Minister of Industry and Trade Tran Tuan Anh (R) talks with Minister of State for Trade and Investment Mark Ian Price (Photo: VNA)
Hanoi (VNA) – The UK will continue supporting the Vietnam-EU Free Trad🦂e Agreement (EVFTA) even after it leaves the European Union.
Minister of State for Trade and Investment Mark Ian Price made the statement at the ninth meeting of Vietnam-UK Joint Economic, Trade Cooperation Commission in Hanoi on October 19.
He said trade between Vietnam and the UK has seen continuous growth in recent years, and the UK wants to see further growth in bilateral trade.
Minister of Industry and Trade Tran Tuan Anh affirmed that the UK is an important trade and investment partner of Vietnam.
Huge investment opportunities are opening up in such fields as industry and agriculture for foreign businesses, including those from the UK, he said.
He urged the two countries’ management agencies to take stronger actions in order to implement commitments set in the signed FTA.
The ongoing visit of the UK Minister of State for Trade and Investment provides a chance for the European country to get a clearer vision about cooperation opportunities between the two countries in the future, Minister Tran Tuan Anh added.
The negotiation of the EVFTA was concluded on December 1, 2015. The official document on the agreement was made public on February 1, 2016.
The EVFTA is considered a comprehensive and high-quality agreement, which pays attention to balanced interests for both Vietnam and the EU and complies with the World Trade Organisation (WTO)’s regulations.
Under the trade pact, which is expected to take effect from 2018, Vietnam is committed to removing most import tariffs as well as export taxes.
Statistics showed nearly 47 percent of Vietnam’s exports to the UK were mobile phones, computers, and electronic spare parts. Vietnam recorded a trade surplus of 3.9 billion USD with the UK in 2015 and 1.7 billion USD in the first five months of 2016.-VNA
Crowds of UK investors gathered at a workshop organised by the UK-ASEAN Business Council (UKABC) on March 3 in London to examine investment opportunities in the Vietnamese market.
Vietnam and the UK posted 1.32 billion GBP worth of trade revenue within the first five months of 2015, climbing seven percent from 2014 according to the Vietnam Commercial Office at the Vietnamese Embassy in the UK.
The Vietnamese Government will create optimal conditions for British businesses to strengthen cooperation activities and make sustainable investments in the country.
Deputy Prime Minister Vu Van Ninh reiterated education is Vietnam’s top national policy while attending the Vietnam-US Education Forum held in London, the UK, on September 11.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Minister of Industry and Trade Tran Tuan Anh (R) talks with Minister of State for Trade and Investment Mark Ian Price (Photo: VNA)
