Trade deal ‘bright spot’ in UK-Việt Nam relations: HCM City leader

Sep 16th at 06:21

16-09-2023 06:21:47+07:00

The signing of the UK-Vietnam Free Trade Agreement in 2020 and the former’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership this year are “bright spots” in the economic co-operation between the two countries, HCM City chairman Phan Văn Mãi has said.

A ceremony in HCM City on Thursday celebrates the 50th anniversary of the establishment of diplomatic ties between Việt Nam and the UK. — Photo nld.com.vn

Speaking at a ceremony to mark the 50th anniversary of the establishment of Việt Nam – UK diplomatic ties in HCM City on Thursday, Mãi said the UKVFTA helped achieve bilateral trade of US$6.8 billion last year, positioning the UK as Việt Nam’s third largest partner in Europe and ninth largest export market in the world.

Trade growth has been one of the achievements of the five-decade relationship, he said.

HCM City, as the country’s economic spearhead and international co-operation hub, has been receiving a great deal of UK investment, which stands as the 11th largest out of 120 countries and territories that have invested in the city, with 273 projects worth nearly $960 million, Mại added.

The Việt Nam – UK relationship has been developing steadily. Following its elevation to the Strategic Partnership in 2010, mechanisms and working groups were established to facilitate co-operation.

The UK has helped train City's employees to support the latter’s efforts in establishing a financial hub and enhancing their skills in foreign affairs communications.

Emily Hamblin, the British consul general in HCM City, said the UK is working closely with the City in many areas, including turning it into a financial services hub, smart city technologies and establishing a health innovation centre.

She commended the two countries’ shared goals, including commitments towards net zero and tackling climate change, adding that they are working together to solve some global issues.

The UKVFTA, which took effect in early 2021, eliminates tariffs on 99 per cent of all goods traded between the two countries over the long term, providing a significant advantage to Vietnamese exporters.

Bizhub