Speaking at a workshop themed “The UKVFTA – Green and Fair Trade with Vietnam” on March 7 in Hanoi, Frew said his country is delighted that Vietnam is becoming a regional leader in sustainability, with its ambitious commitment to net-zero emissions by 2050 at COP26.
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Participants at the workshop |
Jointly hosted by the Ministry of Industry and Trade and the U.K. Embassy in Vietnam, the hybrid event provides a platform for discussion on the U.K.’s green and fair trade with Vietnam through the U.K.-Vietnam Free Trade Agreement (UKVFTA), commitments on renewable energy generation, plans to implement these commitments and opportunities and challenges in renewable energy development in Vietnam.
It is expected to help the export business communities of both countries fully tap the incentives from the agreement, especially in the field of green and fair trade – the inevitable development trend of global trade.
In addition to the extensive tariff reduction roadmap, the UKVFTA also creates clear advantages for many products of strength of both countries to penetrate each other's markets.
On the other hand, with commitments related to sustainable development, the agreement is also an important framework for cooperation activities on green and fair trade.
Deputy Minister of Industry and Trade Dang Hoang An said that Vietnam is in the transition to fulfill international commitments on sustainable development, energy saving and climate change response.
For businesses, this is an opportunity to create environmentally friendly goods and services, and make them adaptive to increasingly high standards on environmental protection and anti-climate change, he noted, adding that the workshop is the initial contribution to improving social understanding and governance capacity as well as to supporting businesses in addressing new and urgent issues, he said.
Speakers and experts provided more specific information on relevant commitments in the UKVFTA, the U.K.'s green and fair trade policy to meet the requirements of sustainable development and climate change adaptation.
Ways to transition to a green and sustainable trade, standards and notes on “green criteria” for exports to the U.K. market, as well as cooperation opportunities in renewable energy between the two countries were also put on table.
In 2022, two-way trade between Vietnam and the U.K. increased 3.3% year-on-year, with many key export products of Vietnam posting high growth.
In terms of investment, the U.K. has so far run 507 projects worth nearly 4.2 billion USD in Vietnam. In 2022 alone, there were 53 newly registered projects with a registered capital of 134.66 million USD by U.K. firms.
The European nation is now the 15th largest investor out of 141 countries and territories investing in Vietnam, mainly focusing on renewable energy, finance, banking, and oil exploitation.
Source: VNA