The 12th session of the Joint Committee on Economic and Trade Cooperation between Vietnam and the UK (JETCO 12) was held in London on May 25th (Photo: Vietnamplus) Hanoi (VNA)- The 12th session of the Joint Committee on Economic and Trade Cooperation between Vietnam and the UK (JETCO 12) was held in London on May 25th under the chairmanship of Deputy Minister of Industry and Trade Dang Hoang An and Minister of State for Trade Policy of the UK Penny Mordaunt.
Speaking at the event, Deputy Minister Dang Hoang An affirmed that the Vietnam-UK economic and trade cooperation mechanism has seen sustainable development milestones through the 11 previous meetings, contributing to the building of a more favorable business environment.
The UKVFTA, which has entered into force for more than one year, has helped two-way trade grow positively despite the COVID-19 pandemic and reach 6.6 billion in 2021, up 17.2 percent compared to the previous year.
At the 12th JETCO meeting, the two sides discussed practical cooperation issues such as diplomacy, the 26th United Nations (UN) Climate Change Conference of the Parties (COP26) and renewable energy, agricultural products, food and beverage, technology and finance, healthcare, education, industry, market management and trade defense.
In the field of politics-diplomacy, the two sides agreed to work together to promote the exchange of delegations at all levels, towards the 50th anniversary of diplomatic relations between Vietnam and the UK (1973-2003).
In the energy sector, the two sides will coordinate to organize conferences on supporting measures for Vietnam to gradually implement the energy transition towards the goal of net-zero emissions by 2050. The British side actively shared experience, capital, investment cooperation, and technology transfer to Vietnam on the implementation of renewable energy and offshore wind power projects.
In the field of agricultural products, the two sides agreed to strengthen cooperation and research on technology in disease prevention for livestock; opening export markets for pork and poultry. The Vietnamese side also proposed promoting cooperation between enterprises in investment and application of high technology for agricultural production, processing, preservation and distribution of agricultural products and food.
In the field of technology and financial technology, the two sides cooperated in research on Fintech in the stock market, as well as removing difficulties in the management and operation of Vietnam's stock market.
Regarding the field of medicine and pharmacy, the two sides discussed the possibility of the British side to support, train and improve the capacity of Vietnam on pharmaceutical inspection; encouraging British enterprises to cooperate in investing in pharmaceutical production and technology transfer in Vietnam.
In the field of education and vocational training, Vietnam proposed that the UK open branches of prestigious British universities in Vietnam. The UK is expected to support Vietnam's international integration in education, experience sharing, and supports British experts and scientists working in Vietnam. The two sides agreed to coordinate on the policy of granting work permits to foreigners operating in Vietnam; soon implement the Memorandum of Understanding in the field of vocational education between the Government of Vietnam and the Government of the United Kingdom of Great Britain and Northern Ireland, signed on April 5, 2022.
In the industrial field, the two sides agreed to cooperate in high technology, processing and manufacturing, specifically attracting investment and technology transfer of British enterprises to Vietnam, cooperating in training and consulting on business improvement and improving high-tech human resources for Vietnamese enterprises.
In the field of market management and trade remedies, the two sides agreed to cooperate to improve market management capacity, especially in the field of e-commerce, to create an equal competitive environment. The two sides also agreed to formulate mechanisms and policies, complete legal framework for market management activities, and share information and experiences in trade remedies. Other areas of cooperation include exchanging information on the origin of imported goods, and cooperating on early warning systems in the field of trade remedy.
The two sides also acknowledged the proposals for cooperation and solving difficulties for some Vietnamese enterprises such as FPT, Vietnam Airlines, and Bamboo Airways.
Speaking at the meeting, Minister of State Penny Mordaunt hailed the discussion of practical issues at the JETCO 12 meeting. He suggested the two sides closely coordinate to solve issues discussed at the event, contributing to deepening the Vietnam-UK strategic partnership./.
