Vietnamese Ambassador to the UK Nguyen Hoang Long speaks at the forum (Photo: VNA) London (VNA) – An UK-Vietnam business forum was held inLondon on October 16 by the Vietnam Chamber of Commerce and Industry(VCCI) and the West London Chamber of Commerce (WLCC), bringing togetherbusinesses from the two countries.
The forum, part of activitiesof a delegation from the VCCI and northern Hai Duong province in the UKfrom October 15-18, aims to introduce potential, business andinvestment opportunities in Vietnam in general and Hai Duong inparticular to UK enterprises and connect the business communities of both sides to cooperate more effectively, making the most of the UK-Vietnam Free Trade Agreement (UKVFTA).
Addressingthe event, Ambassador to the UK Nguyen Hoang Long said since the twocountries established the strategic partnership in 2010, tradebetween Vietnam and the UK has rose over three times, hitting almost 7billion USD last year. Together with the implementation of the UKVFTA andthe UK's joining the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP), bilateral trade between Vietnam andthe UK could double the figure of 2022 thanks to the growth oftrade-service - the sector accounts for 70% of the UK economy, Longadded.
The Ambassador said educationalcooperation has also grown strongly with more than 100 educationalcollaboration projects between the universities of the two countries. Thenumber of Vietnamese students studying in the UK increased to 15,000 from 4,000in 2010.
With a fast-growing economy aswell as young and dynamic human resources, Vietnam, including Hai Duong,is a potential destination for British investors, especially in thefields of trade, education, and green growth, he continued.
VCCI Vice President NguyenQuang Vinh said that despite achieving positive results, bilateral trade isstill not commensurate with the development of relations between the twocountries.
According to him, businesses of the two countries need to make moreefforts to strengthen connections and promote trade, saying that the two sideshave many opportunities for cooperation in fields such as green finance,agriculture and technology.
Vinh pledged that VCCI willalways act as a bridge supporting British businesses in investing anddoing business in Vietnam, and connecting Vietnamesebusinesses with reputable partners in the UK.
At the forum, Chairman of the HaiDuong People’s Committee Trieu The Hung briefed participants on the advantages of theprovince which is located in the northern key economic region with afavourable geographical location, convenient traffic connections and abundanthuman resources.
Currently, Hai Duong counts 518foreign investment projects from 27 countries andterritories with a combined capital of nearly 10 billion USD, including22 projects from Europe, including the UK, valued at 374.3 million USD.
Hung said the province wants to attract investment, especially fromEurope, including the UK, in the fields of processing industry, manufacturing, electricalindustry, electronics, and chemical industry, high-tech agriculture andecotourism, among others.
Alan Rides, CEO of the WLCC, said that their bilateral trade has increasedsignificantly since the signing of UKVFTA, adding that UK exports to Vietnamcurrently amount to 1 billion GBP (1.22 billion USD) per year while Vietnamis exporting goods worth around 6 billion GBP per year to the UK.
The UK can exportpharmaceuticals and educational services, finance, insurance and many otherservices to Vietnam while Vietnam can export food, seafood andfurniture to the UK.
Rides affirmed that, as thesecond largest chamber of commerce in London, specialising in connecting andpromoting trade and business cooperation between the UK and emerging anddeveloping economies, the LWCC is ready to support Vietnamese businesses exploringbusiness opportunities in the UK./.
