Vietnam and the UK expect to expand their trade and investment tiesfollowing the recent inauguration of a Ho Chi Minh City-based businesscentre by the British Business Group Vietnam (BBGV), radio The Voice ofVietnam (VOV) reported on June 12.
Two-way trade turnover betweenVietnam and the UK has been steadily increasing in recent years, fromjust 1.15 billion USD in 2008 to 4.26 billion USD in 2013.
Vietnam has achieved an annual export growth of 17 percent, and it currently enjoys a healthy surplus in trade with the UK.
Vietnamand the UK established a strategic partnership in 2010, targeting toraise bilateral trade to 4 billion USD in 2013; however, that benchmarkwas surpassed in 2013 when trade hit a value of 4.27 billion USD.
Vietnammainly exports seafood, vegetables and fruit, cashew nut, coffee, tea,pepper, plastic products, rubber, bags, wallets, hats, umbrellas, bambooproducts, garments, footwear, computers and electronic components tothe UK.
Its major imports include machinery, equipment, chemicalsand chemical products, pharmaceuticals, fertilisers, garment andfootwear accessories, cotton, and steel.
According to Vietnam Customs statistics, Vietnam’s exports to the UK hit 1.16 billion USD in the first four months of this year.
TheUK is a dynamic market that has its own criteria, besides EUregulations. To boost exports to the market, domestic businesses areadvised to grasp its regulations on brand names with a clear country oforigin (C/O), weight, size and components.
British businesseshave invested in Vietnam since 1988-1989; however, they have mainlyconcentrated their investment in oil and gas. In recent years, they havebegun to expand their investment in other fields in banking, finance,manufacturing industry, services and garment.
To support Britishoperations in Vietnam, the UK Trade & Investment (UKTI) and the BBGVopened the business centre to serves as a bridge between British andVietnamese businesses through supplying services, such as marketresearch, business connectivity activities, trade events, andconsultancy.
It also helps UK businesses seek potential partners and conduct training courses on the business environment.
Theestablishment of the centre demonstrates the UK’s confidence in theVietnamese market. The British Government chose Vietnam as a pilotmarket to carry out the Overseas Business Networks Initiative (OBNI),and the newly-established centre will help enhance the capacity of thebusiness support system globally.
In the future, the UKTI and theBBVG will jointly support British businesses in market promotion,accession, development and expansion.
According to the ForeignInvestment Agency under the Ministry of Planning and Investment, as ofthe end of May 2014 the UK ranked 17th among the foreign investors inVietnam with 118 projects totally capitalised at 2.8 billion USD.-VNA
Two-way trade turnover betweenVietnam and the UK has been steadily increasing in recent years, fromjust 1.15 billion USD in 2008 to 4.26 billion USD in 2013.
Vietnam has achieved an annual export growth of 17 percent, and it currently enjoys a healthy surplus in trade with the UK.
Vietnamand the UK established a strategic partnership in 2010, targeting toraise bilateral trade to 4 billion USD in 2013; however, that benchmarkwas surpassed in 2013 when trade hit a value of 4.27 billion USD.
Vietnammainly exports seafood, vegetables and fruit, cashew nut, coffee, tea,pepper, plastic products, rubber, bags, wallets, hats, umbrellas, bambooproducts, garments, footwear, computers and electronic components tothe UK.
Its major imports include machinery, equipment, chemicalsand chemical products, pharmaceuticals, fertilisers, garment andfootwear accessories, cotton, and steel.
According to Vietnam Customs statistics, Vietnam’s exports to the UK hit 1.16 billion USD in the first four months of this year.
TheUK is a dynamic market that has its own criteria, besides EUregulations. To boost exports to the market, domestic businesses areadvised to grasp its regulations on brand names with a clear country oforigin (C/O), weight, size and components.
British businesseshave invested in Vietnam since 1988-1989; however, they have mainlyconcentrated their investment in oil and gas. In recent years, they havebegun to expand their investment in other fields in banking, finance,manufacturing industry, services and garment.
To support Britishoperations in Vietnam, the UK Trade & Investment (UKTI) and the BBGVopened the business centre to serves as a bridge between British andVietnamese businesses through supplying services, such as marketresearch, business connectivity activities, trade events, andconsultancy.
It also helps UK businesses seek potential partners and conduct training courses on the business environment.
Theestablishment of the centre demonstrates the UK’s confidence in theVietnamese market. The British Government chose Vietnam as a pilotmarket to carry out the Overseas Business Networks Initiative (OBNI),and the newly-established centre will help enhance the capacity of thebusiness support system globally.
In the future, the UKTI and theBBVG will jointly support British businesses in market promotion,accession, development and expansion.
According to the ForeignInvestment Agency under the Ministry of Planning and Investment, as ofthe end of May 2014 the UK ranked 17th among the foreign investors inVietnam with 118 projects totally capitalised at 2.8 billion USD.-VNA
