Vietnam and the UK exchange many cooperation documents at a high-level forum on economy and trade in London on June 29.

VOV.VN - Vietnamese businesses and localities and British companies exchanged a number of co-operation documents at a high-level Vietnam–UK forum on economy and trade held in London on June 29.
Mr. Ian Hatton - Chairman of Enterprize Energy and Mr. Nguyen Minh - Vice Chairman of Binh Thuan Provincial People Committee.

Among the co-operation documents was a memorandum of understanding (MoU) inked between Enterprize Energy and Binh Thuan province to support local fishermen in the development of offshore wind power projects. An MoU on cave research, surveys, and exploration in Quang Binh was penned between Quang Binh province and the British Cave Research Association.

Other documents include an MoU on the establishment of an international school system in Vietnam between Royal Embassy Academy Limited Company (REA) and North London Collegiate School Enterprise Limited (NLCSE). This is along with another MoU on local students gaining international English certifications through online exams in Vietnam between EMG Investment and Education Management Joint Stock Company and Pearson Education Group.

Addressing the forum, Deputy Prime Minister Le Van Thanh noted that the country has recorded a range of important socio-economic development achievements during international integration, with its annual GDP growth rate reaching 6% in the 2016 - 2020 period.

He assessed that both countries boast great potential for stronger co-operation thanks to the enforcement of the UK-Vietnam free trade agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which the UK is expected to join in the near future.

They have set a target of raising two-way trade to US$10 billion in 2023 in order to celebrate the 50th anniversary of the establishment of diplomatic relations between both sides.

According to the Deputy PM, Vietnam has shown strong resolve to implement its net zero emission commitment at the recent 26th UN Climate Change Conference (COP26). He therefore anticipated that businesses and the British Government would invest and support the nation in technology, finance, and human resources, especially in converting fossil energy to clean energy, transforming industrial production and developing public transport to reduce environmental pollution.

Vietnam also has a strong desire for British firms to invest more strongly in areas such as green growth, digital transformation, manufacturing, finance - banking, education - training, innovation, and pharmaceuticals, all of which are the UK’s strengths, said Deputy PM Thanh. 

Moreover, the Vietnamese Government remains fully committed to creating the best possible business environment for firms to operate efficiently in the country, he assured representatives of UK enterprises participating in the forum.


Vietnamese NA Chairman Vuong Dinh Hue who is visiting the UK answers British businesses' questions on Vietnam's investment environment at the Vietnam - UK high-level forum on economy and trade in London on June 29. 

Anne Marie Trevelyan, British secretary of state for International Trade, spoke highly of Vietnamese economic development potential, predicting that the nation would rise to be one of the 30 leading economies in the world by the end of the decade.

Developing a strong trading relationship with the country will therefore play a crucial role in the UK’s trade policy, she affirmed, noting that the UKVFTA which came into force at the start of the year will serve to realise economic, trade, and investment co-operation goals between the two countries.

The trade official expressed her hopes that British green industries involved in wind power and solar power would play a vital role in the country on its path towards a clean energy future.

The UK is also keen to work closely with Vietnam to transform Ho Chi Minh City into a financial centre, as well as to co-operate in digital infrastructure and education - training.

National Assembly Chairman Vuong Dinh Hue, who is on an official visit to the UK from July 28 to July 30, attended the forum.