London (VNA) – Vietnam and the UK have identified trade and investment cooperation as an important pillar of their Strategic Partnership and will step up measures to ramp up economic cooperation in the coming time.
This was agreed during a recent London meeting between Vietnamese Ambassador to the UK Do Minh Hung and Minister of State at the Department for Business and Trade Douglas Alexander.
During the meeting, the two sides discussed economic cooperation potential and consented to speed up the implementation of bilateral cooperation mechanisms, particularly the Joint Economic and Trade Committee (JETCO) and closely coordinate to effectively realise the UK-Vietnam Free Trade Agreement (UKVFTA).
With the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15, 2024, both sides agreed to capitalise on the opportunities to promote trade and investment between the two nations and among CPTPP member countries, contributing to the trend of regional economic integration. Minister Alexander also expressed gratitude to Vietnam for its support during the UK’s CPTPP accession negotiations.
As both countries are making efforts to achieve economic growth targets and respond to climate change, the two sides reaffirmed their commitment to advancing energy transition collaboration within the framework of the Just Energy Transition Partnership (JETP).
The UK vowed to support Vietnam in establishing an international financial centre in Ho Chi Minh City, creating a new momentum for economic cooperation between the two countries.
Ambassador Hung shared Vietnam’s remarkable socio-economic achievements, highlighting the nation’s dynamic economy, which recorded the highest GDP growth rate in the region in 2024 at 7.09%. He emphasised Vietnam as an open economy connected to major global markets through 17 free trade agreements (FTAs), including several new-generation ones.
Economic and trade cooperation remains a highlight in the multifaceted Vietnam-UK relationship. Since 2021, bilateral trade has consistently grown year by year, reaching 8.4 billion USD in 2024, a significant 18% increase compared to 2023. Notably, Vietnam’s export value to the UK surpassed 7 billion USD for the first time, totaling 7.5 billion USD, up 18.9% year-on-year.
Most of Vietnam’s key exports experienced robust growth, including computers, electronic products and components, fruit and vegetables, pepper, coffee, rubber products, confectionery and cereal products, machinery, equipment, steel, paper products, wood products, and textiles and garments.
Notably, Vietnamese products, including clothing, footwear, tools, equipment, food, and fresh produce, have established a strong presence in the UK’s reputable retail chains. Vietnamese brands are now available in leading UK clothing stores such as Marks & Spencer (M&S), NEXT, PRIMARK, and UNIQLO, as well as major supermarket chains like Tesco and Sainsbury’s, and premium food retailers such as Whole Foods and M&S./.
