French businesses encouraged to invest in Vietnam

Minister of Planning and Investment Bui Quang Vinh was addressing a meeting of more than 100 leading French businesses in Paris on April 7.

The new policy will create plenty of opportunity for French businesses as   infrastructure construction projects using foreign loans have been undertaken by the State, Vinh said.

In addition, he said, Vietnam is restructuring State-owned and private businesses, offering a good chance for French companies to seek and establish partnerships.

Vinh elucidated that Vietnam has gone to great lengths to restructure its economy in a manner focusing on raising productivity on a balanced scorecard basis, properly taking into consideration modernization of technology to increase both quantity and quality of products to avoid the middle-income traps.

The country’s investment environment is much improved thanks to breakthroughs in three key areas – transparency in development policy, human resource training and modern transport and energy infrastructure, he said.

Vinh highlighted the prospect of cooperation between Vietnam and France and the rest of Europe when a single, united ASEAN community will be established in 2015 and Vietnam will be the gateway to this lucrative market of approximately 600 consumers.

Vietnam is also a dynamic economy in the Asia-Pacific region which makes up two thirds of the world’s population.

For her part, Thierry Courtaigne, Vice President of the French Business Association (Medef) and managing director of MEDEF International, said Vietnam is developing dynamically and reforming strongly, facilitating French businesses’ operations in the country.

Michel Drobniak, Economic and Commercial Counsellor of the French Embassy in Vietnam, in turn expressed his appreciation for the cooperative potential and prospects between the two countries based on Vietnam’s stable economy growth, young, skilled labour force, and rapid reform process.

At the meeting, Minister Vinh fielded questions of those in attendance related to difficulties in bidding and implementing projects, such as building HCM City Metro route No2, Hanoi urban railway No 3, and renewable energy projects.

Earlier Minister Vinh held talks with Minister of Foreign Affairs Laurent Fabius.

The ministers agreed economic and trade ties between the two countries remain modest that should be promoted in the coming itme.

They touched upon France’s strong areas such as transport infrastructure, urban development, nuclear energy, aviation technology, health care, and food processing from which Vietnam needs assistance.

They agreed to support broader Vietnam-France cooperation in the spirit of frank dialogue and mutual trust.