was co-chaired by Vietnamese Deputy Minister of Planning and Investment Cao Viet Sinh and French Foreign Trade Secretary of State Pierre Lellouche.

Minister Cao Viet Sinh said two-way trade turnover between Vietnam and France has reached US$2 billion so far this year, noting that France has 305 projects with a total capital of US$3 billion.

Pierre Lellouche noted that the French government and businesses were pleased with frankness discussion at the meeting.

He said he was impressed by Vietnam’s GDP growth rate of 7 percent, and especially the country’s bilateral trade turnover over the past two years which has increased remarkably – by nearly 30 percent.

However, he pointed out that the French market share in Vietnam was only 1.2 percent which did not match the two sides’ potential.

Both sides also worked on measures to improve investment environments and reduce trade barriers, practical in the future.