UK called to join economic restructuring in Vietnam

Deputy Prime Minister Vuong Dinh Hue has urged UK businesses to get more involved in the reshuffle of financial and banking systems in Vietnam.

The Deputy PM told UK Minister of State for Trade and Investment Mark Ian Price at a meeting in Hanoi on October 19 that Vietnam is accelerating efforts to deal with bad debts and restructure banks and public investment.

The country has revised the Law on Investment and approved a project on enhancing growth quality and reforming growth model, labour productivity, and the competitiveness of the economy to achieve sustainable development goals, he added.

Deputy Prime Minister Vuong Dinh Hue (R) greeting UK Minister of State for Trade and Investment Mark Ian Price

Vietnam will promote the startup and innovative spirit among businesses while facilitating business development regardless of their scale and sector, he said, noting the Government’s ambition of doubling the current number of active companies by 2020.

The government has also submitted to the National Assembly a bill on supporting small- and medium-sized enterprises according to international standards and practices, he said.

He proposed the UK provide more support for Vietnam under the Newton Programme on innovation and research, as well as strengthen bilateral partnership in education and training.

The Deputy PM said the UK’s exit from the European Union does not affect Vietnam’s determination to strengthen the bilateral strategic partnership.

Mark Ian Price informed the host about the outcome of the ninth meeting of Vietnam-UK Joint Economic, Trade Cooperation Commission, which aims to remove difficulties for businesses and improve business environment in Vietnam.

He said the UK is able to help Vietnam improve its legal framework, create favourable business climate, protect the environment, and prevent corruption.

According to the UK official, UK businesses consider Vietnam a good destination for investment. He said both countries should make greater efforts to improve business environment and boost bilateral trade.

Two-way trade between Vietnam and the UK topped 5.4 billion USD in 2015, up over 25 percent against the previous year.

Source: VNA