Vietnamese PM Chinh calls for breakthroughs in Vietnam–UK economic cooperation
HANOI: Prime Minister Pham Minh Chinh has called on Vietnam and the UK, especially their business communities, to make the most of the UK–Vietnam Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to advance bilateral ties in a more substantive and effective manner.
Strengthened cooperation, he noted, will contribute not only to the development of each country but also to regional and global peace, cooperation, and progress.
Speaking at a meeting in Hanoi on Saturday (June 28) with the UK business community and enterprises operating in Vietnam, the PM laid out a vision for long-term cooperation in key sectors aligned with Vietnam's newly issued 'four strategic pillars'.
He reflected on the strong foundations of Vietnam–UK relations, especially in trade and investment, and stressed the need for greater efforts to elevate economic collaboration to match the two countries' friendship, potential and complementarity.
Setting a target of US$10 billion in two-way trade and calling for a similar level of direct and indirect UK investments in Vietnam, the PM proposed six priority areas for breakthrough cooperation.
He urged both sides to enhance connectivity between the two economies in a way that is effective, substantive, and mutually beneficial. He called for stronger collaboration in science and technology, innovation, and digital transformation to capitalise on the Fourth Industrial Revolution.
Chính emphasised the importance of working together on green transition, climate change response, and Vietnam's goal of net-zero emissions by 2050.
The Government leader encouraged expanded cooperation in healthcare, education, culture and sports, particularly support for Vietnam's ambition to make English a second language in its schools.
He welcomed UK involvement in developing Vietnam's financial services sector, including the establishment of international financial and commercial centres.
In addition, he expressed his hope that UK businesses will help Vietnamese companies join global production, supply, and distribution chains and assist in nurturing domestic tech unicorns.
He affirmed the Government's commitment to maintaining a business environment aligned with international practices and the laws of both countries.
This includes safeguarding the rights and legitimate interests of foreign nationals and businesses in Vietnam, creating long-term, stable policies, ensuring freedom of enterprise, property rights, fair competition, and maintaining political stability, security and safety.
He reiterated the Government's willingness to listen, understand, and work with investors to resolve any difficulties in the spirit of harmonised benefits and shared risks.
Emphasising the need for intelligence, decisiveness and collaboration, PM Chinh stated that any challenge could be overcome with determination, proper execution and mutual trust.
At the meeting, representatives from the UK Advisory Council, the British Chamber of Commerce in Vietnam (BritCham), and UK businesses praised Vietnam's dynamic investment environment and acknowledged the Government's efforts to promote reform, innovation and sustainable growth.
Participants discussed Vietnam's plans to establish international financial centre, attract green finance, develop renewable energy and support social sectors such as education and healthcare.
UK businesses expressed a strong commitment to long-term investment in Vietnam.
They voiced their readiness to assist Vietnam in building international financial centre, mobilising green capital, and developing legal frameworks for green finance.
They also pledged support for the country's energy transition, digital economy development, and human resources training, while deepening collaboration in healthcare and social welfare.
Delegates discussed UK–Vietnam trade amid global economic challenges, shared concerns faced by UK companies operating in Vietnam, and offered suggestions to address regulatory inconsistencies and facilitate trade and investment under the UKVFTA and CPTPP.
As one of the key pillars of the Vietnam–UK Strategic Partnership, economic ties have grown steadily.
The two countries' shared commitment to a rules-based multilateral trading system is reflected in agreements like the UKVFTA and CPTPP.
In 2024, bilateral trade reached more than GBP8 billion ($10.9 million), with UK imports from Vietnam totalling GBP6.8 billion and exports to Vietnam valued at 1.3 billion GBP.
By the end of 2023, the UK's direct investment in Vietnam had reached GBPf1.3 billion, with over 400 UK enterprises operating in the country, from multinationals to SMEs. - Vietnam News/ANN
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