HCMC – Vietnam and the United Kingdom have agreed to strengthen economic ties by pushing for the implementation of two key trade agreements and expanding cooperation in sectors including energy, finance, and agriculture.
At the 14th UK-Vietnam Joint Economic and Trade Committee (JETCO) meeting in London on July 14, officials from both countries discussed ways to maximize the benefits of the UK-Vietnam free trade agreement (UKVFTA) and the comprehensive and progressive agreement for trans-pacific partnership (CPTPP).
Vietnam’s Deputy Minister of Industry and Trade Nguyen Hoang Long said the two nations had seen significant trade and investment growth in the past decade. He noted the UK’s recent entry into the CPTPP as a further step in expanding bilateral trade.
Vietnam proposed greater collaboration in trade promotion, investment facilitation, and regular business networking events. The UK expressed interest in exporting poultry, beef, and seafood to Vietnam, while also welcoming Vietnamese poultry imports.
In energy, the UK reaffirmed support for Vietnam’s transition to cleaner energy under the Just Energy Transition Partnership (JETP). Vietnam requested additional support in policy development, offshore wind, workforce training, and supply chain building.
The UK also proposed helping Vietnam establish an international financial center and expand the use of green bonds. Vietnam welcomed the proposals and requested further details.
In education and science, Vietnam called for enhanced cooperation in higher education, English training, and innovation.
On the same day, the two countries held a session of the UKVFTA Trade Committee, reviewing the agreement’s implementation based on reports from technical subcommittees on goods trade, customs, sanitary and phytosanitary measures, services and investment, and sustainable development. They agreed to continue technical discussions to address remaining concerns.
Long confirmed that outcomes of the JETCO meeting and UKVFTA Trade Committee discussions would be followed up by technical teams from both sides. He emphasized the importance of maintaining close coordination to resolve pending issues and elevate bilateral economic ties.
Long also met with UK Trade Envoy Matt Western to discuss future cooperation in trade, investment, and energy transition.
In the first half of this year, bilateral trade rose 9.6% year-on-year to US$4.3 billion, according to the General Department of Vietnam Customs. Vietnam’s exports increased 8.2% to nearly US$3.4 billion, while imports from the UK climbed 23.1% to US$461.6 million.
In 2024, trade between the two countries surpassed US$8.4 billion, up 18% from 2023. The UK is Vietnam’s third-largest export market in Europe, after the Netherlands and Germany.
