UK called to join economic restructuring in Vietnam

08:43 | 20/10/2016 MUTRAP Corner

At a meeting in Hanoi on October 19, Deputy Prime Minister Vuong Dinh Hue has urged UK businesses to get more involved in the reshuffle of financial and banking systems in Vietnam.

uk called to join economic restructuring in vietnam
Deputy Prime Minister Vuong Dinh Hue (R) greets UK Minister of State for Trade and Investment Mark Ian Price (Photo: VNA)

Deputy PM Vuong Dinh Hue told UK Minister of State for Trade and Investment Mark Ian Price that Vietnam is accelerating efforts to deal with bad debts and restructure banks and public investment.

He also informed the guest Vietnam has revised the Law on Investment and approved a project on enhancing growth quality and reforming growth model, labour productivity, and the competitiveness of the economy to achieve sustainable development goals, he added. Vietnam will promote the startup and innovative spirit among businesses while facilitating business development regardless of their scale and sector, he said, noting the Government’s ambition of doubling the current number of active companies by 2020.

The Vietnamese government has also submitted to the National Assembly a bill on supporting small-and medium-sized enterprises according to international standards and practices, he said.

The Deputy PM proposed the UK provide more support for Vietnam under the Newton Programme on innovation and research, as well as strengthen bilateral partnership in education and training, adding the UK’s exit from the European Union does not affect Vietnam’s determination to strengthen the bilateral strategic partnership.

UK Minister of State for Trade and Investment Mark Ian Price informed the host about the outcome of the ninth meeting of Vietnam-UK Joint Economic, Trade Cooperation Commission , which aims to remove difficulties for businesses and improve business environment in Vietnam.

He said the UK is able to help Vietnam improve its legal framework, create favourable business climate, protect the environment, and prevent corruption.

The UK official supposed that UK businesses consider Vietnam a good destination for investment and said both countries should make greater efforts to improve business environment and boost bilateral trade.

Two-way trade between Vietnam and the UK topped US$5.4 billion in 2015, up over 25% against the previous year.

Thu Hang