Hanoi (VNA) – The Vietnamese Business Association in the UK (VBUK) has announced plans to reshape the landscape of Vietnam-UK trade relations, focusing on driving business community forward, fostering its unity and strengthening connections with their Vietnamese partners both at home and abroad.
This vision was outlined by VBUK Chairman Phuong Hoang during the Spring Gala Dinner 2025, held in London on January 13 (local tome), where the association looked back at its 2024 achievements and charted the course for the year ahead.
Vietnamese Ambassador to the UK Do Minh Hung reaffirmed the embassy's full support to VBUK, aiming to expand its membership, boost trade and investment activities between Vietnam and the UK, and bridge Vietnamese companies in the UK with their domestic counterparts.
He highlighted Vietnam's impressive socio-economic performance in 2024, with a remarkable economic growth rate of 7.09% and a GDP nearing 500 billion USD, placing Vietnam among the world's top 35 largest economies.
Trade has been a cornerstone of the two countries' strategic partnership, growing steadily since 2021. In 2024, bilateral trade surpassed 8 billion USD for the first time, reaching over 8.4 billion USD, an 18% annual increase. Notably, Vietnam's exports to the UK alone exceeded 7 billion USD, marking a year-on-year rise of 18.9%. On the investment front, the UK remains Vietnam's 12th largest foreign investor, with direct investment totaling 5 billion USD.
Reflecting on VBUK's activities in 2024, Chairman Hoang highlighted several key initiatives, including online workshops to share business insights and provide updates on policies and taxes and improvements in management skills and competitiveness among members. VBUK also welcomed trade promotion delegations from various Vietnamese localities and facilitated trade exhibitions to showcase Vietnamese products and services.
To expand its outreach, the association already collaborated with business associations from the Republic of Korea and Europe, and attended major events such as the European Business Forum and the European Business Summit to explore global business opportunities.
Beyond business, VBUK launched cultural and sports activities for the Vietnamese community in the UK, including golf and football tournaments, Lunar New Year and Mid-Autumn Festivals. The association also joined charity events to support Vietnamese communities during challenging times, such as the COVID-19 pandemic, the market fire in Poland, and Typhoon Yagi.
The Spring Gala Dinner featured lively music performances, fun quizzes and lucky draws, creating a joyful and united atmosphere during the early days of the New Year.
Established in 2006, VBUK has grown into a vital link for Vietnamese businesses in the UK, aiding export-import activities and capital mobilisation, and fostering partnerships with UK companies interested in Vietnam. With over 100 members, including enterprises and entrepreneurs, it continues to be a launchpad to foster a pro-business environment between the two nations./.
