Illustrative image (Photo: vietnamnet.vn) Hanoi (VNA) – A forum to promote foreign investment into Vietnam themed “A newera of digital transformation and green transition” took place in London onMarch 30 as part of the Vietnam Days in the UK 2022.
During the event, participantswere updated on Vietnam's economic situation as well as investment and tradeopportunities brought by the UK – Vietnam Free Trade Agreement (UKVFTA), which officiallytook effect from May 2021.
Theydiscussed the potential for investment in digital technology, fin-tech, renewableenergy, and green transition in Vietnam as well as opportunities for Vietnamesebusinesses to access financial sources from the UK for green developmentprojects.
Participant at the event (Photo: VNA) DeputyMinister of Industry and Trade Tran Quoc Khanh said in the next 5-10 years,Vietnam will become a country with rapidly digital transformation. He affirmed that along with the boom in online payments involved by Fintechfirms in recent times, Vietnam is confident towards the goal of substantivedigital transformation in the near future.
Highlightingthe importance of digital transformation, Parliamentary Secretary in the Cabinet Office of the UK Heather Wheeler said that creating and providingeffective digital service is now more important than ever in the context of thepost-pandemic recovery, enhanced trade among countries and their involvement inglobal efforts to combat climate change.
Sheexpressed the hope that Vietnam and the UK will strengthen digital cooperationand reap many achievements in this field.
Truong Gia Binh, Chairman of the Board of Directors of FPT Group speaks at the forum (Photo: VNA) TruongGia Binh, Chairman of the Board of Directors of FPT Corporation, said Vietnam is apotential market for digital technology development with many advantages, notingthat Vietnam ranks 10th in the world in technology training and boasts abundanthuman resources in terms of information and communication technology (ICT).
Binhsaid the ICT industry in Vietnam grows 17 percent per year, hitting 125 billionUSD by 2021. Vietnam also ranks second in exporting mobile phones, and sixth insoftware services, in the world.
TheVietnamese Government also has a strong commitment to speeding up digitaltransformation at all levels, he went on.
Deputy Minister Khanh also emphasised potentialfor investing in green and sustainable energy development in Vietnam, especiallywind and solar energy.
According to the World Bank (WB), Vietnam boasts the highest installed capacity of solar power in Southeast Asia, generating 16,500MW at the end of 2020. It also was among the world's top 10 for largest installed solar power capacity in the year.
He affirmed that the UK can become aleading investor in Vietnam with projects on digital transformation and green andclean energy.
BenBackwell, CEO of the GlobalWind Energy Council, agreed that the potential for cooperation in wind powerdevelopment between Vietnam and the UK remains huge, especially when Vietnamhas set ambitious goals of carbon neutralisation.
TheUK has strength and experience in offshore wind energy development and it cantransfer technology to Vietnam in this field, he said, adding that the twocountries can cooperate in managing power network.
Accordingto Dominic Scriven, Chairman of Dragon Capital Investment Fund, Vietnam is aname that is attracting attention of foreign investors thank to its successin the COVID-19 vaccination programme, increasing competitiveness,political stability and open investment policy.
Sharingthis view, Ian Gibbons, CEO of the UK-ASEAN Business Council (UKABC), said thatthe Vietnamese Government has implemented the right foreign investmentattraction policy with creating an open and transparent business and investmentenvironment.
UKfirms investing in Vietnam have received support from the two governments toestablish or expand operations in Vietnam in all fields from education andhealth care to IT services, he said.
Thebilateral trade turnover between Vietnam and the UK hit 6.6 billion USD in2021, up 17.2 percent year-on-year and nearly doubled that reported in 2010. TheUK's direct investment in Vietnam in 2021 increased by 157 percent compared to2020.
Dominic James, Director of Bilateral Trade Relations for Asia-Pacific of the UK Department for International Trade (DIT), said the UK considers Vietnam an important partner inpromoting trade liberalisation in the region, and DIT is working with partnersin both countries to helpbusinesses fully tap opportunities and benefitsbrought by UKVFTA.
Accordingto Dragon Capital, Vietnam's GDP is expected to grow by 7 percent in2022, and 7.5 percent in 2025./.
