The event, organized by the British Chamber of Commerce in Vietnam (BritCham Vietnam), marked an important milestone following the recent upgrade of bilateral relations to a comprehensive strategic partnership during Party General Secretary To Lam’s visit to the U.K. last week. The upgrade of the relationship is expected to create a broader framework for cooperation across economic, trade, investment, energy, and sustainable development sectors, ushering bilateral relations into a new phase of growth.
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Denzel Eades, Chairman of BritCham Vietnam |
Speaking at the summit, Denzel Eades, Chairman of BritCham Vietnam, noted that bilateral trade has reached 9 billion USD since the beginning of this year, while the U.K.’s direct investment in Vietnam has exceeded 4.5 billion USD. These figures reflect positive growth momentum and the potential for expanding bilateral cooperation in the new period.
According to Eades, the economic relationship continues to be strengthened by the U.K. - Vietnam Free Trade Agreement (UKVFTA) and the U.K.’s formal accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Highlighting the two main themes of this year’s summit, namely renewable energy and the development of an international financial center, British Ambassador to Vietnam Iain Frew noted that these topics are not only timely but also reflect the shared strategic vision of the two governments.
In the field of renewable energy, the U.K. is one of the global leaders in the fields of offshore wind, green finance, and energy transition. Vietnam, committed to achieving net-zero emissions by 2050, is working closely with the U.K. under the Just Energy Transition Partnership (JETP), where the U.K. serves as co-chair. Through JETP, both sides are implementing a series of clean energy projects, unlocking billions of dollars in private capital for technology transfer, electricity transmission, and development of green infrastructure.
In terms of financial services, the U.K. is assisting Vietnam in establishing its International Financial Center in Ho Chi Minh City and Da Nang, focusing on improving the legal framework, dispute resolution mechanisms, ESG standards, and training a high-quality financial workforce.
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Speakers participate in a panel discussion on the future of renewable energy in Vietnam. |
These cooperative efforts are reinforced through a series of high-level dialogues, such as the U.K. - Vietnam High-Level IFC Conference chaired by the Mayor of London, lectures by Lord Justice Snowden, and an upcoming banking conference in Hanoi.
Nguyen Viet San, Deputy Director of the Ministry of Industry and Trade’s Foreign Market Development Department, said Vietnam remains steadfast in pursuing a growth model based on innovation, digital transformation, and sustainable development. This aligns with the U.K.’s strengths as a global hub for technology, finance, and education. The two sides are expected to strengthen cooperation in semiconductors, smart manufacturing, circular economy, and sustainable supply chain standardization.
The Vietnamese government places great importance on the significant role of the private sector. By 2045, this sector is expected to contribute 65% - 70% of GDP, requiring extensive participation of businesses in technology innovation, digital transformation, and green production, San said.
He also noted that Vietnam will continue to improve its institutional framework and create a more transparent and equitable investment environment for foreign investors.
Source: VNA