Việt Nam, UK strive to lift trade and investment relations

Speakers at the Việt Nam–UK Business Forum, which took place in London on Wednesday. — VNA/VNS Photo

LONDON — Việt Nam wants to see more investment from the United Kingdom (UK) in hi-tech agriculture, in cultivation, processing, preservation and distribution of farm produce and foods, said Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến.

He made the statement at the Việt Nam–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 Wednesday.

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 Việt Nam 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-Việt Nam Free Trade Agreement (UKVTFA).

The UK remains a major and trusted partner of Việt Nam, Tiến 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 agri-businesses and farmers.

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

She further emphasised that Việt Nam 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 the bilateral business ties, it is crucial for Việt Nam 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.

On the same day, the 12th meeting of the Việt Nam–UK Joint Economic and Trade Committee (JETCO12) took place under the co-chair of Vietnamese Deputy of Industry and Trade Đặng Hoàng 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 remedies.

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).

Việt Nam-UK trade reached US$6.6 billion last year, up 17.2 per cent from 2020. — VNS