Vietnam, France enhance economic cooperation

Vietnamese Deputy Minister of Planning and Investment Cao Viet Sinh and French Minister for the Economy, Finance and Industry, Francois Baroin, co-chaired the annual meeting.

In his opening speech, Minister Francois Baroin said France was assisting Vietnam implement large-scale projects and voiced his special interest in metro project in Hanoi and Nghi Son oil refinery complex.

Deputy Minister Cao Viet Sinh highlighted the constant developments of the France-Vietnam cooperation, saying that France has invested in 336 projects with a combined registered capital of nearly $3 billion in Vietnam .

Two-way trade value reached $2 billion in 2010 and is estimated to hit $2.5 billion in 2011. Besides, France has provided $2 billion in official development assistance for Vietnam.

Deputy Minister Sinh said Vietnam has recorded high economic growth rates in recent years and spared no efforts to stabilise the macro economy to create favourable investment environment to foreign investors, including those from France.

The deputy minister said he is pleased to see that France considers Vietnam as a priority country in developing its partnership cooperation and an attractive investment destination.

He reaffirmed that the Vietnamese government is willing to create better conditions for French investors to continue their investment projects in Vietnam, including the metro project in Hanoi and several other energy projects.

A seminar highlighting opportunities for Vietnam was held within the framework of the session on the same day.

Participants, including economists and businessmen, discussed Vietnam’s socio-economic development over the past time as well as prospects for economic, trade and investment cooperation between Vietnam and France.

Nguyen Thi Bich Van, deputy head of the Foreign Investment Agency under the Vietnamese Ministry of Planning and Investment said, some international organisations placed Vietnam third among countries achieving reforms in business establishment and licencing procedures and credit access.

The official also highlighted Vietnam’s investment incentives offered to foreign investors who begin to invest in Vietnam such as import and land tax reduction and exemption.