The United Kingdom is willing to provide technical assistance to help increase the efficiency of the Vietnamese economy, and intensify cooperation with the country in preventing money laundry, UK Chancellor of the Exchequer Philip Hammond said on July 3.

UK Chancellor of the Exchequer Philip Hammond (R) welcomes
Vietnamese Finance Minister Dinh Tien Dung (Source: VNA)

Hammond made the statement when receiving Vietnamese Finance Minister Dinh Tien Dung who is leading a delegation from the Finance Ministry and the State Securities Commission of Vietnam (SSC) on a working trip to the UK from July 2-6.

Dung briefed the host on Vietnam’s economic situation as well as measures its Government has taken to boost sustainable economic growth, reduce public debts, maintain low inflation, step up economic restructuring and attract more direct and indirect investments.

The host showed his interest in the equitisation of State-owned enterprises in Vietnam.

The Vietnamese delegation also had a working session with CEO & Director-International Development at London Stock Exchange Plc Nikhil Rathi, during which SSC Chairman Tran Van Dung said that the UK’s indirect investment in Vietnam, at nearly 1 billion USD, is quite modest compared to UK investors’ potential and the Vietnamese market’s absorption capacity.

Therefore, the promotion of investment in London is of significance to increase the UK’s indirect investment in Vietnam, he added.

The UK is the second biggest European investor in Vietnam, after the Netherlands, with 267 FDI projects worth 3.75 billion USD, and Vietnam’s third largest trade partner in Europe after Germany and the Netherlands.

The two sides have signed an agreement on double taxation avoidance and another on investment protection and promotion, and are working to speed up the signing of a free trade agreement.