(VOVworld) - Trade between Vietnam and France will benefit from the Vietnam-EU Free Trade Agreement (VEFTA) thanks to markets opening and cuts in almost all taxes, said Nguyen Canh Cuong, Trade Counsellor at the Vietnamese Embassy in France. Cuong said bilateral trade ties have grown remarkably over the past years, with Vietnam enjoying a trade surplus for five consecutive years. Vietnam’s export turnover to France records an average annual growth of 5-7 percent, reaching up to 2.5 billion EUR a year, while its imports from the European country are valued at around 1 billion EUR. The VEFTA is a good chance for Vietnam to speed up its economic restructuring efficiently, as joining such a big agreement requires the country to reorganise its economy with a focus on making advantageous products and gradually reducing those with high production costs. Cuong added the agreement would also help encourage French investment in Vietnam since products made in Vietnam and then exported to France with tariff preferences will create more profits for French businesses than those produced in France or the EU.