Deputy Minister Nguyen Hoang Long and Mr. Douglas Alexander, Secretary of State for Trade Policy and Economic Security, UK Department for Business and Trade, and representatives of ministries and sectors at the 14th JETCO Meeting - Photo: VNA
The meeting was chaired by Deputy Minister Nguyen Hoang Long and Mr. Douglas Alexander, Minister of State for Trade Policy and Economic Security, UK Department for Business and Trade.
Speaking at the meetings, Deputy Minister of Industry and Trade Nguyen Hoang Long emphasized that over the past 10 years, trade and investment cooperation between the two countries has continuously grown strongly. The UK's participation in the CPTPP in addition to the UKVFTA has created a solid foundation to promote bilateral trade. In 2024 alone, two-way trade turnover will reach 8.4 billion USD, an increase of 18% over the previous year, making the UK Vietnam's third largest export market in Europe.
The two sides agreed to promote cooperation in areas such as agriculture , finance - banking, renewable energy, education and especially trade and investment. Vietnam asked the UK to support trade promotion, organize regular business connections, while strengthening cooperation in market management and effectively utilizing commitments from the UKVFTA and CPTPP.
The UK expressed its desire to expand exports of poultry, beef and seafood to Vietnam and supported Vietnam's access to the UK market for agricultural products. In the financial sector, the two sides discussed initiatives such as green bonds, the establishment of financial institutions in Vietnam and the development of an international financial center.
Regarding energy, the UK is committed to accompanying Vietnam in the energy transition process through the JETP framework. Vietnam calls on the UK to support the improvement of management capacity, human resource training and supply chain development for the renewable energy industry.
During the working trip, Deputy Minister Nguyen Hoang Long also attended the Vietnam - UK Business Forum 2025 in Edinburgh; worked with leaders of large British businesses such as BP, HSBC, Prudential, Arup... to seek new investment cooperation opportunities, especially in the fields of energy and green finance.
At the Forum, BP Group (UK) and T&T Group (Vietnam) signed a memorandum of understanding to deploy a battery swap ecosystem for two-wheeled electric vehicles in Vietnam, a typical initiative for green investment cooperation between the two countries.
Immediately after the Business Forum, Deputy Minister Nguyen Hoang Long had a working session with representatives of BP and T&T Group, in which the Deputy Minister highly appreciated the three-party cooperation model - lubricant manufacturer, battery technology company and infrastructure developer, and requested that enterprises comply with relevant regulations when implementing projects in large cities, ensuring compatibility with technical standards, fire safety and competitive battery exchange prices, thereby contributing to realizing the goal of reducing emissions in the transportation sector of Vietnam.
Statistics for the first 6 months of 2025 show that bilateral trade turnover reached more than 4.3 billion USD, up 9.6% over the same period. Of which, Vietnam's exports reached nearly 3.4 billion USD, and imports from the UK reached more than 460 million USD.
The above results show that economic and trade cooperation between Vietnam and the UK is developing positively and sustainably, despite global challenges. The two sides pledged to continue to coordinate closely and effectively resolve difficulties to bring bilateral relations to new heights.
Anh Tho
Source: https://baochinhphu.vn/viet-nam-vuong-quoc-anh-tang-cuong-hop-tac-kinh-te-thuong-mai-102250715094050338.htm
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