Emmanuel Macron announced trade agreements worth 9 billion euros in Vietnam, the first section of its one -week tour of Southeast Asia, while Europe tries to boost ties with the communist state of free market. But first, European shares recovered and the euro reached a maximum of a month against the US dollar after Donald Trump returned from his threat of new 50% rates in EU imports, giving until July 9 to reach a commercial agreement. It is not clear how the two parts can iron fundamental differentials duration of that window.
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French President Emmanuel Macron’s official visit to Vietnam has marked a significant milestone in the economic and diplomatic ties between the two nations, as a wave of agreements valued at €9 billion were signed on Tuesday.
This landmark visit, part of Macron’s broader Asia-Pacific engagement strategy, focused on expanding bilateral trade, strengthening strategic partnerships, and fostering cultural exchanges between France and Vietnam. The deals encompass a wide range of sectors, including energy, technology, infrastructure, healthcare, and education.
Major Agreements
Among the key deals announced during the visit:
- Energy Sector: A €2.5 billion agreement between French energy giant TotalEnergies and Vietnam’s state-run PetroVietnam aims to develop new liquefied natural gas (LNG) import facilities and invest in renewable energy projects.
- Technology and Innovation: French tech firm Dassault Systèmes signed a €1.2 billion partnership with leading Vietnamese universities and innovation hubs to establish a digital twin and AI research center in Ho Chi Minh City.
- Infrastructure and Transport: Alstom inked a €1 billion deal to supply modern rail systems and rolling stock for Vietnam’s North-South Express Railway project. This is expected to modernize the country’s rail network and significantly boost its capacity.
- Healthcare: Sanofi, a French pharmaceutical giant, agreed to a €750 million joint venture to enhance vaccine production capabilities in Vietnam, aiming to bolster both domestic health resilience and regional vaccine distribution.
- Education and Culture: Several agreements totaling €500 million were signed to support the development of French language education programs and cultural exchanges, including scholarships and university partnerships.
Macron’s Remarks
During a joint press conference with Vietnamese Prime Minister Pham Minh Chinh, President Macron highlighted the deepening ties between the two nations.
“France and Vietnam share a history of cooperation, but today, we are forging a future of shared innovation, economic growth, and cultural understanding,” Macron said.
He emphasized the importance of Vietnam as a gateway to ASEAN markets and noted that the partnerships would create thousands of jobs in both countries, while also driving sustainability and digital transformation.
Strategic Significance
Analysts note that this visit is part of France’s broader push to strengthen its footprint in Southeast Asia amidst growing geopolitical competition in the region. By fostering closer ties with Vietnam, a key member of ASEAN, France is seeking to enhance its economic resilience and diversify its supply chains.
The agreements also come amid increasing global focus on energy security and digital innovation, with Vietnam positioning itself as a rising hub in both sectors.
Looking Ahead
The visit is expected to pave the way for future collaborations, with both governments committing to hold annual bilateral economic dialogues and deepen defense cooperation. In addition to economic agreements, discussions were also held on regional security, climate change, and digital governance.
Macron concluded his visit with a cultural gala at the French Institute in Hanoi, celebrating the rich cultural connections between France and Vietnam.
As the ink dries on these €9 billion deals, both countries look forward to a new era of partnership and shared prosperity.
