Hanoi (VNS/VNA) – Together with the UK - Vietnam Free Trade Agreement (UKVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will create new opportunities for companies and consumers in the UK and Vietnam, affirmed British Ambassador to Vietnam Iain Frew.
At the CPTPP Business Reception, which was organised at the British Ambassador’s Residence in Hanoi recently, he stressed that trade between the UK and Vietnam has been growing, and has already doubled over the past decade to 6.4 billion GBP (7.7 billion USD).
Frew in an interview with Viet Nam News stressed that “we've already seen growth and we expect that the CPTPP agreement will build on that and open up new areas for that growth and that development in our trade relationship. I think overall, this creates new opportunities. And the two different agreements work together very well to open up opportunities for our companies and for our consumers.”
As one of the world’s largest and most dynamic free trade agreements, the CPTPP presents significant opportunities for economic growth and enhanced collaboration among its member nations.
Looking forward to 2025, the UK’s first year of CPTPP implementation, the reception served as a platform for CPTPP member businesses to connect and share experiences in effectively leveraging the benefits of the agreement, especially in enhancing their capacity to participate in global supply chains within the free trade bloc.
Effective implementation of the CPTPP requires close collaboration between governments, the private sector, and trade associations to ensure that provisions, ranging from tariff reductions to rules of origin and digital trade facilitation, deliver maximum impact.
The UK and Vietnam have already enjoyed a robust trade and investment relationship over the past few decades. Bilateral trade between the countries reached over 6.4 billion GBP in 2024, reflecting consistent growth despite global uncertainties.
Key sectors such as agriculture, textiles, renewable energy, education, financial services, and technology underscore the complementary strengths of the UK and Vietnamese economies and the potential for deeper cooperation.
The CPTPP represents a new chapter in this economic partnership, unlocking opportunities to strengthen trade, attract investment, and deepen collaboration across a wide range of sectors.
For UK businesses, the agreement provides improved access to one of the fastest-growing economic regions globally. For Vietnam, it offers access to the UK’s cutting-edge expertise, innovation, and global networks while creating opportunities to diversify exports and attract high-quality investment.
"The UK is committed to being a proactive and reliable partner in CPTPP. We stand ready to support Vietnam’s ambitions for sustainable growth and innovation while promoting inclusive trade that benefits all. Moreover, we see Vietnam as a gateway to Southeast Asia and a key ally in addressing shared global challenges, such as climate change and economic resilience.
“The UK reaffirms our commitment to work hand-in-hand with the Government of Vietnam to ensure that UK and Vietnam businesses and investors utilise the benefits brought by the UKVFTA and CPTPP in the years to come,” he added.
On December 15, the CPTPP comes into effect between the UK and eight of the ratified CPTPP members including Japan, Singapore, Chile, New Zealand, Vietnam, Malaysia, Peru and Brunei, and between the UK and Australia on December 24./.
