UK–Vietnam summit highlights green energy cooperation, financial hub ambitions

UK–Vietnam summit highlights green energy cooperation, financial hub ambitions

The summit is the first major economic event following the official upgrade of bilateral relations to a Comprehensive Strategic Partnership (CSP), marking a new era of cooperation in trade, investment and sustainable development.

Speakers at the UK–Việt Nam Business Summit 2025 in HCM City on Wednesday. — VNA/VNS Photo

As Việt Nam accelerates its renewable energy transition and pursues plans to develop an international financial centre (IFC), business and government leaders from both nations gathered at the UK–Việt Nam Business Summit 2025 in HCM City on Wednesday to strengthen partnerships in green growth and financial innovation.

Organised by the British Chamber of Commerce Vietnam (BritCham Vietnam), the summit is the first major economic event following the official upgrade of bilateral relations to a Comprehensive Strategic Partnership (CSP), marking a new era of cooperation in trade, investment and sustainable development.

Denzel Eades, chairman of BritCham Vietnam, said two-way trade between the UK and Việt Nam has reached US$9 billion so far this year, while British foreign direct investment has surpassed $4.5 billion.

These figures, he said, highlight strong growth momentum and the potential for deeper collaboration in the years ahead.

According to Eades, the UK–Việt Nam Free Trade Agreement (UKVFTA) and the UK’s official accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have created a more open and predictable framework for bilateral trade and investment.

Speakers at the UK–Việt Nam Business Summit 2025 in HCM City on Wednesday. — VNA/VNS Photo

Shared long-term strategic vision

UK Ambassador to Việt Nam Iain Frew said the summit’s two priorities — renewable energy and IFC development — reflect both countries’ shared long-term strategic vision.

“These are not only timely themes but key pillars that will define our economic partnership in the coming decade,” he said.

In renewable energy, the UK is a global leader in offshore wind, green finance and energy transition, while Việt Nam has pledged to achieve net-zero emissions by 2050.

Under the Just Energy Transition Partnership (JETP), co-chaired by the UK, both sides are mobilising public and private capital for clean energy projects to support Việt Nam’s green transformation.

Nirukt Sapru, country chairman of Jardine Matheson Group in Việt Nam, said future growth will be driven by data, connectivity and digital infrastructure.

Sectors such as data centres, AI and advanced manufacturing are emerging as the “new engines of prosperity”, but their success depends heavily on energy reliability.

“A hyperscale data centre can consume as much power as a medium-sized industrial park,” Sapru said. “Global technology firms will not locate their regional infrastructure where electricity is unreliable, expensive or carbon-intensive.”

He stressed that if past growth relied on labour and logistics, the next phase will be built on clean energy and digital capability.

“Energy security is now economic security,” he said, noting that without a stable and diversified energy base, Việt Nam’s advances in semiconductors, electronics and AI could be constrained by power supply.

Sapru described the energy transition as a “historic opportunity” for Việt Nam to attract global capital, drive innovation and become a clean-energy hub in the digital era.

UK investors, he added, are ready to support not only financing but also the creation of a new, sustainable economy.

In financial services, the UK is assisting Việt Nam in developing an IFC in HCM City and Đà Nẵng, focusing on regulatory frameworks, dispute resolution mechanisms, ESG standards and workforce training.

Speakers at the UK–Việt Nam Business Summit 2025 in HCM City on Wednesday. — VNA/VNS Photo

Nguyễn Việt San, deputy director general of the Department of Foreign Market Development under the Ministry of Industry and Trade, said the two countries recently signed an MoU on clean energy cooperation, under which the UK proposed 12 JETP projects and pledged over $300 million in support for 2025-27.

The packages include financial, technical and technological assistance to ensure a balanced transition across three goals: climate action, energy security and affordability.

San said Việt Nam is building a modern financial ecosystem to promote fintech, digital banking and sustainable finance.

“By 2045, the private sector is expected to contribute up to 70 per cent of GDP, requiring greater business participation in technological innovation, digital transformation and green production,” he said.

With the new Comprehensive Strategic Partnership and a shared vision for innovation and sustainability, experts said the summit is set to boost cooperation and unlock major opportunities in trade, investment and green growth between the two economies. 

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