Vietnam, UK Commit To Fostering Multifaceted Economic Partnership
Prior to the 5-day visit, Huddleston spoke about the contribution of Vietnam - UK trade partnership to the diplomatic relations over the last 5 decades.
“2023 marks 50 years of UK-Vietnam diplomatic relations. Our trade relationship has continued to strengthen as the UK - Vietnam trade totalled £6.9 billion in 2022, an increase of 29% from 2021 and almost double the figure from 2013. I’m looking forward to meeting with my counterparts in Vietnam to break new ground and help more UK businesses access this dynamic market," said Huddleston.
|UK International Trade Minister Nigel Huddleston (Photo: British Embassy in Vietnam).|
The UK currently currently has 536 direct investment projects in the country with a total registered capital of US $4.28 billion, ranking 15th among 143 foreign investors in the country, VNS reported. According to data from the General Department of Vietnam Customs, Vietnam - UK's bilateral trade rose 0.5% o US $3.95 billion in the first seven months of the year. On the other hand, Vietnam's imports from the UK rose 6% on-year to US $460.1 million over the same period last year.
As part of his itinerary in big cities like Ho Chi Minh City and Hanoi, Huddleston met with key British businesses already operating in Viet Namthe on ways to further strengthen and diversify our economic ties. For instance, when engaging with UK architecture firm Atlas, he emphasized the important role that the British construction community has played in shaping Vietnam’s skyline, including East Asia’s 2nd tallest building Landmark 81.
|While in the city, the delegate led by Huddleston visited the British Council’s newest teaching center here while they celebrated its 30 years of contribution to Vietnam’s educational landscape (Photo: British Embassy in Vietnam).|
The highlight of Minister Huddleston’s visit was to co-host the 13th UK – Vietnam Joint Economic and Trade Committee (JETCO) and the Trade Committee of our bilateral Free Trade Agreement (UKVFTA).
At the meeting, Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang stressed that the bilateral cooperative relationship between the two countries has witnessed remarkable leaps across economic sectors. JETCO's cooperation mechanism has recorded sustainable development, contributing to resolving policy obstacles, and building a more favorable business environment for enterprises of both sides.
|The 13th UK – Vietnam Joint Economic and Trade Committee (JETCO) on August 24 was co-chaired by Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang (left) and UK International Trade Minister Nigel Huddleston (Photo: British Embassy in Vietnam).|
Vietnam welcomed the UK’s membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and proposed the UK provide relevant technical assistance programs.
In response, Huddleston affirmed the matters discussed at JETCO 13 will be further implemented through technical cooperation programs between the two nations, towards lifting the bilateral relations to a new height.
The Vietnamese side thanked the UK for its support in the Just Energy Transition Partnership (JETP) mechanism, and proposed the UK further support Vietnam's energy transition process, and help Vietnam improve its capacity in managing and operating the power system and developing the electricity market.
|The 13th UK – Vietnam Joint Economic and Trade Committee (JETCO) was held in Hanoi (Photo: British Embassy in Vietnam).|
The UK side expressed its willingness to cooperate in healthcare, education as well as agriculture, finance-banking and tourism Both sides shared their special interest in Fintech, expressing their hope for more cooperation opportunities in building capacity in this area in the near future.
The host and the guest agreed to continue productive conversations about regulatory frameworks about emerging key sectors, including education, renewable energy and technology.
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