(VOVworld)- French President Francois Hollande’s visit to Vietnam from September 5 - 7 will create new momentum for bilateral ties. The first by a French President to Vietnam in 12 years is expected to deepen the Vietnamese- French Strategic Partnership and create opportunities for bilateral economic cooperation.
French President Francois Hollande |
Vietnam and France officially set up diplomatic ties in April 1973, which was upgraded to strategic partnership in 2013. Since then, Vietnam and France have expanded cooperation in various fields including politics, diplomacy, economics, trade, investment, science, technology, culture, and education.
Bilateral cooperation enjoys potential
In recent years, bilateral economic cooperation between Vietnam and France has developed rapidly. France is Vietnam’s 5th largest European partner after German, the UK, the Netherlands, and Italy. Two-way trade reached 4.2 billion USD in 2015, 19% higher than in 2014. France is Vietnam’s 3rd largest investor after the Netherlands and the UK and ranks 16th among 114 countries and territories investing in Vietnam with 461 projects worth more than 3.4 billion USD. France is Vietnam’s leading European donor in terms of official development assistance sourced from the State budget and preferential loans from the French Development Agency and the Fund of Solidarity Priority.
Priorities for cooperation
Vietnam and France have signed several legal documents to expand bilateral cooperation including a framework agreement for economic cooperation, an agreement on investment encouragement and protection, an agreement on avoiding overlapping taxation, and many other cooperative agreements. Vietnam’s business environment is changing rapidly especially amidst the potential signing of the EU-Vietnam Free Trade Agreement and the Trans-Pacific Partnership Agreement, the revisions of the Laws on Investment and Business, and the establishment of the ASEAN Economic Community in late 2015. These factors will create new opportunities for investors and enterprises including those from France. The French President’s visit to Vietnam is expected to open a new era of cooperation between the two countries.
Military history expert Pierre Journoud |
Military history expert Pierre Journoud accompanies the French President on this visit to Vietnam: “The visit takes place at a time when both Vietnam and France need new momentum to boost their bilateral ties at government, local, and civil society levels. The Vietnamese - French relationship is rich and diverse but bilateral economic and trade cooperation has not tapped their potential. I think that the two countries should increase product and technological cooperation. One of the aims of President Francois Hollande’s visit is to establish a new period in bilateral ties, especially in economics and trade.”
Bilateral cooperation in education and training has developed since the 1980s. For France, education, training, science and technology are its priorities in Vietnam. France prioritizes French language education and human resource training at the tertiary and post-graduate levels.
Lawyer Gerard Ngo |
With its “Look East” policy, France considers Vietnam a strategic location to further popularize the French language in ASEAN. Lawyer Gerard Ngo said: “France aims to enhance its relationship with Vietnam due to historical, political, cultural, economic, and trade reasons. Moreover, Vietnam can help promote the Francophonie movement in the region. This year, the French Senate Speaker, Minister of Defense, and many other delegations have visited Vietnam. Vietnam also wants to boost cooperation with France. France is making an effort to restore its influence in the region and focusing on boosting economic and trade ties with Vietnam.”
President Francois Hollande’s visit is expected by Vietnamese and French people as a boost to bilateral ties, especially while the two countries are sparing no effort to deepen the strategic partnership in a comprehensive fashion.