Hanoi (VNA) – Deputy Minister of Finance Le Tan Can had a working session with Chief Executive of UK Export Finance (UKEF) Tim Reid in Hanoi on September 22, discussing collaboration in finance – export credits, a pillar of trade and investment ties between the two countries.
At the event, Can highlighted the robust Vietnam – UK Comprehensive Strategic Partnership over the past 15 years, expanding across politics, diplomacy, trade, education, science – technology, investment, and finance, with the UKEF being an important and sustainable partner.
After the UK – Vietnam Free Trade Agreement (UKVFTA) took effect in 2021, two-way trade topped 6 billion USD last year, making the UK become one of the Southeast Asian country’s leading European partners for investment and trade, he said, adding the financial sector has an important role to play in bridging the Governments and enterprises of both sides.
The UKEF has backed major Vietnamese projects over two decades of cooperation, with its credit guarantee packages helping Vietnamese enterprises and financial organisations access international capital at rational costs. Besides, British firms have more opportunities to engage more deeply in the Vietnamese market in such domains as aviation, health care, education, energy, and green infrastructure.
Can highlighted several promising areas for enhance cooperation, including development of transport infrastructure, logistics, smart urban areas, offshore wind power and solar power projects, and smart electricity grid. He added that Vietnam has been interested in nuclear power projects to ensure national energy security.
In green finance, the Vietnamese Ministry of Finance (MoF) is refining legal framework for green bonds, carbon credit, and climate-response financial tool, he said, noting digital infrastructure and modern financial solutions are also welcomed as domains for cooperation.
He suggested establishing a regular exchange mechanism between the MoF and the UKEF to promote bilateral cooperation while stepping up collaboration with the Vietnamese Government through granting credit insurance and concessional loans for Government-invested projects.
According to Can, both sides need to outline a priority project portfolio for 2025-2030, especially in infrastructure, renewable energy, health care, education, and digital transformation. The MoF, the UKEF, and British enterprises should foster collaboration to enhance British investment in Vietnam and facilitate Vietnam’s access to advanced technologies.
Reid, for his part, praised the comprehensive recommendations from the MoF, calling them a strong foundation for enhanced cooperation between the two countries.
He highlighted the UKEF’s considerable experience in supporting countries to develop infrastructure, health care, education, and green energy, and expressed his hope for further cooperation across various sectors in the coming time./.
Vietnam, UK boost economic, trade ties
Over the past decade, trade and investment relations between Vietnam and the UK have made remarkable strides. On trade, the two countries have implemented the UKVFTA for more than four years, and most recently, the UK’s accession as the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has further strengthened bilateral cooperation.
