UK firms seek cooperation opportunities in Vietnam

UK firms are currently interested in seeking co-operation opportunities in Vietnam in such sectors as food and beverage, technology, pharmaceuticals, education, health, finance, banking, fintech, tourism, artificial intelligence, environmental protection, and renewable energy.
August 27, 2020 | 10:27
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Representative image. Source: VNA

UK firms are currently interested in seeking co-operation opportunities in Vietnam in different sectors, according to a survey launched by Paul Smith, Vice Chairman of the Vietnam - UK Network.

The survey whose outcomes were released at a recent only meeting show that Vietnam’s food and beverage, technology, pharmaceuticals, education, health, finance, banking, fintech, tourism, artificial intelligence, environmental protection, and renewable energy have attracted the attention of UK businesses.

As many as 50 UK businesses joined the meeting to get updates on socio-economic situation in Vietnam as well as developments in the Vietnam-UK relations, and seek opportunities to cooperate with Vietnamese partners in the future, Vietnam News Agency reported.

At the meeting, held by the Vietnam-UK Network, Vietnamese Ambassador to the UK Tran Ngoc An briefed participants on the COVID-19 pandemic fight in Vietnam.

He said that initial success in the fight has helped Vietnam minimise the pandemic’s negative impacts and maintain business and production activities, enabling the country to attract more investment.

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Vietnamese Ambassador to the UK Tran Ngoc An and representatives from the Vietnamese Embassy in the UK attend the meeting. Photo:VNA

The ambassador held that although the pandemic has ravaged the world over the past eight months and affected many plans of activities, Vietnam and the UK have maintained close coordination with each other.

Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh and UK Foreign Secretary Dominic Raab had a phone call in Mid-July, during which Raab thanked the Vietnamese side for curing British COVID-19 patients and presenting face masks to UK hospitals and social organisations.

Raab affirmed that Vietnam is an important partner in the UK’s foreign policy for Asia-Pacific and Southeast Asia, while showing his hope for stronger partnership between the UK and the ASEAN.

Minh affirmed that as the Chair of the ASEAN in 2020, Vietnam will support partners, including the UK, to bolster collaboration with the grouping.

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Vietnamese Ambassador to the UK Tran Ngoc An. Photo: VNA

Regarding the Vietnamese economic situation, An said that The Economist magazine listed Vietnam among five economies with highest economic growth in the world in 2018, 2019 and 2020. Meanwhile, the Asian Development Bank (ADB) estimated Vietnam’s GDP growth at 4.8 percent in 2020 and 6.8 percent in 2021, the fastest expansion in Southeast Asia and the world.

Vietnam’s GDP growth in the first six months of 2020 reached 1.81 percent, led by the strong performance of major sectors such as industry, production and processing, he said, expressing his belief that the EU-Vietnam Free Trade Agreement, which took effect on August 1, 2020, will open up plenty of chances for Vietnam and UK firms.

At the meeting, some businesses held that Vietnam’s small enterprises should apply digital technology for higher efficiency. They also discussed measures to increase the number of Vietnamese tourists to the UK.

Vietnam sees USD18.8 billion in FDI pledges in seven months

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A woman welds a table at a furniture factory outside Hanoi, April 5, 2018. Photo: Reuters

Vietnam saw USD18.8 billion in foreign direct investment (FDI) pledges in the first seven months of the year, a 6.9 percent fall year-on-year.

The Foreign Investment Agency said the global economy has been hit badly by the coronavirus pandemic while investors have been unable to travel due to restrictions.

Of the amount, USD 9.46 billion went into new projects, a 14.4 percent rise, including USD 4 billion invested in a liquefied natural gas-fired power plant in the Mekong Delta province of Bac Lieu with a capacity of 3,200 MW by a Singaporean company.

More than USD 4.7 billion, up 37.7 percent, went into over 600 existing projects, including USD 1.39 billion in Long Son Petrochemicals in the southern province of Ba Ria-Vung Tau by its Thai owner.

Foreign investors picked up stakes worth USD 4.64 billion in companies, a 45.6 percent decline, VnExpress said.

The FDI came from 104 countries and territories. Singapore led with USD 6.44 billion followed by South Korea, mainland China, Japan, Thailand, and Taiwan.

The FDI went into 18 sectors. Manufacturing led with nearly half the investment followed by power, real estate and retail.

Bac Lieu Province attracted 21 percent of the investment followed by Hanoi, Ho Chi Minh City, Ba Ria – Vung Tau, Binh Duong, and Hai Phong.

In 2019, FDI pledges for new projects, capital supplements and stake acquisitions in Vietnam rose 7.2 percent year-on-year to USD 38 billion, marking a 10-year high./.

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