Vietnam, UK strive to lift trade and investment relations

Vietnam wants to see more investment from the United Kingdom (UK) in hi-tech agriculture, from cultivation to processing, preservation and distribution of farm produce and foods, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
Vietnam, UK strive to lift trade and investment relations
The Vietnam – UK Business Forum takes place in London on May 25. (Photo: VNA)

He made the statement when delivering an opening remark 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 forum discussed prospects for trade and investment between the two countries’ enterprises in agriculture, education, renewable energy and others. It 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 (UKVTFA).

The UK remains a major and trusted partner of Vietnam and its agriculture industry, Tien said, noting that agricultural cooperation between the two nations has made significant progress over recent years.

He expected British companies will form close and trusted joint ventures and partnerships with Vietnamese agribusinesses and farmers.

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

She further emphasised that Vietnam and the UK hold massive potential in trade and the two sides should cooperate to fully unleash it.

Director of TT Meridian Thai Tran suggested that in order to boost bilateral business ties, it is crucial for Vietnam and the UK to provide their companies with better understanding of each other’s market, for example, standards, consumer habits, business culture and trade barriers.

Prior on the same day, the 12th meeting of the Vietnam – UK Joint Economic and Trade Committee (JETCO12) took place under the co-chair of Vietnamese Deputy of Industry and Trade Dang Hoang An and Secretary of State Mordaunt.

Discussions centred around various areas, 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.

The two sides agreed to jointly increase high-level delegation exchanges in celebration of the 50th anniversary of the two countries’ diplomatic ties (1973 – 2023).

The Vietnam – UK trade reached 6.6 billion USD last year, up 17.2 percent from 2020.

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(Source: VNA)