On Oct. 18, the Vietnam-Korea Business and Investment Association (VKBIA) and the Vietnam Business Association (VBA) in the United Kingdom held a virtual Memorandum of Understanding signing ceremony on cooperation to promote, attract investment for and support the consumption of Vietnamese products abroad.

The ceremony aimed to show the support of the overseas Vietnamese businesses, experts and intellectuals for Conclusion 12-KL/TW dated Aug. 12, 2021, of the Politburo on overseas Vietnamese’s work in the new situation and celebrate Vietnam Entrepreneur Day (Oct. 13).

Leaders of the Vietnam-RoK Business and Investment Association and the Vietnam Business Association at the signing ceremony. Photo: The Vietnam-RoKBusiness and Investment Association

The event offered an opportunity for foreign businesses operating and investing in Vietnam, the Republic of Korea (RoK) and the United Kingdom to meet, exchange experiences and step up cooperation in various aspects.

Tran Hai Linh, a member of the Central Committee of Vietnam Fatherland Front and VKBIA President, said since Vietnam and RoK established diplomatic relations in 1992, the Vietnam – RoK relationships have made significant strides in the last 29 years in all aspects, from politics, defense, security, economics to science and technology, culture, tourism and people-to-people exchange.

Linh underlined that both sides should further expand trade and investment based on the Vietnam – RoK Free Trade Agreement that comes into effect since 2015, to reach US$ 100 billion in trade turnovers while aiming for trade balance by boosting Vietnamese products exported to RoK, encouraging Korean businesses to invest in Vietnam and offering chances for Vietnamese businesses to take part in the global production and supply chains.

“Vietnam has made great strides and achieved notable results, overcoming the Covid-19 pandemic even as it continues to have complex occurrences.

Vietnam’s reputation and position are increasingly enhanced facing globalization. This has been creating favorable conditions for attracting the attention of the overseas Vietnamese and international friends for cooperation for Vietnam’s development, cementing the status and creating the network of connections with other countries in the world,” Linh added.

Participants at the virtual signing ceremony. Photo: Vietnam News Agency

VBUK President Hoang Viet Phuong noted that the bilateral trade between Vietnam and the United Kingdom has increased 10 times, from gaining US$ 700 million in trade turnovers in 2007 to US$ 6.5 billion now.

In its 15 years of operation, VBUK has succeeded in connecting the business community in the United Kingdom and Vietnam, supporting numerous businesses from the United Kingdom and other European countries to connect with Vietnam’s businesses.

The executive committee of the Vietnam Business Association in the United Kingdom in the period 2021 – 2026 aims to continue expanding the connection between the Vietnamese business community in the United Kingdom with other Vietnamese businesses abroad and Vietnam to strengthen trade between Vietnamese businesses across the world.

Addressing the event, VKBIA Vice President Kim Seok Pil said the association would work closely with the relevant agencies to boost cooperation amongst partners from Vietnam, RoK and other countries.

VKBIA and VBA would also strive for comprehensive partnership in finding and implementing bilateral partnerships in Vietnam, RoK and the United Kingdom via connecting networks of businesses and organizations in different countries and utilizing these networks to access different markets with specific goals, he added.

On his part, VKBIA Vice President Simon Jeong expressed his belief that VKBIA and VBUK would jointly organize practical events to help businesses and localities in Vietnam conduct trade with the relevant agencies and partners in RoK, the United Kingdom and other countries. In addition, both associations would contribute to strengthening the linkages between Korean and UK businesses with Vietnamese businesses to enhance socio-economic development and promote the relations amongst RoK, United Kingdom and Vietnam.

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