Robert Besser
29 May 2025

HANOI, Vietnam: Amid shifting global trade dynamics and growing concerns over U.S. tariffs, France and Vietnam have signed more than US$10 billion worth of agreements during French President Emmanuel Macron's official visit to Hanoi — his first and the first by a French leader in nearly a decade.

The two countries finalized 14 deals on May 26, covering aviation, defense, rail and maritime transport, satellites, and pharmaceuticals. According to a French official, further agreements are expected to be announced on Tuesday.

"We signed contracts worth 9 billion euros ($10.25 billion)," Macron told reporters, outlining projects including the purchase of 20 Airbus aircraft, nuclear energy cooperation, and vaccines from Sanofi. The visit also brought renewed focus to joint space and defense initiatives.

The timing of the deals is significant. Vietnam, heavily reliant on exports, is navigating pressure from the U.S. to reduce its trade surplus. Washington has threatened tariffs as high as 46 percent on Vietnamese goods. In comparison, U.S. President Donald Trump has also warned of imposing 50 percent of the duties on EU imports, stoking concern in Europe about potential losses in the region.

French officials have privately urged Vietnam not to allow American pressure to undercut deals with European firms — particularly with Airbus, which remains the country's primary jet supplier.

In one of the most significant signings, VietJet agreed to buy 20 Airbus A330neo wide-body jets, building on a 2023 agreement. While the value and delivery timeline were not disclosed, the deal counters speculation that Vietnam might shift future orders toward Boeing to appease the U.S.

On defense, Macron emphasized a "reinforced cooperation," while Vietnamese President Luong Cuong said the partnership involved "sharing of information on strategic matters" and increased collaboration on cybersecurity and anti-terrorism.

Airbus Defence and Space also signed a declaration of intent to explore a new earth-observation satellite program for Vietnam, updating the system it first helped launch in 2013.

In logistics, French firm CMA CGM and Saigon Newport announced a joint $600 million investment to build a deepwater container terminal in northern Vietnam by 2028.

Macron, who will next visit Indonesia and Singapore, aims to deepen France's regional influence, particularly in countries with historical ties. "This partnership," he said, "is built on mutual respect, shared history, and strategic ambition."