Hanoi, UK businesses in bid to bolster economic relations

08:33 | 23/11/2017 Cooperation

(VEN) - The UK wants to promote cooperation with Vietnam in the insurance sector, in addition to links in traditional fields such as finance and banking, Steph Lysaght, deputy head of mission at the British Embassy in Hanoi, said at a recent seminar.

hanoi uk businesses in bid to bolster economic relations

The event was sponsored by the Hanoi Promotion Agency, in cooperation with the Department of Foreign Affairs for Provinces under the Ministry of Foreign Affairs and the British Business Group Vietnam in order to discuss stronger economic partnerships between Vietnam’s capital and British businesses.

Nguyen Doan Toan, deputy chairman of the Hanoi People’s Committee, told participants that with 4,165 valid investment projects and registered capital of US$26.6 billion, Hanoi ranks third among provinces and cities in terms of foreign direct investment (FDI) attraction, accounting for 17.4 percent and 8.7 percent of the country’s total FDI projects and capital, respectively. He also highlighted the contributions British investors have made to the municipal budget and their major projects.

Although trade and investment relations between Hanoi and the UK have been strengthened, they have not met their potential. UK investors have 66 valid investment projects in Hanoi with total capital of US$416.7 million, ranking 13th among the countries and territories investing in Hanoi.

Hanoi’s export turnover to the UK reached US$524 million in 2016, accounting for 4.9 percent of the capital city’s total exports, while import turnover stood at US$142 million, accounting for 0.6 percent of total imports.

Participants at the seminar discussed the current socio-economic situation and the potential for conducting business in Hanoi, as well as exchanging information on administrative procedures, business licenses for foreign firms, tariffs and customs, food safety, and human resource training.

Nguyen Doan Toan said Hanoi seeks UK investment in finance-banking, education and training, tourism, trade, information technology and high technology.

Steph Lysaght also recommended that Hanoi simplify tax and customs procedures and increase transparency in order to help improve the capital city’s competitiveness in the region and the world.

Prior to recommendations, Nguyen Doan Toan asked the concerned agencies to continue to accelerate administrative reforms and shorten the time to implement procedures in order to create favorable conditions for businesses.

Nguyen Hanh