Vietnam presents an exciting opportunity for UK companies wishing to export and invest. It is one of the world’s most promising emerging economies with annual GDP growth of 6.2% recorded by the World Bank. Ho Chi Minh City and Hanoi both feature in the top 10 cities listed in the JLL City Momentum Index. Vietnam climbed 14 places in the World Bank’s Ease of Doing Business Index for 2018.
The UK-Vietnam JETCO was established in 2007 to identify and address issues relating to bilateral trade and investment between the UK and Vietnam. These government-to-government talks are held annually, and the location alternates between the UK and Vietnam.
The Department for International Trade (DIT) hosted the 10th UK-Vietnam Joint Economic and Trade Committee 2018 in Manchester, at the heart of the UK’s Northern Powerhouse. The Vietnamese delegation included representatives from different government ministries and Quang Ninh Province.
Speakers included the Minister of State for Trade Policy, the Rt Hon Greg Hands and Vice Minister of the Ministry of Industry and Trade, Mr Hoang Quoc Vuong. This free event provided UK companies with direct access to high-level contacts from the Vietnamese Government, aimed at strengthening economic and commercial ties between the UK and Vietnam. A business forum and workshops on doing business in Vietnam took place during the day.
UK-ASEAN Business Council also organised a Vietnam Business Lunch in the House of Commons inviting the Vietnamese delegation and the Vice Minister of Industry and Trade, Mr. Hoang Quoc Vuong.
The lunch was hosted by the Rt. Hon. Ed Vaizey MP, Prime Minister’s Trade Envoy to Vietnam, Laos and Cambodia. Guests included the H.E. Tran Ngoc An, Ambassador of Vietnam to the UK; H.E. Gareth Ward, Ambassador of the UK to Vietnam; Ian Gibbons, HM Consul General HCMC / Director Trade & Investment Vietnam & Deputy Regional, Director, SE Asia; Louis Taylor, CEO of UK Export Finance and senior executives from UK business.
In his remarks Vice Minister Hoang highlighted the many investment opportunities Vietnam offers UK companies. Vietnam is a proud member of ASEAN and a presence in Vietnam offers access to not only its 90m consumers but the 650m in ASEAN. Vietnam, a strong proponent of free trade, hopes to conclude the EU-Vietnam FTA by the end of 2018. Continuously updated about this event on his Twitter, HM Consul General Ian Gibbons shared that JETCO 10 was a great success with ‘good discussion and broad agreement across range of important bilateral issues’.
Source: Department for International Trade and UK-ASEAN