Head of the European-American Market Department Ta Hoang Linh speaks at the event (Photo: VNA) Hanoi (VNA) – The Vietnam-UK Business Forum 2023took place in Hanoi on November 24, as part of activities held by the Joint Committee on Economic and Trade Cooperation between Vietnam and the UK (JETCO) to celebrate the 50th anniversary of their diplomatic ties.
Speaking at the opening ceremony, head of the Ministry of Industryand Trade’s European-American Market Department Ta Hoang Linh said despitegeopolitical tensions and global economic challenges since the beginning ofthis year, two-way trade between Vietnam and the UK still stood out as a brightspot, reaching 5.87 billion USD in the first 10 months of this year, showing a1.6% increase year on year.
A number of Vietnam’s key export items from Vietnam showedpositive growth, including rubber products 66%, electrical wires and cables5.5%, phones and components 21%, machinery and equipment 15.5%. Agriculturalproducts such as vegetables rose by 15.5%, cashew nuts 7.2%, and coffee 5.7%. Vietnamalso increased its imports from the UK, particularly pharmaceuticals andmachinery, equipment, tools and spare parts for production.
As a dynamic country with political stability and attractivebusiness environment in Asia-Pacific, Vietnam has become a reliable andsustainable investment destination for the UK, he said.
As of October20, the UK had invested in 550 projects in Vietnam with a total registered capitalof around 4.28 billion USD, ranking 15th among 143 countries andterritories investing there.
Inthe first eight months of this year, the UK recorded 43 new projects in Vietnamwith a combined registered capital of 58.6 million USD, mostly in manufacturingand processing, renewable energy, industry, environmental management, finance andbanking, real estate, retail, education, healthcare, and more.
Meanwhile, Vietnam now has 14 projects valued at 17.3 millionUSD in the European nation, which remains modest compared to the potential andaspirations of both countries.
David Johnstone, head of FTA Utilisation at the UK Departmentfor Business and Trade, said both nations continue to demonstrate hugecooperation potential in energy transition in Vietnam. This is especially the case following theapproval of the National Power Development Master Plan for the 2021-2030 period,with a vision to 2050 (Master Plan VIII) which allocates a large space forrenewable energy. Both countries are also taking specific steps to realise theJust Energy Transition Partnership (JETP).
During the event, two discussion sessions on energy and tradegathered numerous speakers, including experts, policy planners, researchers,and outstanding businesses of both countries. They shared new perspectives andvaluable experience to explore new opportunities based on ongoing projects.
Linh affirmed that the ministry will continue offering allpossible support to businesses and investors, including those from the UK. Theaim is to help them realise ideas and efficient operations in Vietnam,contributing to making bilateral economic ties more substantial and effective./.
