Vietnam Calls for UK Investment in High-Tech Agriculture

Vietnam has called for more investment from the United Kingdom in hi-tech agriculture. Photo: VNA

Deputy Minister of Agriculture and Rural Development Phung Duc Tien made the appeal at the Vietnam – UK Business Forum held by the Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development in collaboration of the UK Department of International Trade (DIT) in London on May 25.

The participants looked into prospects for trade and investment between the two countries’ enterprises in agriculture, education, renewable energy and others.

The forum also provided a platform for Vietnam to introduce its market potential to British investors and for firms from both sides to share information and seek partnerships to make the most of the UK-Vietnam Free Trade Agreement (UKVFTA).

Tien noted that the UK remains a major and reliable partner of Vietnam and its agriculture industry, saying agricultural cooperation between the two nations has made significant strides over the past years.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien. Photo: VNA

The official expressed his hope that British companies will establish close and trusted joint ventures and partnerships with Vietnamese agribusinesses and farmers.

In her remarks, Minister of State at DIT Penny Mordaunt said Vietnam is the most dynamic market in Indo-Pacific and the Vietnam-UK relations are thriving. The bilateral trade doubled over the last decade and the UKVFTA has brought tremendous benefits to sectors and enterprises from both countries.

She held that Vietnam and the UK hold great potential in trade, suggesting the two sides cooperate to fully unleash it.

Director of TT Meridian Thai Tran said to boost the bilateral business ties, Vietnamese and British should have better understanding of each other’s market like standards, consumer habits, business culture and trade barriers.

Earlier the same day, Vietnamese Deputy Minister of Industry and Trade Dang Hoang An and Minister of State Mordaunt co-chaired the 12th meeting of the Vietnam – UK Joint Economic and Trade Committee (JETCO12).

The two sides discussed various matters, including diplomacy, COP26 and renewable energy, agriculture, food and beverage, technology and financial technology, health care and pharmaceuticals, education, industry, and market management and trade remedy.

They consented to increase high-level delegation exchanges in celebration of the 50th anniversary of the Vietnam-UK diplomatic ties (1973 – 2023).

Pepper remains one of Vietnam's major exports to the UK. Photo: VNA

After hit by Covid-19 for two years, trade between Vietnam and the UK has recovered, reaching nearly $6.6 billion at the end of 2021, up 17% from the previous year.

Vietnam’s exports exceeded $5.7 billion, a year-on-year rise of 16.4 percent. Sharp growth was seen in shipments of fruits and vegetables, coffee, pepper, iron and steel, and toys and sports equipment.

Meanwhile, imports from the UK rose by 23.6% to nearly $850 million.

Vietnam exported more than $4.8 billion USD worth of goods to the UK in the first four months of 2022./.

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