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7 days ago
- Business
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Macron courts Hanoi: France, Vietnam ink $10 billion in deals amid Trump tariff tensions
During a joint press conference with his Vietnamese counterpart, Luong Cuong, in Hanoi, Macron stressed the importance of a rule-based order 'at a time of both great imbalance and a return to power-driven rhetoric' read more France's President Emmanuel Macron and Vietnam's President Luong Cuong shake hands during a meeting at the Presidential Palace in Hanoi. (Photo: Reuters) France has a flurry of new trade deals with Vietnam, as Trump tariffs threaten the world economy. During his first leg of his Southeast Asia tour, which started with a visit to Vietnam, French President Emmanuel Macron signed over 30 agreements worth $10 billion, including a major Airbus deal for 20 aircraft. Macron's first formal visit to Vietnam, the first by a French president in nearly a decade, follows US President Donald Trump's threats on Friday to impose 50 per cent duties on European Union goods from June 1, fuelling tensions with the 27-country bloc, though he later delayed that deadline to July 9. During a joint press conference with his Vietnamese counterpart, Luong Cuong, in Hanoi, Macron stressed the importance of a rule-based order 'at a time of both great imbalance and a return to power-driven rhetoric'. STORY CONTINUES BELOW THIS AD What did the deals cover? Deals covered the purchase of 20 Airbus planes, cooperation on nuclear energy, defence, rail and maritime transport, Airbus earth-observation satellites and Sanofi vaccines, a list of documents seen by Reuters showed, confirming an earlier report. The deal with European planemaker Airbus for Vietnam's low-cost airline VietJet to buy 20 A330neo wide-body aircraft follows last year's agreement for 20 of the jets. The two countries also signed deals intended towards a defence push, with Cuong saying that the defence partnership involved 'sharing of information on strategic matters' and stronger cooperation in the defence industry, cybersecurity and anti-terrorism. Meanwhile, Macron reiterated France's support of freedom of navigation, an issue dear to Vietnam as it often clashes with Beijing over contested boundaries in the South China Sea. EU concerns over Vietnam's concessions to US At the same time, the European Union has been on the edge since Vietnam announced plans to cut tariffs on several products as the country tries to avoid being hit with US tariffs because of its large bilateral trade surplus. Under the new plans revealed late on Tuesday, the tariff on American liquefied natural gas will be cut to 2 per cent from 5 per cent, on automobiles to 32 per cent from a range of 45 per cent to 64 per cent, and on ethanol to 5 per cent from 10 per cent, the head of the Finance Ministry's tax policy department Nguyen Quoc Hung said in a statement posted on the ministry's website. The tariff cuts are aimed at 'improving trade balances with (Vietnam)'s trade partners,' Hung said, adding that while the US and Vietnam had a Comprehensive Strategic Partnership, the countries had not signed a free-trade agreement. With inputs from agencies
TimesLIVE
26-05-2025
- Business
- TimesLIVE
France, Vietnam sign deals worth $10bn as Macron visits Hanoi
In statements to the press with no questions allowed, Macron reiterated France's support of freedom of navigation, an issue dear to Vietnam as it often clashes with Beijing over contested boundaries in the South China Sea. Macron added the partnership with Vietnam 'entails a reinforced defence co-operation', citing the signing of multiple projects on defence and space. Vietnam's President Luong Cuong said the defence partnership involved 'sharing information on strategic matters' and stronger co-operation in the defence industry, cybersecurity and antiterrorism. France ruled the Southeast Asian country for about 70 years until it was forced out in 1954 after a major defeat at Dien Bien Phu in northern Vietnam. Ties have improved in recent decades, being upgraded last year to Vietnam's highest level. On his trip, the first leg of a Southeast Asian tour that includes Indonesia and Singapore, Macron met Vietnamese leaders and will visit a university in Hanoi on Tuesday, before flying to Jakarta, the Indonesian capital. The deal with European aircraft manufacturer Airbus for Vietnam's low-cost airline VietJet to buy 20 A330neo wide-body aircraft follows last year's agreement for 20 of the jets. The companies did not announce the value of the deal or delivery schedule. The signing followed urging by European officials in recent weeks for Vietnam to be careful in concessions made to the White House, two officials based in Vietnam with knowledge of the discussions told Reuters, referring to concerns about Airbus. Airbus is the main supplier of jets to Vietnam, but with an economy heavily dependent on US exports, Vietnamese officials have signalled the possible purchase of at least 250 Boeing aircraft by flag carrier Vietnam Airlines and rival VietJet in moves meant to help cut the country's huge trade surplus with the US and possibly appease Trump. Airbus Defence and Space signed a separate declaration of intent with Vietnam on satellites. The company has long been in talks with Hanoi for the replacement of Vietnam's earth-observation satellite, built by Airbus' predecessor Eads and launched in 2013. The new pact involves 'exploring a future programme', Airbus said. During the visit, French transport company CMA CGM said it signed a deal with Saigon Newport to build a deepwater container terminal in North Vietnam by 2028 for a joint investment worth $600m (R10.71bn).
