Promoting the potential of Vietnam-France economic and trade cooperation

(Chinhphu.vn) - In the picture of bilateral cooperation between Vietnam and the French Republic, trade has always been one of the main pillars, reflecting the depth and real effectiveness of the Comprehensive Strategic Partnership. In recent years, despite the volatile global economic context, the two-way trade turnover between Vietnam and France has maintained a positive growth trend with outstanding highlights in both the structure of goods and cooperation potential.

Prime Minister Pham Minh Chinh meets with French President Macron during his official visit to the French Republic in 2021 - Photo: VGP

The relationship between Vietnam and France has developed positively in many areas, especially in economics, trade and investment. According to the Foreign Market Department ( Ministry of Industry and Trade ), in terms of trade, France is currently Vietnam's fifth largest trading partner in Europe and is a market that accounts for a large proportion of trade relations between Vietnam and Europe. Vietnam-France trade turnover has achieved good growth with an average growth rate of 5.4% per year in the period of 2016-2024.

Vietnam is currently France's second largest trading partner in the ASEAN bloc (after Singapore). France is Vietnam's fourth largest trading partner in the European Union (EU) (after the Netherlands, Germany, Italy). In 2024, the trade turnover between the two countries 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, an increase of 7.5% and import more than 2 billion USD, an increase of 23.1%.

By the end of April 2025, two-way trade turnover between Vietnam and France reached nearly 1.8 billion USD, up 9.7% over the same period in 2024. Vietnam's exports to France reached more than 1.26 billion USD (up 19.2%); imports from France reached more than 528 million USD (down 7.9% over the same period in 2024).

Diverse and complementary product structure

Vietnam currently exports many traditional products to France, and is gradually expanding to high value-added products. The top 10 key export products in 2024 include: Footwear (566.7 million USD), phones and components (514.7 million USD), textiles and garments (499.3 million USD), electronic products (297.9 million USD), and machinery and equipment (290.7 million USD). In addition, products such as wood, seafood, handbags - suitcases, plastic products and handicrafts continue to hold a stable market share.

In the first four months of 2025, electronics exports grew impressively by 38.5%, reaching 148.2 million USD; footwear and textiles reached 215 million and 135.2 million USD respectively, showing stable consumer demand in France for high-quality consumer goods from Vietnam.

Although some product groups such as phones, seafood or means of transport show signs of slowing down, the overall trend is still to expand product categories, target niche markets and EU green - clean - sustainable standards.

In contrast, Vietnam mainly imports from France products with high technological value and intellectual content. In 2024, pharmaceuticals will continue to lead with a turnover of 572.5 million USD (up 31.4%), followed by means of transport and spare parts (327.5 million USD), machinery and equipment (232.4 million USD) and chemical products, cosmetics, and processed foods.

Notably, vehicle imports from France increased dramatically by 179.4% in 2024, demonstrating the need for innovation in equipment and vehicles serving urban transport and green industry in Vietnam. In the first 4 months of 2025, despite slight adjustments, pharmaceuticals and vehicles still maintained an important position in the import structure.

Great impetus from the EVFTA Agreement

The Vietnam - EU Free Trade Agreement (EVFTA), which took effect in August 2020, is a "boost" for bilateral trade between Vietnam and France. The gradual elimination of tariffs and transparency of technical regulations create favorable conditions for Vietnamese goods, especially agricultural products, processed foods, and textiles, to penetrate deeper into the French market.

On the contrary, French enterprises also have the opportunity to expand investment and export technology equipment, medical products, and renewable energy to Vietnam - an economy in the process of strong transition to a green growth and digitalization model.

Anh Tho

Source: https://baochinhphu.vn/thuc-day-tiem-nang-hop-tac-kinh-te-thuong-mai-viet-nam-phap-102250606095542442.htm