VBUK Boosts Cooperation with Vietnamese Businesses at Home

Ambassador Nguyen Hoang Long speaks at the event. Photo: VBUK

The Vietnam Business Association in the UK (VBUK) will host and attend trade activities and fairs to promote tourism, cuisine and goods of Vietnam, and create more opportunities for businesses in the UK and the homeland to enhance business cooperation, its President Phuong Hoang has said, according to VNA.

Speaking at a Gala Dinner held in London to review VBUK’s operation in 2022 and sketch out development orientations in 2023, Phuong said the association organised many activities, including online workshops with Vietnamese economic experts and entrepreneurs in the UK to share business knowledge and experience for the Vietnamese business community in the country.

The activities contributed to bringing Vietnamese products closer to local consumers and distributors, especially furniture, handicrafts and farm produce, he said.

At the same time, the VBUK has also held many online conferences to give consultancy to businesses and people in corporate governance, along with some social activities for Vietnamese firms in the UK, he added.

Addressing the event, Ambassador Nguyen Hoang Long spoke highly of the role of the VBUK in connect Vietnamese firms in the UK and the homeland.

At the World Economic Forum (WEF) in Davos earlier this month, Vietnam was seen as one of the three VIP markets (Vietnam, Indonesia, the Philippines) in the world, he said, adding that it is the second largest trade partner of the UK, so there is a large room and opportunities for the Vietnamese business community in the European nation.

Established in 2006, the VBUK has supported many businesses in the UK and Europe in seeking partnerships with their peers in Vietnam, while providing oversea Vietnamese people in the UK with information on investment regulations in Vietnam, and assisting Vietnamese students to find study opportunities in the UK. Photo: VBUK

The Vietnam Trade Office in the UK and the VBUK need to support member businesses to strengthen connection with enterprises in the homeland, and serve as bridges to bring Vietnamese goods to the UK market, the diplomat said.

At the event, Trade Counselor Nguyen Canh Cuong updated on the Vietnam – UK trade cooperation, and introduced 10 key exports of Vietnam for Vietnamese businesses in the UK to refer to, thus seeking business opportunities.

At the event, VUBK members also listened to guest speaker, Dr. Quach Manh Hao, lecturer at Lincoln University, updated on the world economic situation, economic policies of the US, UK and Vietnam as well as economic forecasts in 2023.

In addition to the exchange of economic knowledge and commercial information, the gala dinner also includes cultural performances, an auction to raise funds for VBUK, a lucky draw, creating a joyful and cohesive atmosphere in the Vietnamese business community in the UK in the early days of spring.

Established in 2006 as a non-profit organisation, the VBUK works to support business activities of Vietnamese businesses in the UK, and connect them with domestic businesses at the homeland which have demand to enhance import - export activities and raise capital from the UK market.

In the time to come, the VBUK will focus on promoting trade partnership between businesses in the UK and Europe with their peers in Vietnam, increasing activities to enhance the prestige of the Vietnamese business community in the UK, and stepping up charity activities. Photo: VBUK

UK imports from Vietnam amounted to USD 6.06 billion last year, rising by 5.2% over 2021, Saigon Times citied the General Department of Vietnam Customs.

Phones and phone parts were Vietnam’s biggest export earner to the UK, at USD 1.13 billion, accounting for 18.7% of the total.

Machinery, equipment and parts as a whole came in second with combined revenue of USD 852.1 million, accounting for 14% of the total, followed by the textile and footwear industries.

In 2022, Vietnam’s exports to the UK grew sharply in a range of items, including coffee, electrical wires and cables, cereals and gemstones.

According to the Vietnamese Ministry of Industry and Trade, bilateral trade has expanded strongly in 2021 thanks to the UK - Vietnam Free Trade Agreement (UKVFTA).

As part of the UKVFTA, some 85.6% of tariff lines for goods imported by the UK from Vietnam were eliminated in January 2021, and 99.2% will be removed by January 2027, according to the UK Department for International Trade.

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