Increasing number of UK firms eye Vietnamese market

During the meeting, Vietnamese Ambassador to the UK Tran Ngoc An briefed participants on recent socio-economic development in the country.

This was along with details of the advancement in the relationship between the two countries, especially Vietnamese success in containing the novel coronavirus (COVID-19) epidemic which has helped the nation resume business and production activities which allow it to continue attracting additional investment capital inflows.

The Vietnamese diplomat pointed out that, despite the negative impacts caused by the COVID-19 epidemic globally, mutual ties have remained close with co-ordination occurring through recent phone talks between Deputy Prime Minister Pham Binh Minh and British Foreign Secretary Dominic Raab during mid-July.

These series of talks serve to highlight Vietnam as the UK's important partner in the Asia-Pacific region, with the country taking on the vital role of ASEAN Chair, which is set to provide support to partner nations including the UK to promote future co-operation with ASEAN.

With regard to the current economic situation locally, The Economist magazine had previously described Vietnam as one of the five fastest growing economies globally in 2018, 2019, and 2020, according to Ambassador An. 

The Asian Development Bank also projects that Vietnamese GDP will witness 4.8% growth this year and expand to 6.8% in 2021, figures which are considered the fastest growth rates both regionally and globally.

Most notably, the country’s GDP growth during the first half of the year stood at 1.81%, with robust growth being seen in key sectors such as industry, manufacturing, and processing.

Ambassador An therefore expressed his belief that the EU-Vietnam Free Trade Agreement, which came into force on August 1, will create co-operative opportunities for both Vietnamese and UK businesses moving forward.

During the meeting, UK firms advised local small enterprises to apply digital technologies as a means of operating their businesses more effectively, whilst also seeking ways in which to increase the number of Vietnamese tourists visiting the UK.

Participants also spoke highly of a survey launched by Paul Smith, vice chairman of the Vietnam - UK Network, to gather opinions of UK businesses that are keen on exploring opportunities within the Vietnamese market.

According to the survey, UK firms are currently interested in seeking co-operation opportunities in the Southeast Asian nation in the fields of food and beverage, technology, pharmaceuticals, education, health, finance, banking, fintech, tourism, artificial intelligence, environmental protection, and renewable energy.