In September 2010, the two sides issued a Joint Statement on Strategic Partnership with seven priority areas of cooperation and affirmed their goal to raise the relationship to a higher level over the next 10 years.
In December 2020, Viet Nam and the UK officially signed a Free Trade Agreement (FTA) on the principle of inheriting the Viet Nam-EU FTA (EVFTA), creating a framework for comprehensive, long-term and stable economic and trade cooperation between the two countries.
The UK is currently Viet Nam’s third-largest trade partner in Europe. Last year, the two-way trade was estimated at about US$6.83 billion, an increase of more than 3.4 percent compared to 2021.
Viet Nam’s main export products to the UK are textiles, footwear, iron and steel, cashew nuts, coffee, and pepper, while imports from the UK include machinery, equipment, pharmaceuticals, chemicals, and cars.
Viet Nam is also an attractive destination for British investors as the UK ranks in the top 20 countries with foreign direct investment (FDI) in Viet Nam.
Besides a close bilateral relationship, Viet Nam and the UK also actively support each other at international forums. The two sides coordinated closely and effectively, while Viet Nam was a non-permanent member of the United Nations Security Council for the 2008-2009 and 2020-2021 terms. Both sides were also members of the United Nations Human Rights Council for the 2014-2016 term.
Viet Nam supported the UK’s request to become a dialogue partner of ASEAN and actively supported the UK in the negotiation process to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Meanwhile, the UK supported Viet Nam’s accession to the World Trade Organization (WTO).
British Ambassador to Viet Nam Iain Frew assessed that the bilateral relations are going through a very exciting time.
Although located on two continents, there always exists a sincere affection and a strong connection between Viet Nam and the UK, nurtured by generations of leaders and people of the two countries.
A new journey awaits, promising to mark brilliant cooperative achievements, generating practical benefits to both countries.