French firms should invest more in renewable energy, infrastructure, agriculture: Vietnam's Deputy PM

French companies should enhance their business ties with Vietnam in the fields of high technology, sustainable development, renewable energy, infrastructure, transportation, and agriculture, says Deputy Prime Minister Ho Duc Phoc.

Phoc made the statement at a Tuesday meeting in Hanoi with the Mouvement des Entreprises de France (MEDEF) or the Movement of French Enterprises - the largest employer federation in France.

In response, Francois Corbin, vice chairman of the MEDEF, noted that French companies are capable of meeting Vietnam’s development needs and the two countries’ business communities currently have a "golden opportunity" for cooperation.

Vietnamese and French businesses, with complementary strengths, will effectively capitalize on development opportunities, said Corbin.

He highlighted unique strengths of French businesses, including human resource training and willingness to transfer scientific and technological know-how and share experience with Vietnamese partners.

France was the first EU country to establish a comprehensive strategic partnership with Vietnam, marked by Vietnamese Party General Secretary To Lam’s official visit to France in October 2024.

The country is Vietnam’s fourth-largest trading partner within the EU, with bilateral trade exceeding $5.4 billion last year. It ranks second among EU countries in terms of direct investment in Vietnam, with total registered capital of $3.96 billion as of end-April. France is also the EU’s leading provider of committed ODA to Vietnam.

Deputy PM Phoc emphasized that there is still significant potential for further economic cooperation. He called on both sides to fully tap the benefits of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA).

The cabinet leader said he hopes that France would continue to support industrial projects in Vietnam, including those in supporting industries, manufacturing, and transportation.

Given France’s strength in distribution and retail, with many of the world’s leading firms, Phoc called for greater cooperation from France to bring Vietnamese goods into global distribution networks.

In the renewable energy sector, he encouraged continued credit and technical support to develop human resources and accelerate Vietnam’s energy transition and innovation.

He also proposed cooperation in hydrogen production, infrastructure, and urban transport projects, especially the national railway network.

The Deputy PM urged the MEDEF and French businesses to raise their voice for the French Parliament’s early ratification of the EU-Vietnam Investment Protection Agreement (EVIPA), establishing a favorable legal framework to enhance EU and French investment and trade in Vietnam.