Permanent Deputy PM to visit three European nations next week
VGP - Permanent Deputy Prime Minister Nguyen Hoa Binh will pay working visits to the United Kingdom (UK), Luxembourg and Germany from March 16-25.
Permanent Deputy Prime Minister Nguyen Hoa Binh
Viet Nam and the UK established diplomatic relations in 1973 and elevated ties to a strategic partnership in 2010.
In 2020, the two countries adopted a Joint Statement on the 10th anniversary of their strategic partnership.
Both sides have set up several cooperation frameworks and mechanisms, including the Strategic Dialogue, the Joint Committee on Economic and Trade Cooperation, and the Viet Nam-UK Defense Working Group.
Economic and trade cooperation remains a key pillar in the multifaceted Viet Nam-UK relationship. Since 2021, bilateral trade has consistently grown year by year, reaching US$8.4 billion in 2024, an increase of 18 percent compared to 2023. Notably, Viet Nam's export value to the UK reached a record high of US$7.5 billion last year.
As of August 20, 2023, the UK had 542 direct investment projects in Viet Nam with total registered capital of about US$4.29 billion, ranking 15th out of 143 countries and territories investing in Viet Nam.
Viet Nam and Luxembourg set up diplomatic relations in 1973. Since then, the two nations have maintained cooperation in such areas as development cooperation, finance, transport, connectivity, logistics, technique, medical technology, digital technical services, and banking.
As of March 2023, Luxembourg had 64 investment projects worth US$2.6 billion in Viet Nam, ranking third among the EU members and 17th among the 139 countries and territories investing in the Southeast Asian nation.
Bilateral trade reached US$144.57 million during the first 10 months of 2023, equivalent to 77.3 percent of that in 2022.
* This year marks the 50th founding anniversary of diplomatic relations between Viet Nam and Germany. The bilateral relationship has grown from initial diplomatic recognition into a robust strategic partnership that encompasses diverse fields such as diplomacy, trade, investment, human rights, science and education, and cultural exchange.
Germany remains the biggest trade partner of Viet Nam in Europe, with thye two-way trade turnover of US$11 billion in 2023 and over US$8 billion in the first eight months of 2024.
German investments in Viet Nam continue to grow, culminating in 475 projects with a total registered capital of US$2.78 billion as of October 2024./.
