Vietnam and UK set US$10 billion trade target over next 5 years

Vietnamese Ambassador to the UK Trade stated that turnover between the nation and the UK surged by 25% during the first half of the year, with both sides aiming to double the bilateral trade value to US$10 billion within the next five years.
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Vietnam and UK set US$10 billion trade target over next 5 years
Vietnamese Ambassador to the UK Nguyen Hoang Long (right) speaks at the meeting. Photo: VNA

The bilateral relationship between Vietnam and the United Kingdom (UK) is at the finest development stage and still holds much potential for further growth, Vietnamese Ambassador to the UK Nguyen Hoang Long said during his online meeting with members and partners of the Vietnam-UK Network (VUKN) on Monday.

Long briefed them on the latest achievements in bilateral ties, especially in trade, education, security defence and people-to-people exchange.

The Vietnamese diplomat quoted British Foreign Secretary Dominic Raab during the latter’s visit to the country in June as saying that the UK considers the nation to be its best friend, best trading partner, and best strategic partner. In response, the Ambassador affirmed that achieving this is his goal during his working term in the UK.

According to Long, two-way trade rose by 25 percent in the first six months of 2021, and the goal to raise it to US$10 billion in the next five years is feasible.

Potential for trade cooperation remains huge, especially in the context that Vietnam is entering a new economic development stage with average per capita GDP targets of 3,500 USD by 2025 and 7,000 USD by 2030, cited VNA.

As one of Vietnam’s leading partners, the UK can meet the country’s economic development demand in its strong fields such as science-technology, he stated.

Vietnam and UK set US$10 billion trade target over next 5 years
Vietnam-UK trade rises by 25 percent in the first six months of 2021. Photo: VNA

The diplomat affirmed that education is the priority in bilateral collaboration, and the UK is Vietnam’s leading partner in this field, with 74 trans-national programmes of 23 British universities.

Co-operation security and national defence have also seen greater development as the UK is increasing its presence in the East Sea and Southeast Asia. As such, it regards Vietnam to be a key partner within the Indo-Pacific region.

During the course of the meeting, Ambassador Long also revealed goals and an action plan during his tenure, especially the Vietnam Year programme in the UK in 2023 when both sides will celebrate 50 years of their diplomatic ties.

For his part, Warwick Morris, president of the VUFN, said that the two countries can ramp up co-operation in the medical field, especially in the fight against the global Covid-19 pandemic, as well as in other areas such as science, technology, and mechanics, reported VOV.

The meeting was jointly organised by the Vietnamese Embassy in the UK and VUFN, whilst it also featured the participation of the UK Prime Minister's Trade Envoy, British MPs Heather Wheeler and Wayne David. This is in addition to more than 70 representatives from the UK Foreign and Commonwealth Office foreign embassies in the UK, along with British and Vietnamese organisations, associations, businesses, and universities.

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