Delivering a speech at the UK’s first Trade Policy Review at the organisation, Ambassador Mai Phan Dung, Permanent Representative of Vietnam to the UN, the WTO, and other international organisations in Geneva, spoke highly of the resilience of the British economy, currently the world’s sixth largest. Its total trade made up 60% of GDP last year, a 3.6% increase compared with 2019 despite impacts of the COVID-19 pandemic.

The UK is one of the world's most open and globally connected markets, with strong commitments to trade, investment, and reform, the ambassador observed. Foreign direct investment (FDI) into the UK has more than doubled over the past decade, surging from GBP1 trillion in 2014 to GBP2.1 trillion in 2023, making this country the leading FDI destination in Europe and the third largest globally.

Dung highlighted that the UK’s trade development has been backed by new tax measures and trade facilitation policies under an independent trade policy framework following its exit from the European Union (EU). It has gradually advanced tariff liberalisation through multiple agreements, including accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), while introducing tariff incentives and facilitating business inputs. These reforms have contributed to reducing compliance costs for enterprises.

The Vietnamese diplomat said the UK has been a strong advocate for the WTO and multilateral trade system, which provide stability and predictability for businesses and consumers alike.

Vietnam highly values the European country’s efforts to implement the Aid for Trade programme and offer preferential market access for goods from over 90 developing countries through its Developing Countries Trading Scheme, he went on.

Building on the UK – Vietnam Free Trade Agreement (UKVFTA), the CPTPP, and other cooperation frameworks, both countries have been working closely across various areas including trade, investment, sustainable development, capacity building, and trade remedies. Vietnam is interested in keeping close cooperation with the UK to fully capitalise on the existing free trade pacts and cooperation frameworks, delivering tangible benefits to enterprises and businesses of both sides, according to the ambassador.

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