(MPI) - Deputy Minister of Planning and Investment Tran Quoc Phuong hosted a reception in Hanoi on August 23 for Ambassador of the United Kingdom of Great Britain and Northern Ireland (UK) to Vietnam Iain Frew and the UK Prime Minister’s Trade Envoy for Vietnam, Thailand, Myanmar and Brunei Mark Garnier to discuss cooperation orientations toward promoting the two countries’ two-way trade and investment.

Deputy Minister of Planning and Investment Tran Quoc Phuong and British Ambassador to Vietnam Iain Frew. Photo: MPI

Deputy Minister Phuong highlighted various outstanding achievements recorded in the Vietnam-UK partnership, especially on the occasion of the 50th anniversary of diplomatic ties this year.

Two-way trade between Vietnam and the UK hit about 6.8 billion USD in 2022, up 3.3% annually, of which Vietnam’s exports reached 6 billion USD. The UK currently has more than 500 projects in Vietnam with a total capital of over 4billion USD, ranking 15th out of 141 countries and territories investing in the country. The enforcement of the Vietnam-UK Free Trade Agreement (UKVFTA) has also created impetus to foster the two countries’ trade turnover.

Ambassador Iain Frew spoke highly of the sound cooperation between Vietnam and the UK in many fields, from cooperation in security and defence to energy transition and climate change within the framework of Vietnam-UK strategic partnership.

Economic cooperation has always been a crucial pillar and bright spot in the bilateral ties since UK investment spread in many areas, such as finance, pharmaceutical industry and energy. Iain believed that the UKVFTA will contribute significantly to promoting high-quality investment and creating new cooperation opportunities. British businesses always keep trust and are willing to do long-term business in Vietnam.

Deputy Minister of Planning and Investment Tran Quoc Phuong and UK Prime Minister’s Trade Envoy for Vietnam, Thailand, Myanmar and Brunei Mark Garnier. Photo: MPI

Garnier said UK investors see Vietnam as a high potential market in the coming decades while the sides see fruitful development in the cooperation relationship.

The British Government has appointed TheCityUK to support Vietnam’s goals of developing a regional financial and business centre in Ho Chi Minh City by providing technical support to help create a business and regulatory environment in Vietnam that is attractive to global investors.

The trade envoy added, the UK will share best practice and recommendations to support Vietnam’s long-term sustainable growth and attract UK and international investors.

Vietnam and the UK see huge cooperation opportunities in the fields of education, health, technology and infrastructure, and especially within the Just Energy Transition Partnership (JETP) that will enhance UK’s support for Vietnam to accelerate energy and green transition as its commitment to reach net-zero emission by 2050.

Garnier said these are challenges for all participants, but the UK stands ready to accompany Vietnam through specific and long-term activities and projects. The UK also wishes to make contribution to Vietnam’s socio-economic development.

Agreeing with proposals of the ambassador and trade envoy, Deputy Minister Phuong they will continue encourage further British businesses to invest in Vietnam, and share technical expertise and financial support for Vietnam in build an international financial centre.

The Ministry of Planning and Investment is committed to working closely with the British Embassy to build a cooperation mechanism and deepen the two countries’ well relationship./.

Bao Linh

Ministry of Planning and Investment