France Moves Towards Ratifying EU-Vietnam Investment Protection Agreement

France has moved a step closer to ratifying the Investment Protection Agreement (IPA) between the European Union (EU) and Vietnam, a development expected to further deepen the comprehensive strategic partnership between Vietnam and France. Nguyen Kim Son, Deputy Head of the Communist Party of Vietnam (CPV) Central Committee’s Commission for Policies and Strategies, briefed the French side on Vietnam's development process, its socialist-oriented market economy, and the Commission’s role in advising the Party leadership on major socio-economic policies. Deputy Minister of Foreign Affairs Le Thi Thu Hang stated that Vietnam attaches great importance to its cooperation with France and expressed satisfaction with the positive development of bilateral relations across all fields, including the significant contributions made by the legislative bodies of both countries. The IPA aims to enhance investor protection and stabilize the investment environment between EU member states and Vietnam. Vietnam anticipates that this agreement will further attract foreign direct investment (FDI) from the EU and serve as a catalyst for accelerating economic growth. Particularly, Vietnam's economic reforms under its one-party system are being advanced within the framework of a socialist-oriented market economy, and international frameworks like the IPA are crucial for increasing predictability for foreign investors. Amidst its complex relationship with China, Vietnam is seeking to balance its economic and geopolitical interests by strengthening ties with European nations. France is one of the countries within the EU that places significant importance on its relationship with Vietnam, and this move can be seen as part of Vietnam's multifaceted diplomatic strategy. The ratification of the agreement is expected to further invigorate trade and investment flows between the two countries, contributing to Vietnam's sustained economic growth.