Prime Minister Pham Minh Chinh called on the UK and British businesses to make six breakthroughs with Vietnam, bringing both bilateral trade turnover and UK investment capital in Vietnam to exceed the 10 billion USD mark in the coming years - Photo: VGP/Nhat Bac
On the morning of June 28, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired a discussion with British businesses operating, investing and doing business in Vietnam; calling on the UK and British businesses to make 6 breakthroughs together with Vietnam, bringing both bilateral trade turnover and UK investment capital in Vietnam to exceed the 10 billion USD mark in the coming years.
Also attending the Dialogue were representatives of leaders of relevant ministries, branches and agencies, Ambassador Extraordinary and Plenipotentiary of the United Kingdom to Vietnam Ian Grant Frew, leaders of the British Business Association in Vietnam (BritCham), and representatives of 25 British enterprises.
This is an important forum, serving as a platform for open discussion on policy priorities and long-term cooperation orientations in key areas such as finance, sustainable development, digital transformation,education and health.
The Prime Minister affirmed that Vietnam is committed to continuing to build a business environment suitable to the market economy and the laws of the two countries; ensuring security, safety, legal and legitimate rights and interests of foreigners and foreign businesses, including British businesses in Vietnam - Photo: VGP/Nhat Bac
British businesses affirm long-term commitment to Vietnam
Representing British businesses, Mr. Nitin Kapoor, Vice President of Regional and International, Vaccines and Immunizations of AstraZeneca Group, Chairman of AstraZeneca Vietnam, sent his sincere thanks to Prime Minister Pham Minh Chinh, and reaffirmed the long-term commitment of British businesses in Vietnam.
He said that the exchange helped businesses better understand Vietnam's development orientation and further trust in the potential for cooperation between the two sides, wishing to continue accompanying Vietnam on its upcoming development journey.
Marking the 15th anniversary of the Vietnam-UK Strategic Partnership, British Ambassador to Vietnam, Mr. Iain Frew, said that bilateral trade between the UK and Vietnam has more than doubled since the establishment of the Strategic Partnership. Agreements such as the Vietnam-UK Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have demonstrated the two countries' shared commitment to the multilateral trading system based on international rules. Vietnam is one of two ASEAN countries, along with Singapore, that has an FTA with the UK.
Within the framework of the seminar, delegates focused on discussing cooperation contents, such as developing an international financial center, promoting green capital mobilization strategies and developing a green financial legal framework to effectively implement the Vietnam’s Just Energy Transition Partnership (JETP); sustainable development, renewable energy; developing the digital economy and improving the quality of human resources, cooperation in healthcare and social welfare, etc.
Delegates also discussed Vietnam-UK trade relations in the context of global economic instability, making a number of recommendations to remove obstacles, harmonize regulations, and facilitate trade and investment.
Within the framework of the seminar, delegates focused on discussing cooperation contents, such as developing an international financial center, promoting green capital mobilization strategies and developing a green financial legal framework - Photo: VGP/Nhat Bac
Photo: VGP/Nhat Bac
Opinions at the seminar assessed that, looking back over 50 years of establishing diplomatic relations between Vietnam and the United Kingdom (1973-2025), the relationship of trust and multifaceted cooperation between the two sides has brought great and long-term benefits to the people of the two countries. Bilateral relations have continued to make positive strides in recent times, especially after the two countries signed a Joint Statement officially upgrading the relationship to a Strategic Partnership in September 2010.
In particular, trade and investment cooperation, as an important pillar of the Strategic Partnership between the two countries, is witnessing strong developments with many outstanding achievements and results.
In terms of trade, the UK is currently Vietnam's third largest trading partner in Europe and Vietnam is the UK's largest trading partner in Southeast Asia. In 2024, two-way trade turnover will increase by 18% compared to 2023 to 8.4 billion USD, the highest level ever. The two sides are aiming to increase the turnover to 10 billion USD in the coming years.
Regarding investment, by the end of May 2024, the UK had 598 projects with a total registered capital of 4.64 billion USD, ranking 15th out of 151 countries and territories investing in Vietnam.
There are currently more than 400 British businesses operating in Vietnam, ranging from multinational corporations to small and medium-sized enterprises. Large companies such as HSBC have been operating in Vietnam for over 155 years, Standard Chartered for over 120 years. Other businesses such as Prudential, Unilever, AstraZeneca, KPMG have also marked 30 years of continuous operation and positive contributions to the Vietnamese economy. These strong partnerships are testament to the UK’s long-term vision of Vietnam as a strategic destination for high-quality investment, innovation and sustainable growth.
In addition to traditional fields, Vietnam and the UK are actively seeking opportunities to expand cooperation in new fields, in line with the world's development trends and Vietnam's development priorities, such as financial centers, innovation, information technology, digital transformation, green transformation, green finance, renewable energy, labor, semiconductor human resource training, connectivity and people-to-people diplomacy are also of interest and promoted by both sides.
With the above positive results as a foundation, the two sides need to make efforts to promote economic, trade and investment cooperation more strongly and effectively to match the good friendship, opportunities and potential for cooperation between the two countries, especially when the two economies of Vietnam and the UK are complementary to each other and have much room for development in the future.
The British business community affirms its long-term commitment, continuing to contribute resources, expertise and share common values to support Vietnam's development goals and economic transformation.
