Viet Nam, UK to boost economic, trade ties

The meetings of the Viet Nam–UK Joint Economic and Trade Committee (JETCO) and the UK–Viet Nam Free Trade Agreement (UKVFTA) Trade Committee took place in London, the UK, on July 14.

Deputy Minister of Industry and Trade Nguyen Hoang Long and Minister of State (Minister for Trade Policy and Economic Security) at the Department for Business and Trade Douglas Alexander co-chaired the meetings.

Both sides agreed to strengthen cooperation in areas such as agriculture, finance and banking, renewable energy, education, and trade and investment.

Viet Nam called on the UK to support trade promotion efforts, organize regular business networking events, and enhance collaboration in market management while effectively leveraging the commitments under the UKVFTA and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The UK expressed its desire to expand exports of poultry, beef, and seafood to Viet Nam and voiced support for Vietnamese agricultural products to access the UK market.

The UK reaffirmed its commitment to assisting Viet Nam in its energy transition via the Just Energy Transition Partnership (JETP) framework.

Viet Nam urged the UK to provide more assistance in strengthening management capacity, training human resources, and developing supply chains for renewable energy sector.

The UK's participation in the CPTPP, alongside the UKVFTA, has provided a solid foundation for promoting bilateral trade. In 2024, two-way trade reached US$8.4 billion, an increase of18 percent compared to the previous year, making the UK Viet Nam's third-largest export market in Europe.

Official data showed that bilateral trade reached over US$4.3 billion in the first six months this year, up 9.6 percent compared to the same period last year. Of the figure, Viet Nam's exports amounted to nearly US$3.4 billion, while imports from the UK exceeded US$460 million./.