Vietnam remains attractive to French investors: seminar

Rapid economic growth, political stability and a favourable foreign investment policy are the factors that have helped Vietnam remain attractive to French investors, heard a seminar held on April 4 in Paris.

Speaking at the event, Vietnamese Ambassador to France Dinh Toan Thang said Vietnam’s gross domestic product expanded by 8.02% in 2022 as the economy made a strong recovery in the post-pandemic period.

It is forecast that the Vietnamese economy will face many challenges in 2023, due to a global gloomy outlook, but Vietnam is expected to continue maintaining its growth momentum in comparison with regional and global economies.

Having signed a wide range of free trade pacts, Vietnam is now part of a wide-ranging regional and inter-regional economic network, including the EU-Vietnam Free Trade Agreement, said the Vietnamese diplomat.

He added that Vietnam also possesses many advantages that are attractive to foreign investors, such as a dynamic trade policy, an effective monetary policy and growing domestic consumption.

Ambassador Thang said that there are many opportunities for French investors as Vietnam is pushing for international economic cooperation by focusing on promoting innovation, participation in the global supply chain and development of the digital, green and circular economy.

At the seminar, French entrepreneur Jean-Philippe Eglinger, who has been doing business in Vietnam for many years, highlighted the reasons why Vietnam remains attractive to foreign investors.

They are Vietnam’s favourable location, incentive policies for foreign businesses, low labour costs, stable political and security environment and the positive impacts of free trade agreements.

He added that Vietnam’s position as a rapidly growing manufacturing centre will be increasingly strengthened, making it more attractive to foreign investors.

France is currently the third largest European investor in Vietnam, but trade data in 2022 showed that bilateral trade has not matched the potential of each country.

Jean-Philippe Eglinger stated that French enterprises should quickly approach the Vietnamese market and explore investment opportunities in Vietnam’s localities, especially in big cities like Hanoi and Ho Chi Minh City.

Speaking to Nhan Dan reporters in France, Tristan Cotte from SALVEO, a French business consultancy firm, said that French companies are looking for a stable and safe place to invest and Vietnam is highly regarded in terms of stability.