Annual high-level economic dialogue between Vietnam and the French Republic

(Chinhphu.vn) - On November 6, the Vietnamese Ministry of Finance and the French Treasury General Directorate organized the annual High-Level Dialogue Forum on the Vietnam-France economy. Deputy Minister of Finance Tran Quoc Phuong and Ms. Magali Cesana, Director of the Department for Bilateral Affairs, Internationalization of French Enterprises and Foreign Attraction, French Treasury General Directorate co-chaired.

The Vietnamese Ministry of Finance and the French Treasury General Department organized the annual High-Level Dialogue Forum on the economy of Vietnam and the French Republic - Photo: VGP

Opportunity to review and discuss strategic cooperation

The High-Level Economic Dialogue between Vietnam and the French Republic is an annual dialogue forum between the two Governments, co-chaired by the Ministry of Planning and Investment (now the Ministry of Finance) and the French Ministry of Economy, Finance, Industrial Sovereignty and Digitalization, held once a year, alternating in each country. The forum was established based on an initiative agreed upon between the two Governments with the aim of discussing the need for cooperation in various fields between Vietnam and France.

Vietnam-France relations have a long history and tradition. According to the Ministry of Finance, economic -trade-development cooperation is identified as one of the pillars in the comprehensive strategic partnership between Vietnam and France.

In terms of trade, Vietnam is currently France's second largest trading partner in the ASEAN bloc, and France is Vietnam's fourth largest trading partner in the EU bloc. In 2024, the two countries' trade turnover will reach more than 5.4 billion USD, an increase of 12.9% compared to 2023, of which Vietnam will export more than 3.4 billion USD and import more than 2 billion USD.

Regarding investment, up to now, France has more than 700 investment projects in 16 economic sectors of Vietnam that are still in effect with a total registered capital of about 4 billion USD, ranking 16th out of 151 countries and territories investing in Vietnam. Vietnam has 22 investment projects in France with a total registered capital of about 40 million USD.

Regarding development cooperation, France is one of the first and leading donors of ODA capital and preferential loans to Vietnam through two main funding agencies: the French Treasury and the French Development Agency (AFD). Projects using ODA capital and preferential loans from France in Vietnam are spread across the country and in all fields.

At the Dialogue, the two sides exchanged views on the macroeconomics of Vietnam and the French Republic; the situation of trade and investment cooperation, development assistance and funding; and Vietnam - French Cooperation in a number of fields (Transportation, Energy, Agriculture and Environment, Finance, Banking).

Deputy Minister of Finance Tran Quoc Phuong at the dialogue - Photo: VGP

Vietnam maintains macroeconomic stability, creating a foundation for growth breakthroughs

Discussing Vietnam's macroeconomic situation in recent times, Deputy Minister of Finance Tran Quoc Phuong informed about the outstanding socio-economic situation that Vietnam has achieved in recent times in the context of the complicated and unpredictable world situation, with many issues beyond forecast.

Accordingly, Vietnam's economy affirms its ability to withstand external shocks, maintaining a growth rate among the highest in the world. GDP in 2025 is expected to increase by over 8%; the average growth rate in the 2021 - 2025 period is 6.3%, higher than the previous term (6.2%) (in 2021, due to the impact of the COVID-19 pandemic, growth only reached 2.55%; in the 4-year period of 2022 - 2025, the average growth rate is 7.2%/year, exceeding the target of 6.5 - 7%). The size of the economy increased from 346 billion USD in 2020 to 510 billion USD in 2025, up 5 places, to 32nd place in the world; GDP per capita in 2025 is estimated to reach about 5,000 USD, 1.4 times higher than in 2020, entering the upper middle-income group.

The macro economy is basically stable; inflation is controlled below 4%, major balances of the economy are guaranteed. Prestigious international organizations highly appreciate the results of direction, management, credit rating upgrade and growth prospects of Vietnam (IMF rates Vietnam as one of the top 10 fastest growing countries in the world; Standard Chartered forecasts Vietnam to be among the top 5 fastest growing countries in Asia).

Promoting substantive cooperation in many aspects

Affirming that France is an important partner in Vietnam's foreign policy, Deputy Minister Tran Quoc Phuong commented that the two countries' cooperation in various fields in recent times has achieved good and substantive results. The two sides have identified the contents of cooperation in the coming time.

Specifically, on trade and investment cooperation: Continue to implement the EVFTA Free Trade Agreement more effectively. Promote French investment in Vietnam in areas of French strength such as sustainable development, renewable energy, high technology, transport, infrastructure and agriculture. At the same time, Vietnam requests France to soon ratify the Vietnam - EU Investment Protection Agreement (EVIPA).

The need to mobilize capital for development investment in Vietnam in the coming time is very large. To ensure this capital mobilization need, the Vietnamese Government has been making efforts to perfect the legal framework for mobilizing, managing and using ODA capital and preferential loans from foreign donors, ensuring a transparent and effective mechanism. The Vietnamese Government hopes to have the companionship of countries, especially countries with high technology and a tradition of close development cooperation with Vietnam such as France.

Ms. Magali Cesana, Director of the Department of Bilateral Affairs, Internationalization of French Enterprises and Foreign Attraction, General Directorate of the French Treasury - Photo: VGP

Co-chairing the French side, Ms. Magali Cesana, Director of the Department for Bilateral Affairs, Internationalization of French Enterprises and Foreign Attraction, General Directorate of the French Treasury, congratulated Vietnam on its outstanding achievements in recent times. The French side also pledged to accompany Vietnam in the coming time, contributing to connecting the two economies.

Ms. Magali Cesana agreed with Vietnam's cooperation proposals and said she will continue to support and share experiences with Vietnam in areas where France has advantages.

At the Dialogue, the two sides also sent a message that, in the context of the current volatile global economic, political and social situation, the cooperation programs and projects of the two sides may face many challenges and difficulties. However, with the determination of the Government, ministries, branches and localities of Vietnam and the support of the Government and partner organizations of France, the economic and financial cooperation relationship between France and Vietnam will continue to develop more strongly and substantially in the coming time, contributing significantly to the connection of the two economies.

Mr. Minh

 

Source: https://baochinhphu.vn/doi-thoai-cap-cao-thuong-nien-ve-kinh-te-viet-nam-cong-hoa-phap-102251106140021021.htm