Vietnam and France bolster economic ties under comprehensive strategic partnership

Vietnam and France have upgraded their relationship to a comprehensive strategic partnership. Photo: VNA

On the basis of the achievements of bilateral cooperation since the establishment of diplomatic relations in 1973, on the basis of similarities in interests and shared vision on compliance with the United Nations Charter, General Secretary of the Communist Party of Vietnam and President of the Socialist Republic of Vietnam To Lam and President of the Republic of France Emmanuel Macron agreed to elevate the bilateral ties to a comprehensive strategic partnership on the occasion of Party General Secretary, President Lam's official visit to France from October 6-7.

According to a joint statement released on October 8, both sides reaffirmed their common resolve to boost economic, trade, and investment cooperation - a pillar of their bilateral ties. Both sides reiterated the importance of continuing the full implementation of the EU-Vietnam Free Trade Agreement (EVFTA), including market access and protection of intellectual property rights.

On investment, both sides will continue to facilitate their projects in each country towards a transparent, stable, and predictable business environment. Both sides underscored the importance of the EU-Vietnam Investment Protection Agreement, which Vietnam expects France to soon ratify.

The leaders expressed their wish to develop and deepen strategic cooperation in innovation and new technologies, especially through the exchange of public policies and training activities.

Vietnam wants to step up cooperation with France and French companies in infrastructure, urban and railway transport, renewable energy, energy transition, non-carbon hydrogen, digital economy, circular economy, logistics and seaport infrastructure, civil aviation, and submarine cables. Both sides agreed to foster cooperation in training, research, and the application of civil nuclear technology, especially in the energy sector. The two sides committed to strengthening and expanding the scope of cooperation in satellites and essential minerals.

In the face of climate change-induced challenges, they reaffirmed their determination to achieve the goals set out in the 2015 Paris Agreement, achieving a balance between socioeconomic development and environmental protection, within the framework of the Paris Consensus for People and Planet.

France welcomed Vietnam's strong commitments towards achieving net-zero emissions by 2050 and coal phase-out. France will continue to support Vietnam to achieve these goals and to build a low-carbon economic model, particularly through the Just Energy Transition Partnership.

Vietnam acknowledged and supports the Coal Transition Accelerator initiative to develop solutions to promote the replacement of coal energy. France will continue to cooperate with Vietnam to cope with climate change impacts throughout the country, including the Mekong Delta.

Both sides recognised the crucial role of the oceans for the planet and the climate and pledged to further deepen exchanges on this topic within maritime cooperation dialogues, particularly to ensure the success of the third United Nations Ocean Conference in Nice in June 2025. In this spirit, the two sides will maintain and promote cooperation in sustainable fisheries, based on existing international and EU regulations.

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French investors line up for metro projects Vietnam and France are solidifying their transport infrastructure cooperation by various means, with a focus on metro line development.

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