UK-Vietnam Business Forum focuses on high-value economy by 2045

UK-Vietnam Business Forum focuses on high-value economy by 2045

The 2026 UK-Vietnam Business Forum took place in Ho Chi Minh City, focused on building a high-income, high-value economy by 2045.

As the largest annual economic dialogue of the British Chamber of Commerce Vietnam (BritCham), the forum brings together business leaders, policymakers, investors, and experts from both countries on October 29 to discuss the next chapter of UK-Vietnam trade and investment.

This year, the forum is held alongside the Ho Chi Minh City Centre for the Fourth Industrial Revolution and the Autumn Economic Forum 2026, with partners sharing a commitment to sustainable, more closely connected regional growth.

In his welcome remarks, Denzel Eades, chairman of BritCham Vietnam, said that Vietnam's economic transformation presents one of the most compelling growth stories in Asia.

“British investors and businesses have been participating in that journey for decades and are committed to deepening their contribution in the years ahead. Through our expertise in finance, innovation, education and sustainable development, we look forward to working alongside government and industry partners to help realise Vietnam's vision of becoming a prosperous, high-value and globally connected economy by 2045,” Eades said.

Iain Frew, British Ambassador to Vietnam. Photo: BritCham

Iain Frew, British Ambassador to Vietnam, noted that bilateral trade in goods and services between the two countries currently stands at $14 billion, double the level recorded in 2020.

“The UK-Vietnam Free Trade Agreement and our shared membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership are creating new opportunities for businesses on both sides, helping to reduce barriers, diversify supply chains, and deepen economic integration,” Frew said.

“These figures tell a story of growing trade flows as well as growing confidence. Confidence in Vietnam’s future, confidence in the UK’s expertise and innovative capabilities, and confidence in the value of a long-term partnership between our two countries,” he added.

He added that technological transformation was accelerating, while businesses were adapting to shifting supply chains.

“The transition to cleaner energy is creating entirely new industries. And geopolitical developments continue to remind us of the importance of resilience and trusted partnerships,” he added.

He said the UK stood ready to partner with Vietnam in areas such as developing international financial centres in Ho Chi Minh City and Danang, advancing technology and innovation, and promoting green growth.

Nguyen Cong Vinh, Vice Chairman of Ho Chi Minh City People's Committee, highlighted four key areas of cooperation between the two sides.

These include attracting and maximising high-quality investment linked to technology transfer and stronger connections with domestic businesses, developing capital markets and the city's International Financial Centre, building green supply chains, and developing renewable energy, and nurturing talent and building a sustainable city by 2045.

According to Mariam J. Sherman, World Bank country director for Vietnam, Cambodia, and Laos, Vietnam's GDP per person has increased sixfold since the launch of economic reforms in the 1980s, surpassing $5,000, while extreme poverty has been virtually eliminated.

“Despite continued global uncertainty, Vietnam's economy grew by more than 9 per cent in the first nine months, placing it among the world's fastest-growing economies,” she said.

However, Sherman noted that the model that had brought Vietnam to its current position would not be sufficient to propel the country into the high-income group. She identified three major challenges: the working-age population has peaked, productivity growth remains low, linkages between the foreign-invested and domestic businesses remain limited.

To address these challenges, Sherman proposed mutually reinforcing priorities including creating better-quality jobs, connecting markets, people, and regions, turning climate risks into growth opportunities, and strengthening institutional capacity. She said each priority represented an opportunity for cooperation with the UK.

“Vietnam stands at the threshold of its second great transformation. The first moved workers from the fields into factories. The second must move businesses up the value chain, workers into better jobs, and the state from a role of administration to one of enabling growth,” Sherman said.

In his speech, Kim Byoungho, chairman of the board of HDBank, explained that a deep and globally connected capital market was essential for Vietnam’s transition to a high-income economy.

“UK-Vietnam ties should expand beyond trade and investment to encompass financial and capital market connectivity, with London serving as a gateway for Vietnamese businesses to access international investors and standards. HDBank plans to issue $500 million in international bonds and list on the London Stock Exchange,” Byoungho said.

He also stressed the importance of strengthening links between London and the International Financial Centre in Ho Chi Minh City.

Wanming Du, Asia-Pacific head of index policy at FTSE Russell delivered a speech suggesting Vietnam’s inclusion in the FTSE Global Equity Index Series from September 18 would give the country access to a global investment ecosystem with approximately $20 trillion in assets benchmarked against FTSE Russell indices.

“Inclusion creates an opportunity for capital to flow in, but it does not guarantee that capital will stay. Reclassification has opened the door. The next decade will determine how far Vietnam walks through it,” Du said.

To realise this potential, Du outlined strategic priorities for the next phase, including simplifying market access procedures for international investors, improving trading, settlement, and foreign exchange efficiency, and deepening market liquidity. Strengthening corporate governance and information transparency, while developing the domestic institutional investor base, would also be critical.

VIR