Vietnam, UK strengthen economic cooperation

THE HANOI TIMES — Vietnam and the United Kingdom agreed to strengthen their cooperation in several sectors, including agriculture, finance, renewable energy, education, and trade and investment.

This agreement was made during the 14th meeting of the Vietnam-UK Joint Economic and Trade Committee (JETCO) and the UK-Vietnam Free Trade Agreement (UKVFTA) Trade Committee in London on July 14.

Both sides committed to effectively implementing the UKVFTA and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as well as promoting trade facilitation and organizing regular business networking activities.

Green finance initiatives were also discussed, including the issuance of green bonds and the development of an international financial center.

Deputy Minister of Industry and Trade Nguyen Hoang Long requested that the UK assist Vietnam in organizing B2B meetings, improving market management, and maximizing the use of the UKVFTA and CPTPP.

In turn, the UK’s Minister of State for Trade Policy and Economic Security, Douglas Alexander, expressed interest in increasing exports of poultry, beef, and seafood to Vietnam while supporting greater market access for Vietnamese agricultural products.

He reaffirmed his country's commitment to supporting Vietnam’s energy transition under the Just Energy Transition Partnership (JETP) framework. He offered assistance in capacity building, workforce training, and developing a renewable energy supply chain.

According to Deputy Minister of Industry and Trade Nguyen Hoang Long, Vietnam's trade turnover with the UK gained 18% year-over-year to reach $8.4 billion in 2024, making the UK Vietnam’s 3rd largest export market in Europe.

In the first half of 2025, bilateral trade reached over $4.3 billion, up 9.6%, including $3.4 billion worth of Vietnamese exports to the UK.