PM visit to France expected to boost bilateral ties and trade

November 03,bxh bd tbn 2 2021 - 05:58 Prime Minister Phạm Minh Chính is to pay an official visit to France from November 3-5. The visit has been said to be a milestone to and strengthen bilateral ties, especially since the European Union–Vietnam Free Trade Agreement (EVFTA) went into effect in August last year. 

 

Vietnamese litchi on a shelf in a supermarket in Paris. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính is to pay an official visit to France from November 3-5.

The visit has been said to be a milestone to and strengthen bilateral ties, especially since the EU – Việt Nam Free Trade Agreement (EVFTA) went into effect in August last year. 

France is one of the largest markets within the EU with strong demand for Vietnamese products. Việt Nam – France trade turnover has been growing at an average rate of 15.7 per cent annually in 2011-19. The western European market remains Việt Nam's fourth-largest buyer and accounts for a total of 10 per cent of all Vietnamese export to the EU.

In 2020, due to the pandemic, two-way trade slowed down to a total of US$4.8 billion, a 10 per cent decrease from the previous year with Vietnamese exports taking a nosedive to just $3.3 billion, a 12.3 per cent decrease, and imports $1.6 billion, a 4.4 per cent decrease. 

During the first nine months of 2021, Việt Nam exported goods and services worth $2.25 billion to France, a 9.9 per cent decrease from the same period last year. Vietnamese exports to France included agricultural products, footwear, electronics, handicrafts, gemstones and industrial raw materials.

In order to boost sales of its products, the Vietnamese trade authority has been holding a number of trade promotions within France's supermarkets and distributional channels. 

Vietnamese litchi is among the latest agricultural products that have been brought to France and are widely distributed in supermarkets in the Île-de-France region. 

One tonne of the tropical fruits, which were geo-tagged using itrace247 technology, allowed French consumers to access not only its origin but also the harvesting and packaging process. The shipment marked the first time the Vietnamese litchi has been brought directly to France. 

France's purchase of Vietnamese cashew nuts increased significantly in recent months, bringing the Vietnamese product's market share in France to 63.3 per cent by the end of the first quarter of 2021. 

The Southeast Asian country has also been purchasing more French products, which mostly consisted of advanced machinery and transport vehicles. France's exports to Việt Nam in 2020 topped $1.5 billion. 

France has also consistently been among the top investors in Việt Nam, ranking 16 of 140 with 632 projects with a total investment amount of $3.6 billion. 

Vietnamese exporters' top priority should be quality, according to Việt Nam trade representative office in France, as French consumers place great value on product quality. It's also important because of France's many strict regulations on import products, especially agricultural products. 

The trade office recommended Vietnamese firms connect with the sizable Vietnamese community in France to acquire their support and expertise and to employ French experts' services. — VNS