The Hindu
26-05-2025
- Business
- The Hindu
France's Emmanuel Macron calls for world order 'based on law' in Vietnam
France's President Emmanuel Macron called in Vietnam on Monday (May 26, 2025) for the preservation of a world order "based on law", as he started a tour of Southeast Asia, a region caught up in the confrontation between the United States and China. During a press statement alongside his Vietnamese counterpart, Luong Cuong, in Hanoi, Mr. Macron said a rules-based order was necessary at "a time of both great imbalance and a return to power-driven rhetoric and intimidation." The President presented France as a reliable alternative for Vietnam, caught between Washington, which is threatening to impose enormous levies on its exports to the United States, and Beijing, an important trade partner with which it is also embroiled in territorial disputes in the South China Sea. After his arrival in Hanoi on Sunday (May 25, 2025), the first stop of a six-day trip that will take in Indonesia and Singapore, Mr. Macron emphasised a shared vision with Vietnam, a country of 100 million people experiencing stellar growth. On Monday (May 26, 2025), around a dozen agreements were signed between the two countries, including in the field of nuclear power, which Hanoi is keen to develop as it seeks to meet soaring energy demands. Budget airline Vietjet also announced an order for 20 widebody Airbus A330-900 planes, doubling its purchases of the model from the aviation giant in a deal worth an estimated $8 billion. "It is truly a new page being written between our two countries... a desire to write an even more ambitious page of the relationship between Vietnam and France, between ASEAN and the European Union," President Macron said. After paying tribute at a Hanoi war memorial to those who fought against French colonial occupation, President Macron met his counterpart, Vietnam President Luong Cuong. The French President later had lunch with Communist Party General Secretary, Tô Lâm, at the capital's star attraction, the Temple of Literature. Mr. Lâm is considered the most powerful leader in Vietnam, a one-party state that tolerates no dissent and moves quickly to suppress any criticism. Ahead of Mr. Macron's first official visit to the country, Human Rights Watch (HRW) pressed him to voice concerns about "the Vietnamese government's worsening rights record." 'Vietnam has more than 170 political prisoners who have been charged and convicted under 'draconian laws' that criminalise free expression and peaceful activism for human rights and democracy,' HRW said. A public appeal would be out of character for the French President, who regularly says he prefers to raise sensitive issues behind closed doors. Vietnam on 'front line' Mr. Macron hopes to sell Hanoi his offer of a "third way" between Washington and Beijing. "Vietnam is really on the front line of all the tensions that are growing in the South China Sea," a senior French diplomatic official told AFP. Hanoi shares Washington's concerns about Beijing's increasing assertiveness in the contested waterway, but it has close economic ties with its giant neighbour. Vietnam has also been threatened with a hefty 46% tariff by U.S. President Donald Trump as part of his global trade blitz. Mr. Macron's "Indo-Pacific strategy," which proposes a third way to the countries of the region, has gained new relevance owing to Trump's trade war, according to the aide. He said the President was "defending the idea of international trade rules, we don't want a jungle where the law of the strongest prevails." Vietnam has been careful to follow its own balancing act between China and the United States. It has adopted a "bamboo diplomacy" approach of seeking strength through flexibility, or looking to stay on good terms with the world's major powers.
