2023 Vietnam-UK Business Forum explores energy, trade opportunities
The Vietnam-UK Business Forum 2023 took place in Hanoi on November 24, as part of activities held by the Joint Committee on Economic and Trade Cooperation between Vietnam and the UK (JETCO) to celebrate the 50th anniversary of their diplomatic ties.
Speaking at the opening ceremony, head of the Ministry of Industry and Trade’s European-American Market Department Ta Hoang Linh said despite geopolitical tensions and global economic challenges since the beginning of this year, two-way trade between Vietnam and the UK still stood out as a bright spot, reaching US$5.87 billion in the first 10 months of this year, showing a 1.6% increase year on year.
A number of Vietnam’s key export items from Vietnam showed positive growth, including rubber products 66%, electrical wires and cables 5.5%, phones and components 21%, machinery and equipment 15.5%. Agricultural products such as vegetables rose by 15.5%, cashew nuts 7.2%, and coffee 5.7%. Vietnam also increased its imports from the UK, particularly pharmaceuticals and machinery, equipment, tools and spare parts for production.
As a dynamic country with political stability and attractive business environment in Asia-Pacific, Vietnam has become a reliable and sustainable investment destination for the UK, he said.
As of October 20, the UK had invested in 550 projects in Vietnam with a total registered capital of around US$4.28 billion, ranking 15th among 143 countries and territories investing there.
In the first eight months of this year, the UK recorded 43 new projects in Vietnam with a combined registered capital of US$58.6 million, mostly in manufacturing and processing, renewable energy, industry, environmental management, finance and banking, real estate, retail, education, healthcare, and more.
Meanwhile, Vietnam now has 14 projects valued at US$17.3 million in the European nation, which remains modest compared to the potential and aspirations of both countries.
David Johnstone, head of FTA Utilisation at the UK Department for Business and Trade, said both nations continue to demonstrate huge cooperation potential in energy transition in Vietnam. This is especially the case following the approval of the National Power Development Master Plan for the 2021-2030 period, with a vision to 2050 (Master Plan VIII) which allocates a large space for renewable energy. Both countries are also taking specific steps to realise the Just Energy Transition Partnership (JETP).
During the event, two discussion sessions on energy and trade gathered numerous speakers, including experts, policy planners, researchers, and outstanding businesses of both countries. They shared new perspectives and valuable experience to explore new opportunities based on ongoing projects.
Linh affirmed that the ministry will continue offering all possible support to businesses and investors, including those from the UK. The aim is to help them realise ideas and efficient operations in Vietnam, contributing to making bilateral economic ties more substantial and effective.
