Promoting the deepening of the business relationship between Vietnam and the United Kingdom
The Vietnamese and British business communities still have plenty of room for cooperation in high-value areas.
Speaking at the Vietnam-UK Business Forum organized by the VCCI in collaboration with the West London Chamber of Commerce, the Vice Chairman of VCCI assessed that in recent years, the Vietnam-UK relationship has made significant progress in many fields. Despite facing challenges such as the COVID-19 pandemic and global economic downturn, bilateral trade between Vietnam and the UK has grown steadily and reached $4.62 billion in the first 8 months of 2023.
Currently, the United Kingdom has 542 direct investment projects in Vietnam with a registered capital of approximately $4.29 billion, ranking 15th out of 143 countries and territories with direct investment in Vietnam.
The Free Trade Agreement between the two countries has been in effect since May 1, 2021, and the UK officially joined the CPTPP Agreement on July 16, 2023. The Vice Chairman of VCCI believes that these are strong drivers for the further solidification and development of two-way economic, trade, and investment relations in the near future.
VCCI Vice Chairman Nguyen Quang Vinh delivered a speech at the Forum
According to VCCI Vice Chairman Nguyen Quang Vinh, despite achieving positive results, the volume of trade between the two countries is still low and not commensurate with the relationship and interests of both sides.
Therefore, for Vietnamese businesses, it is essential to focus on improving the quality of their products, enhancing competitiveness, and meeting the standards of "Made in Vietnam" products. Vietnamese businesses can directly engage with trade promotion organizations such as the West London Chamber of Commerce to have direct exchanges with potential and reputable partners, in addition to the support provided by the Vietnamese Embassy and Trade Office in the UK.
VCCI Vice Chairman Nguyen Quang Vinh holds discussions with the Vietnamese Ambassador to the United Kingdom, Nguyen Hoang Long.
Vice Chairman Nguyen Quang Vinh stated that the Vietnamese government always welcomes and supports foreign investors in general, and the United Kingdom in particular, to increase their investments in Vietnam.
"Vietnam is continuously improving its business environment to become a safe and attractive destination for foreign investors. We believe there are many opportunities for cooperation between the business communities of both countries in potential areas such as green finance, agriculture, and technology. Vietnam warmly welcomes British businesses, and we hope to build mutually beneficial partnerships," emphasized Vice Chairman VCCI.
Vice Chairman VCCI affirmed that VCCI will always be a positive bridge to support British businesses in their business and investment activities in Vietnam. He also expects that both sides will collaborate actively to establish an effective partnership, seize opportunities, and contribute to deepening the economic and trade cooperation relationship between the Vietnamese and British business communities.
Echoing this sentiment, the Vietnamese Ambassador to the United Kingdom, Nguyen Hoang Long, stated that in recent years, Vietnam's economic growth rate has remained high. Currently, the United Kingdom is the 9th largest export market globally and the 4th largest in Europe and the Americas for Vietnam. The trusted relationship and cooperation between the two countries are deepening and becoming more substantial.
According to Alan Rides, CEO of the West London Chamber of Commerce, the organization is focused on supporting small and medium-sized enterprises to strengthen trade and investment cooperation with various countries, including Vietnam.
He expressed delight over the impressive results in Vietnam-UK trade relations. With open opportunities for cooperation in many high-value sectors, Alan proposed that VCCI and the West London Chamber of Commerce engage in close collaborative activities to contribute to the advancement of the relationship between the business communities of both countries in the future.
During the forum, exemplary businesses from both nations shared their experiences in investing and doing business in the UK and Vietnam.
Mr. Alan Rides, CEO of the West London Chamber of Commerce
Regarding British businesses, Mr. Brook Horowitz, CEO of IBLF Global, who has worked in Vietnam for many years, noted that there are many similarities between Vietnam and the United Kingdom, such as cultural diversity. Vietnam has many high-quality products that are well-received in the United Kingdom.
However, with the vast market potential, Mr. Horowitz expects that in the future, trade cooperation between Vietnam and the United Kingdom will become more balanced. Both sides can actively collaborate in promising new areas such as high technology and green energy.
VCCI Vice Chairman Nguyen Quang Vinh and Mr. Brook Horowitz, CEO of IBLF Global
As part of the activities commemorating the 50th anniversary of diplomatic relations with the United Kingdom, France, and Belgium, VCCI organized a business delegation to promote trade and investment to these three countries from October 15 to 24, 2023. VCCI Vice Chairman Nguyen Quang Vinh led the delegation, which included leaders from Hai Duong province and businesses interested in these markets.
To kick off the series of activities in the United Kingdom, VCCI Vice Chairman Nguyen Quang Vinh had a discussion with the Vietnamese Ambassador to the United Kingdom, Nguyen Hoang Long. The meeting was attended by Chairman of Hai Duong province, Trieu The Hung, representatives from provincial departments, and prominent businesses.
According to the plan, the business delegation will continue to participate in business meetings between Vietnamese and Belgian businesses (scheduled for October 18) and the Business Forum and Business Networking event between Vietnamese and French businesses (scheduled for October 20).
By: Cam Anh (Business Forum Magazine)/Translator: LeAnh-Bizic
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