Reshaping investment promotion in a new period

Counsellor Dao Quoc Cuong noted that the upgrade of Viet Nam-France relations to a comprehensive strategic partnership in October 2024 was of particular importance, translating high-level commitments into reality and opening a new and more substantive chapter in bilateral economic cooperation.

The presence of the top Vietnamese leader in France — Viet Nam’s leading investment partner in Europe, with total investment exceeding 4 billion USD — not only reinforced firm political trust but also helped reshape investment promotion through a new-generation approach.

Instead of traditional approaches, Viet Nam is shifting strongly towards direct, one-to-one engagement with leading French companies in the CAC 40, which comprises the 40 largest listed companies by market capitalisation on Euronext Paris. Together, these companies account for more than 80% of the French stock market’s total capitalisation.

Direct engagement with this group can help Viet Nam attract not only billions of US dollars in FDI but also entire ecosystems of supporting companies, core technologies, and green finance from Europe.

“The strategic highlight during the visit is the high-level roundtable co-chaired by Vietnamese Finance Minister Ngo Van Tuan along with Nicolas Forissier, French Minister Delegate for Foreign Trade and Economic Attractiveness, and Benoit Clocheret, Chairman of MEDEF International, bringing together leading business groups from both countries,” Counsellor Dao Quoc Cuong shared.

The co-chairing role of the two ministers and the leader of MEDEF International not only underscored the importance of direct policy dialogue but also created a forum for in-depth, substantive discussions to identify bottlenecks and remove obstacles for specific projects.

In particular, since the upgrading of bilateral relations to a comprehensive strategic partnership in October 2024, this will be the first time the two heads of state will be directly present at, participate in and provide high-level strategic guidance at an economic roundtable alongside ministers and leaders of major corporations.

This special connection, together with the signing of key cooperation documents, demonstrates the highest-level political determination of the two countries’ leaders. It sends a message that Viet Nam is not merely seeking FDI but is proactively opening its doors to France’s leading strategic partners to jointly innovate, share value, and pursue sustainable development.

Regarding investment opportunities in Viet Nam for French businesses, Counsellor Dao Quoc Cuong said that despite global economic volatility, Viet Nam continues to be viewed by European investors as a strategic bright spot thanks to its stable macroeconomic environment and extensive network of free trade agreements.

Alongside the EVFTA, which removes tariff barriers, the key legal lever at present is the EU-Viet Nam Investment Protection Agreement (EVIPA). Positive moves by the French Parliament to advance ratification of the EVIPA ahead of the visit provided clear evidence of its commitment to elevating bilateral economic and investment cooperation.

France’s early completion of the process would create a ripple effect, encouraging the remaining six EU member states to accelerate ratification so that the EVIPA can enter into force.

This would provide an important legal lever to protect high-quality French and EU investment flows into green industries and high-tech sectors in Viet Nam, helping to dispel concerns among corporations considering long-term investment.

On the foundation of the comprehensive strategic partnership, investment promotion efforts are now focused on advancing the green and digital transitions through cooperation with reputable corporations in five priority areas: transport, maritime, and aviation infrastructure; green energy and hydrogen; strategic technologies, semiconductors, AI, and quantum technologies; green finance and the International Financial Centre (IFC); and healthcare, pharmaceuticals, and retail.

Regarding opportunities for Vietnamese businesses to expand into the French market, Counsellor Dao Quoc Cuong said two-way investment was now an inevitable trend. The French market is a priceless springboard for Vietnamese businesses to enhance their reputation and bring their competitiveness up to international standards.

Turning high-level commitments into concrete economic projects

According to Trade Counsellor Vu Anh Son, Viet Nam-France relations are entering a pivotal phase, moving from establishing a framework for cooperation towards substantive and deeper implementation.

Following the upgrade of bilateral relations to a comprehensive strategic partnership and President Macron’s visit to Viet Nam, General Secretary and President To Lam’s official visit to France will provide further important political momentum for turning high-level commitments into concrete, strategic economic projects that could mark a turning point in bilateral relations.

In the new phase, the overarching principle is that implementation must be determined and substantive, with results serving as the benchmark, and feature clear tasks, deadlines, and responsibilities.

This emphasis on substance also requires major changes in the way trade agencies operate. The focus is shifting from broad-based promotion to data-driven promotion, with greater emphasis on early warning, proactive risk management, and closer integration of trade with industrial development, high technology, and the energy transition.

“France should not be viewed merely as an export market, but as an important strategic partner through which Viet Nam can gain access to core technologies, develop a highly skilled workforce, and participate more deeply in the value chains of the world’s leading industrial corporations,” Counsellor Vu Anh Son stated.

Viet Nam and France now have a historic opportunity to forge a new chapter in bilateral investment and trade cooperation.

The convergence of political determination at the highest level and the intrinsic dynamism of the two countries’ business communities is the key to expanding two-way investment flows in terms of both scale and in quality, thereby elevating Viet Nam-France cooperation into a model pillar of a sustainable partnership between Viet Nam and Europe.