UK, Vietnam To Pursue Closer Trade, Investment Relationship

The UK and Vietnam committed at the end of September to boost bilateral trade and investment and pursue more open trade via global and regional economic integration, the UK Foreign, Commonwealth, and Development Office said in a statement as Foreign Secretary Dominic Raab visited the ASEAN member state last month.

The UK encourages Vietnam’s promotion of an open and attractive business environment and welcomes the country’s intention to expand its investment in and to increase its exports to the UK market. At the same time, Vietnam encourages increased UK exports of goods and services to the ASEAN country, as well as increased investment.

“We commit to enhance financial co-operation, encourage and support our investors to invest, expand their business and develop financial services in the financial and capital markets of the UK and Viet Nam,” the UK Foreign Office said.

The UK is also working with Vietnam, alongside development partners, to support Vietnam’s sustainable urbanisation and development, water resources management, environmental protection, ocean governance, hydro-meteorology services, healthcare, innovation, including co-operation on digital economies, smart cities, infrastructure and construction.

Britain will also work for strengthening of the cooperation between UK universities and new private sector initiatives to bring UK educational opportunities to Vietnam.

In addition, the UK pledged to promote growth in Vietnam’s science and innovation sectors.

“We commit to promoting sustainable growth in science, technology and innovation, and to helping Viet Nam equip its workforce with essential skills for the digital age. This includes sharing expertise of online education to improve the experience for both teachers and students,” the Foreign Office said.