Strengthening UK investment in Vietnam

14:03 | 02/09/2015 Economy Follow Ven.vn on

(VEN) - British Prime Minister David Cameron when addressing a workshop on “Improving Business Competitiveness: Placing Integrity at the Heart of Business” said that the UK wanted to strengthen and expand trade with Vietnam as well as promote cooperation in all sectors.

British Prime Minister David Cameron visits the Ho Chi Minh Stock Exchange

The UK remains a leading trade partner of Vietnam. The two countries agreed on promoting economic, trade and investment cooperation, creating favorable conditions for businesses and improving investment efficiency in infrastructure development, finance, banking, insurance and oil and gas.

Two-way trade turnover between the two countries reached nearly US$4.5 billion in 2014. The UK has supported Vietnam in negotiations of the EU-Vietnam Free Trade Agreement. The signing of the agreement will open up opportunities for the two business communities.

According to the Ministry of Planning and Investment’s Foreign Investment Agency, the UK had 206 investment projects in Vietnam with total registered capital of US$3.195 billion by June 20, ranking 16th among the 103 countries and territories investing in Vietnam. Despite the presence of big corporations and companies such as BP Global, BHP Billiton, Rolls-Royce, Vodafone, P&O, GlaxoSmithKline and Standard Chartered Bank, this figure has not been commensurate with potential and advantages.

The official two-day visit by British Prime Minister David Cameron to Vietnam was seen as an opportunity to promote trade and investment cooperation between the two countries.

Cameron said that the UK wanted to strengthen and expand trade with Vietnam as well as promote cooperation in all sectors.

The prime minister and his delegation also participated in financial technology and investment promotion events at the Ho Chi Minh Stock Exchange and witnessed the signing of a contract between the UK-invested Harvey Nash Vietnam Co. and the Humax Joint Stock Company. The two sides discussed investment opportunities in the UK and talked about the UK Trade & Investment’s support for foreign investors.

Infrastructure development is one of the key sectors attracting British investors in Vietnam. Secretary of State and Minister for Small Business, Industry and Enterprise Anna Soubry said that in addition to strengthening investment cooperation, her ministry wanted to talk with Ho Chi Minh City’s leaders on promoting infrastructure development.

The UK government is willing to provide export credit of £500 million for Vietnam to build infrastructure projects in the coming time in addition to support from British expertise.

Ngoc Thao

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