UK To Support Vietnam In Building Smart Cities
The UK will provide non-refundable aid from the Commonwealth Foundation to Vietnam’s Ministry of Construction (MoC) to construct smart building projects and smart cities in Vietnam, stated Edward Vaizey, UK Prime Minister’s Trade Envoy.
Deputy Prime Minister Vuong Dinh Hue (R) and UK Minister’s Trade Envoy Edward Vaizey. Source: VGP
The UK wants to support Vietnamese citizens in enhancing economic skills, as well as to take part in the process of developing high-tech infrastructures, said Vaizey in a meeting with Deputy Prime Minister Vuong Dinh Hue on October 5.
According to Vaizey, Vietnam’s economy has been growing at a rapid rate, for which the UK considers Vietnam an important partner.
Brexit negotiations have entered the final stages, however, benefits of the UK and Vietnam in the EU – Vietnam Free Trade Agreement (EVFTA) should be maintained in a separate bilateral trade agreement, he continued.
However, as a member of the EU, the UK is willing to facilitate commitments between the EU and Vietnam, Vaizey affirmed.
In response, Vietnam’s Deputy PM stressed the significance of the EVFTA in face of growing protectionism in the world.
Moreover, Vietnam would support the UK effort to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Nevertheless, the bilateral trade remained at a modest level, reaching US$6.1 billion in trade value in 2017. Meanwhile, the UK’s FDI to Vietnam stood at US$3.7 billion last year.
Hue expected more cooperation between the two sides in the field of finance – banking, which is the UK’s strength.
Hue also stated that Vietnamese government agencies would support the UK companies doing business in Vietnam, while expecting to have better access to the Commonwealth Foundation for financing projects in Vietnam, as well as for Vietnamese goods to be penetrated further in the Mark & Spencer super market chain, Hue concluded.