French businesses find Viet Nam attractive destination

Monday, Nov 05, 2018 12:20

French Prime Minister Edouard Philippe, along with economic officials, talk with Vietnamese start-ups. — VNA/VNS Photo

Viet Nam, with its impressive growth, has become an attractive destination for French investors, said participants at the France-Viet Nam business forum (HCM City French Tech), which took place in HCM City on Sunday.

Henri-Charles Claude, President of the French Chamber of Commerce and Industry in Viet Nam (CCIFV), highlighted the significant growth of Viet Nam in recent years, which he said creates big opportunities for foreign investors, including those from France.

According to Claude, Viet Nam and France have recorded positive steps in economic co-operation but are yet to fully tap their potential. He named a number of fields for stronger bilateral engagement, like infrastructure, digital technology, health, culture, and education.

Jean-Jacques Bouflet, Vice Chairman of the European Chamber of Commerce in Viet Nam (Eurocham), said Viet Nam is among countries which have signed the highest number of bilateral and multilateral free trade agreements (FTA), particularly its involvement in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, and in FTAs with ASEAN and the EU.

He said the EU – Viet Nam FTA will have a big impact on trade and investment through favourable legal frameworks and business opportunities. Saying the pact is in its final stage, he recommended France and other European countries speed up their networking in Viet Nam to gain market advantages.

Valentin Tran, director of Andros group, a French company specialising in farm produce, said his company chose Viet Nam to be its strategic investment destination in Asia as the country offers various conditions for its long-term development.

Viet Nam has fast growth, ample production material sources, young population, increasing consumption demand, as well as broad regional and international connections and integration. It can be a gateway for investors to reach neighbouring markets like Thailand or Cambodia.

Fabrice Carrasco, Managing Director of Kantar Worldpanel for Viet Nam and the Philippines, informed the forum that Viet Nam’s domestic consumption demand grows 12 per cent per year on average. Purchasing power has doubled that of five years ago and will be two times higher than the current level in a decade, he added.

Vietnamese consumers are spending more on education, food, healthcare and beauty services, he said.

Participating French companies said Vietnamese and French firms should boost innovation and technology transfer co-operation. They urged the Vietnamese Government to update its investment attraction policy and build a safe and transparent legal corridor to facilitate the implementation of public-private partnerships in infrastructure, transport and urban projects. — VNS

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