Business
Vietnam, UK foster economic, trade ties
The Vietnam-UK Joint Economic and Trade Commission (JETCO) convened its eighth session in London on March 2 to seek solutions to promote economic and trade ties between the two nations.
The session was chaired by the UK Minister of State at the Foreign and Commonwealth Office, Hugo Swire and Vietnam’s Deputy Minister of Industry and Trade, Ho Thi Kim Thoa.
Addressing the session, the UK Minister affirmed that Vietnam and the UK have a great potential to develop the time-honoured relationship. The UK is one of countries which have voiced their strong support for Vietnam-EU Free Trade Agreement Negotiations. He expressed hope that the FTA will be signed in the near future, stressing that both sides will obtain advancements in priority fields of education, energy and financial infrastructure in the coming time.
The UK diplomat also reaffirmed that JETCO 8 will offer an important opportunity to review all cooperative fields in the spirit of strategic partnership which have been developed between the two nations over the past 8 years. He said that during the recent Vietnam-UK strategic dialogue, Vietnam’s strong desire for economic development have been reflected, noting that Vietnamese Government’s priority policies for education will provide a solid foundation for a prosperous future.
Addressing the session, the UK Minister affirmed that Vietnam and the UK have a great potential to develop the time-honoured relationship. The UK is one of countries which have voiced their strong support for Vietnam-EU Free Trade Agreement Negotiations. He expressed hope that the FTA will be signed in the near future, stressing that both sides will obtain advancements in priority fields of education, energy and financial infrastructure in the coming time.
The UK diplomat also reaffirmed that JETCO 8 will offer an important opportunity to review all cooperative fields in the spirit of strategic partnership which have been developed between the two nations over the past 8 years. He said that during the recent Vietnam-UK strategic dialogue, Vietnam’s strong desire for economic development have been reflected, noting that Vietnamese Government’s priority policies for education will provide a solid foundation for a prosperous future.
Deputy Minister of Industry and Trade Ho Thi Kim Thoa in turn highlighted efforts by the two governments in creating a favourable business environment for businesses of both nations in recent time.
She said Vietnam’s GDP growth achieved 5.98% last year while its GDP per capita exceeded over US$2,000 for the first time. In terms of trade, Vietnam’s export value has increased more than 20 folds over the past 20 years. Last year, Vietnam’s import-export turnover reached over US$298 billion, of which exports earned US$150 billion.
Last year, some 101 nations and territories poured their investment in Vietnam with over 17,500 projects, leading to improvements in people’s living conditions and political and economic stability. Especially, Vietnam has successfully reduced poverty over the years.
Ms Thoa said that both sides have resolved five out of eight issues set in JETCO 7. Especially, both sides have reaped success in combating smuggling and formulating a cooperative plan in the civil nuclear field.
Meanwhile, the Ministry of Justice and the UK Embassy in Hanoi have cooperated in building capacity and implementing decisions of international arbitrators. Both sides also witnessed the establishment of Vietnam-UK Research and Training Institute under Da Nang University on October 2, 2014.
Thoa said Vietnam is building laws to allow foreign pharmaceutical firms to be exclusive distributors in Vietnam.
Vietnam wished that the UK will co-ordinate to implement agreements to grant competency certificates to Vietnamese seafarers.
She said Vietnam’s GDP growth achieved 5.98% last year while its GDP per capita exceeded over US$2,000 for the first time. In terms of trade, Vietnam’s export value has increased more than 20 folds over the past 20 years. Last year, Vietnam’s import-export turnover reached over US$298 billion, of which exports earned US$150 billion.
Last year, some 101 nations and territories poured their investment in Vietnam with over 17,500 projects, leading to improvements in people’s living conditions and political and economic stability. Especially, Vietnam has successfully reduced poverty over the years.
Ms Thoa said that both sides have resolved five out of eight issues set in JETCO 7. Especially, both sides have reaped success in combating smuggling and formulating a cooperative plan in the civil nuclear field.
Meanwhile, the Ministry of Justice and the UK Embassy in Hanoi have cooperated in building capacity and implementing decisions of international arbitrators. Both sides also witnessed the establishment of Vietnam-UK Research and Training Institute under Da Nang University on October 2, 2014.
Thoa said Vietnam is building laws to allow foreign pharmaceutical firms to be exclusive distributors in Vietnam.
Vietnam wished that the UK will co-ordinate to implement agreements to grant competency certificates to Vietnamese seafarers.
