The analysis of the French view on the American first commitment in Vietnam depends on the point of view from which the study is made. The bilateral relations background has created different sensitivities on this issue. On the one hand, the United States was an ally of the French government, even if an ambiguous one; on the other hand, a large part of the French opinion, headed by the French communist party, was very suspicious of ‘American imperialism’, in Southeast Asia as well as in Europe. This paper will focus on the official government position, as it emerges from the French archives, especially the financial archives. Indeed, a core issue in this conflict was a financial one.