Participants at the seminar (Photo: VNA) Paris (VNA) – Frenchbusinesses should innovate their approach, enhance their understanding ofculture and language, and make changes to adapt to Vietnam's transitioning economy in order toexpand their market share and boost investment in the Southeast Asian nation, said Dr. Jean-PhilippeEglinger, the founder of the Viet Phap Strategies.
Addressing a seminar held by Salveo/Adit/ESL economic information consultingfirm on April 4 in Paris to introduce investment potential and promote economicand trade cooperation between France and Vietnam, Eglinger said Vietnam is a large and highly potential market, andbusinesses from both sides have an opportunity to capitalise on strengthsgenerated by the strategic partnership between the two nations and the EU – VietnamFree Trade Agreement (EVFTA).
He underlined the need for the two sides to conduct research so as to understand more about each other's market and strengthen training to have more Frenchpeople who can speak the Vietnamese language and understand Vietnamese culture.
French businesses should seek opportunities in other localities nationwide besidesthe two major cities of Hanoi and Ho Chi Minh City, he noted.
According to the expert, Vietnam'seconomy is undergoing a strong transformation from a production model relyingon assembling products for export to a new one with added value and higher competitiveness.
🌠 Vietnam has been concentrating on trainingand upgrading products. It has joined many FTAs, including new-generation ones whichhave higher requirements related to environmental protection and labourers, and productorigin.
France used to lead foreign investmentinto Vietnam among countries outside Asia, but French businesses failed tocapitalise on Vietnam's integration into the global economy, he said.
Statistics show that there are 170 French businesses operating in Vietnam,including large corporations investing in projects that are important to Vietnam'sdevelopment, such as the renewable energy producer EDF Renewables and Bouygues Corporation which have invested inthe two projects worth 1.5 billion EUR (over 1.64 billion USD).
Prof. Pierre Journoud from Paul Valéry MontpellierUniversity spoke highly of Vietnam's foreign policy of multilateralisation, demonstrated through its increasingly important role in regional and international organisations,as well as its strategic partnerships with many countriesaround the world.
Journoud said Vietnam has also made positivecontributions to the International Organisation of La Francophonie (OIF) and joinedmany bilateral and trilateral cooperation programmes. In its relationship with Vietnam, Franceis a reliable partner that has supported the country to overcome difficulties inits international integration process.
Tristan Cotte, Managing Directorof Salveo – a subsidiary of ADIT Group which specialises in investmentconsulting, said Vietnam is atypical example of economic recovery ability, therefore many French businessesare interested in this market.
ꦗ The firm’s experts will assist French companies in turning their ideas intospecific projects, helping French businesses find local partners, heaffirmed./.
