Vietnam and France Aim to Increase Collaboration on Green Energy

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc. Photo: MPI

Within the framework of the 12th Vietnam-France Decentralized Cooperation Conference, which took place from April 13-16, in Hanoi, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc praised the conference’s activities for their success in strengthening cooperation between localities of the two countries.

According to Nguyen Thi Bich Ngoc, the Deputy Minister of Vietnam, the country is currently working to implement the National Strategy on green growth. This strategy involves accelerating economic restructuring, innovating the growth model, and striving for environmentally sustainable development and social justice.

The potential and opportunities for collaboration between Vietnam and France in the near future are immense. With a strong commitment to working together, both countries can reap immense benefits that will further strengthen and deepen their relationship. From bolstering trade relations to promoting cultural exchange and advancing joint research initiatives, there is no limit to the positive impact that can be achieved. With the right guidance and support, Vietnam and France can create a mutually beneficial partnership that will serve as a model for future collaborations.

Vietnam is actively encouraging and prioritizing foreign investment that is focused and high-quality, and is implementing policies to support businesses in order to further investment in science and technology, and improve production capacity to join the global supply chain. With these measures, Vietnamese enterprises have a unique opportunity to take part in the global economy.

Vietnam has placed a strong emphasis on foreign investment in high-tech, innovative, green energy, and renewable energy industries, as well as finance, banking, healthcare, training of high-quality human resources, infrastructure, healthcare, and pharmaceuticals. The country is committed to providing the best possible environment to foster the success of these investments.

“The economies of Vietnam and France are highly complementary and have a great deal of potential for collaboration and growth in the future,” said Deputy Minister Nguyen Thi Bich Ngoc. She highlighted the areas of strength that France has to offer.

12th Vietnam-France decentralized cooperation conference from April 13-16. Photo: MPI.

Regarding Vietnam-France relations, Deputy Minister Nguyen Thi Bich Ngoc emphasized that the two countries have a longstanding, strategic partnership based on trade, economic, and investment ties. She highlighted the strong bonds between the two countries, noting that they will continue to strengthen their relationship for mutual benefit. Ngoc pointed to various initiatives that have been undertaken to foster closer ties, such as the establishment of a high-level intergovernmental dialogue mechanism, the signing of several cooperation agreements, and the launch of a task force to promote economic and trade cooperation. She also noted that Vietnam and France have worked together to promote regional and global peace and security, as well as to address global challenges such as climate change. Ngoc concluded that the two countries have a bright future ahead of them and that they will continue to pursue common interests and build a strong, enduring partnership.

Up to now, France’s total registered investment capital in Vietnam has reached an impressive US$3.8 billion, placing it 16th among the 143 countries and territories investing in the country.

The total import-export turnover between Vietnam and France in 2022 amounted to US$5.33 billion. Of this, Vietnam’s export turnover to France reached US$3.7 billion, while Vietnam’s import turnover from France was US$1.63 billion.

In terms of official development assistance (ODA), France has been one of the earliest providers and is a leader in Europe when it comes to committed capital. The average capital has been steadily increasing over the years, making it a stable and highly effective cooperation model.

Vietnam – France have the potential to expand cooperation

According to the Ministry of Planning and Investment, Vietnam is projected to achieve significant results in socio-economic development in 2022, despite the difficulties and challenges posed by the domestic and international contexts. The right and timely policies are expected to help Vietnam overcome these obstacles and reach its goals.

Vietnam has successfully maintained a stable macro-economy, ensuring major balances. Monetary and fiscal policies have been implemented with flexibility and efficiency. The investment and business environment in the country has been continually improving, which has been lauded by the international community for its successful realization of both preventing the Covid-19 pandemic and developing the economy.

Vietnam has implemented both fiscal and monetary policies to support its socio-economic recovery and development program, as well as to bolster businesses in production and business activities, and social security. These measures are essential in ensuring economic stability and prosperity in the country.

In a difficult context, Vietnam’s economy still achieved positive growth. Investment and trade activities continued to bear fruit, placing Vietnam among the top 20 countries worldwide in terms of Foreign Direct Investment (FDI) and total trade scale.

The Deputy Minister of Planning and Investment has reaffirmed that Vietnam is an active and responsible member of the Association of Southeast Asian Nations (ASEAN) and the Asia-Pacific region.

France is a key member of the European Union. Vietnam and France are both members of the Francophone community as well as the EU-Vietnam Free Trade Agreement (EVFTA). These are important foundations and premise for expanding cooperation, promoting trade and investment between the two countries.

“As a dedicated agency for foreign investment and official development assistance (ODA), the Ministry of Planning and Investment is fully committed to providing foreign investors with support, guidance, and favorable conditions. This is particularly true for French investors, who have made considerable contributions to the sustainable and long-term development of Vietnam,” said Deputy Minister Nguyen Thi Bich Ngoc.