Delegates discussed Vietnam-UK trade relations in the context of global economic instability, making a number of recommendations to remove obstacles, harmonize regulations, and facilitate trade and investment - Photo: VGP/Nhat Bac
Photo: VGP/Nhat Bac
Bringing bilateral trade and investment to exceed the 10 billion USD mark
After the leaders of ministries and branches gave their responses to the opinions and proposals of British businesses, concluding the discussion, Prime Minister Pham Minh Chinh sent greetings, regards and best wishes from General Secretary To Lam and other Party and State leaders to the British community and British businesses operating in Vietnam; sincerely thanked them for their presence and their profound, frank, objective, constructive and positive comments, demonstrating the enthusiasm and wishes of the British business community at the discussion.
Recently, the Prime Minister has periodically met and worked with business associations of countries with large investments in Vietnam to develop visions, actions, organize implementation, review and adjust work, in the spirit of openness, sincere listening, trust, understanding and mutual respect.
The Prime Minister spent time sharing about the goals, orientations, visions, strategies, important and comprehensive achievements, major actions, tasks, and key solutions that Vietnam is continuing to implement in socio-economic development, cultural development, ensuring national defense, security, foreign affairs and integration, ensuring social security and improving people's lives.
According to the Prime Minister, Vietnam is continuing to improve its favorable, stable, long-term and sustainable business environment; implementing three strategic breakthroughs in institutions, human resources infrastructure and the "four pillars" of science and technology development, private economic development, international integration, law making and enforcement; implementing the organizational revolution, implementing a two-level local government model; building an international financial center, free trade zones...
The Prime Minister spent time sharing with delegates about the goals, orientations, visions, strategies, important and comprehensive achievements that have been achieved, and the major and key actions, tasks and solutions that Vietnam is continuing to implement - Photo: VGP/Nhat Bac
Expressing his sincere gratitude for the UK's support, assistance and cooperation with Vietnam over the past years, especially the support for vaccines during the COVID-19 pandemic, specifically the AstraZeneca vaccine, the Prime Minister assessed that the relationship between the two countries has never been as good as it is now, and suggested that the two sides continue to cooperate, bringing the Strategic Partnership to an increasingly better and deeper level, aiming to raise it to a new level, creating a solid political foundation for the economic relationship between the two countries and promoting cooperation in other areas.
The Prime Minister shared that there are connections between Vietnam and the UK in many channels and in many different fields, such as sports, as many Vietnamese people are big fans of famous British football teams.
The Prime Minister suggested that the UK continue to accompany and cooperate with Vietnam in realizing the set goals, including the two 100-year goals; especially maximizing the effectiveness of the UKVFTA and CPTPP Agreements, bringing bilateral trade turnover and UK investment in Vietnam to exceed the 10 billion USD mark in the coming years, especially in areas where the UK has strengths such as technology, services, finance, etc., contributing to socio-economic development and enhancing the position and role of each country in the international arena, promoting international solidarity, upholding multilateralism, contributing to peace, stability, cooperation and development in the region and the world.
The Prime Minister emphasized that Vietnam always listens, understands, shares and works with partners to resolve difficulties and problems in the spirit of harmonious interests and shared risks to create the most favorable conditions for handling administrative procedures and promoting mutual recognition - Photo: VGP/Nhat Bac
Prime Minister calls on UK and British businesses to make 6 breakthroughs with Vietnam
Firstly, connecting the two economies more closely, more substantially, more effectively, on the basis of market principles, cooperating for development together, for mutual benefit.
Second, implementing the 4th industrial revolution, promoting science and technology, innovation, digital transformation, developing artificial intelligence, blockchain technology, etc.
Third, focus on green transformation, climate change response, and Vietnam's goal of net zero emissions by 2050.
Fourth, cooperation in health, education, culture, sports, especially popularizing English, making English the second language.
Fifth, cooperation in finance and banking, especially in building international financial centers in Ho Chi Minh City and Da Nang, free trade centers of Vietnam.
Sixth, connect Vietnamese enterprises to the global value chain, develop Vietnamese unicorn enterprises in the technology field.
According to the Prime Minister, the implementation of these 6 breakthroughs will create new momentum, new impetus, and new inspiration for both sides. Vietnam commits to continue building a business environment that is consistent with the market economy, the laws of the two countries, and international laws and practices; ensuring security, safety, and ensuring the legitimate and legal rights and interests of foreigners and foreign enterprises, including British enterprises in Vietnam; building long-term stable policies, ensuring freedom of business, property rights, and fair competition, so that investors can operate stably, develop, and achieve greater efficiency.
The Prime Minister emphasized that Vietnam always listens, understands, shares and, together with partners, resolves difficulties and problems in the spirit of harmonious interests and shared risks, especially harmonizing institutions and procedures between Vietnam and international practices and between Vietnam and the UK to create the most favorable conditions for handling administrative procedures and promoting mutual recognition.
"With the spirit of promoting intelligence, valuing time and timely decisiveness, with the spirit that nothing is impossible, what is good must be promoted faster and more effectively, what is inadequate must be removed and eliminated... we share the vision and coordinate actions to produce specific, measurable results, work together, win together, enjoy together, share joy and happiness from the achievements and values that both sides have achieved," the Prime Minister emphasized.
Source: https://baolaocai.vn/thu-tuong-keu-goi-cac-doanh-nghiep-anh-thuc-hien-6-dot-pha-cung-viet-nam-post403980.html
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