Addressing a meeting between the Prime Minister Pham Minh Chinh and UK businesses operating in Vietnam on June 28, Long highlighted the rapid development of bilateral trade relations and noted that there is still ample room to further expand economic ties.

He said the enforcement of the UK - Vietnam Free Trade Agreement (UKVFTA) and the UK’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have provided major momentum to boost two-way trade.

In 2024, trade between the two nations reached a record £8 billion, with Vietnam exporting around £6.7 billion to the UK and importing approximately £1.3 billion in return. More significantly, the UK is now Vietnam’s top services trading partner, with exports of British services to Vietnam valued at over £40 billion in 2024.

“With Vietnam planning to establish an international financial centre, we expect the UK’s service exports to Vietnam to grow significantly in the near future,” commented Long. “Despite global economic headwinds, bilateral trade is set to expand steadily.”

Energy, especially renewable energy, is another priority area in Vietnam–UK relations. After Vietnam pledged to reach net-zero emissions by 2050, it has introduced a series of breakthrough policies to boost its renewable energy sector.

The recent revision of Vietnam’s Power Development Plan VIII reflects a clear focus on renewable energy, particularly offshore wind. Under the plan, Vietnam aims to generate 6,000 MW of offshore wind energy by 2030 and 17,500 MW by 2035.

“The UK is a global leader in offshore wind, with the strongest supply chain in Europe and beyond. There are five key areas where the UK and Vietnam are actively discussing offshore wind cooperation, namely financing, technology, training, management, and regulatory frameworks,” Long stated.

As part of the Just Energy Transition Partnership (JETP), the UK government has reaffirmed its commitment to providing Vietnam with US$1 billion in support. The Ministry of Industry and Trade (MoIT) is actively engaging with UK counterparts to mobilise this funding and promote policy development.

With regard to human resource training, the MoIT is seeking further UK support to establish a centre for offshore wind and energy training in Vietnam. This initiative aims to accelerate workforce development and strengthen policy capacity for the country’s wind industry and broader renewable sector.

Technologically, UK - Vietnam cooperation will help facilitate knowledge and tech transfer. The MoIT also hopes for partnerships involving UK university networks to bolster local innovation and academic collaboration.

Financing remains a critical component, as initial investment for offshore wind projects is estimated at US$60–70 billion. The planned international financial centre based Ho Chi Minh City and Da Nang will be key platforms for attracting green finance.

“Following the issuance of the Political Bureau’s Resolution 68, many Vietnamese corporations have submitted applications to begin developing offshore wind projects. We anticipate the country’s first offshore wind project will break ground later this year,” Long said. “We look forward to close UK cooperation on this journey.”

He also shared that Vietnam aspires to become a hub for green energy exports in Southeast Asia. Blessed with favourable natural conditions for offshore wind, Vietnam sees this sector as a strategic opportunity for trade and economic partnership with the UK and the world.

With its experience in market development, regulatory reform, and building energy zones and industrial clusters, Long said, the UK has much to offer. London’s position as a global financial hub with vast investment funds and experience in project-based investment models further strengthens the case for UK–Vietnam collaboration.

“The UK’s rapid development of offshore wind holds valuable lessons for Vietnam,” Long concluded. “This is not just a sectoral opportunity—it’s a strategic area for long-term partnership.”

Vietnam and UK poised for greater economic partnership, eyeing US$10 billion trade

VOV.VN - Prime Minister Pham Minh Chinh on June 28 chaired a high-level dialogue with British businesses operating in Vietnam, demonstrating the government’s strong commitment to supporting British investors and enhancing bilateral economic cooperation.