Free Malaysia Today
26-05-2025
- Business
- Free Malaysia Today
France's Macron in Vietnam to offer third way between US, China
French President Emmanuel Macron will focus on 'cooperation in strategic sectors such as energy, transport and defence' while in Hanoi. (EPA Images pic) HANOI : France's Emmanuel Macron will hold talks in Vietnam today at the start of his Southeast Asia tour, an opportunity to test his 'Indo-Pacific strategy' in a region caught in the middle of the confrontation between the US and China. The French president arrived in Hanoi late yesterday, the first stop of a six-day trip that will also take in Indonesia and Singapore. After paying tribute at a Hanoi war memorial to those who fought against French colonial occupation, Macron has a day of talks ahead. The president will meet his counterpart Luong Cuong before lunch with Communist Party general secretary To Lam at the capital's star attraction, the Temple of Literature. Lam is considered the most powerful leader in Vietnam, a one-party state which tolerates no dissent and moves quickly to suppress any criticism. Ahead of Macron's first official visit to the country, Human Rights Watch pressed him to voice concerns about 'the Vietnamese government's worsening rights record'. Vietnam has more than 170 political prisoners who have been charged and convicted under 'draconian laws' that criminalise free expression and peaceful activism for human rights and democracy, HRW said. A public appeal would be out of character for the French president, who regularly says he prefers to raise sensitive issues behind closed doors. Macron will focus attention on strengthening 'cooperation in strategic sectors such as energy, transport and defence' while in Hanoi, according to an aide. The French president also hopes to sell to Hanoi his offer of a 'third way' between Washington and Beijing. 'Vietnam is really on the front line of all the tensions that are growing in the South China Sea,' a senior French diplomatic official told AFP. Hanoi shares Washington's concerns about Beijing's increasing assertiveness in the contested South China Sea, but it also has close economic ties with China. Vietnam has also been threatened with a hefty 46% tariff by US President Donald Trump as part of his global trade blitz. Macron's 'Indo-Pacific strategy' – which proposes a third way to the countries of the region – has regained relevance due to Trump's trade war, according to the aide. He said the president is 'defending the idea of international trade rules, we don't want a jungle where the law of the strongest prevails'. Vietnam has been careful to follow its own balancing act between China and the US. It has adopted a 'bamboo diplomacy' approach of seeking strength through flexibility, or looking to stay on good terms with the world's major powers.
Free Malaysia Today
26-05-2025
- Business
- Free Malaysia Today
France, Vietnam sign Airbus, satellite deals as Macron visits Hanoi
A separate agreement with Airbus Defence was signed during the visit to cooperate with Vietnam on earth-observations satellites. (EPA Images pic) HANOI : France and Vietnam signed a deal today for 20 Airbus planes, among other pacts, as President Emmanuel Macron visited Hanoi seeking to boost France's influence in its former colony, grappling with threats of crippling US tariffs. Macron's first formal visit to Vietnam, the first by a French president in nearly a decade, follows US President Donald Trump's threats on Friday of 50% duties on EU goods from June that sharply fuelled tension with the 27-nation bloc. Export-dependent Vietnam, under pressure from Washington to buy more American goods, has made pledges in trade talks to avert 46% tariffs that could impair its growth, fanning European concerns about deals at the region's expense. Deals signed during Macron's visit covered the plane purchase, cooperation on nuclear energy, railways, Airbus earth-observation satellites and Sanofi vaccines, a list of documents seen by Reuters showed, confirming an earlier report. In statements to the press with no questions allowed, Macron reiterated France's support of freedom of navigation, an issue dear to Vietnam as it often clashes with Beijing over contested boundaries in the South China Sea. Macron added the partnership with Vietnam 'entails a reinforced defence cooperation', citing the signing of multiple projects on defence and space. Vietnam's President Luong Cuong said the defence partnership involved 'sharing of information on strategic matters' and stronger cooperation in the defence industry, cybersecurity and anti-terrorism. France ruled the Southeast Asian country for about 70 years until it was forced out in 1954 after a major defeat at Dien Bien Phu in northern Vietnam. Ties have improved in recent decades, being upgraded last year to Vietnam's highest level. On his trip, the first leg of a Southeast Asian tour that includes Indonesia and Singapore, Macron will visit a university in Hanoi tomorrow, before flying to Jakarta, the Indonesian capital. Airbus The deal with European planemaker Airbus for Vietnam's low-cost airline VietJet to buy 20 A330neo wide-body aircraft follows last year's agreement for 20 of the jets. The signing followed urging by European officials in recent weeks for Vietnam to be careful in concessions made to the White House, two officials based in Vietnam with knowledge of the discussions had told Reuters, referring to concerns on Airbus. Airbus is the main supplier of jets to Vietnam, contributing 86% of its fleet, data from aviation analytics firm Cirium shows. A separate agreement with Airbus Defence was also signed during the visit for cooperation with Vietnam on earth-observations satellites. Airbus has long been in talks with Hanoi for the replacement of Vietnam's earth-observation satellite, built by Airbus' predecessor EADS and launched in 2013. With an economy heavily dependent on US exports, Vietnam has signalled the possible purchase of at least 250 Boeing planes by flag carrier Vietnam Airlines and rival VietJet. Officials of both nations have said such deals would help cut its huge trade surplus with the US and possibly appease Trump. In talks with the US, 'Vietnam should make sure not to make decisions at the expense of European interests,' one of the EU officials said. Vietnamese leaders have been advised such steps could jeopardise close ties with the EU, which has a free trade deal with Vietnam and is a major buyer of its goods, they added.
