The forum brought together UK Ambassador to Vietnam Iain Frew, former Ambassador and Chief Executive of the Scotch Whisky Association Mark Kent, along with over 50 business leaders, industry associations, and government representatives from both countries.

In his remarks, Vietnamese Deputy Minister of Industry and Trade Nguyen Hoang Long emphasised that the enforcement of the UK–Vietnam Free Trade Agreement (UKVFTA), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has created a “dual driving force” for bilateral economic ties.

Thanks the enforcement, two-way trade between the two countries reached US$8.4 billion in 2024, an 18% increase over 2023, positioning the UK as Vietnam’s third largest export market in Europe.

Long noted significant untapped potential in industrial, commercial, and energy cooperation, calling on businesses from both countries to fully leverage tariff preferences and flexible rules of origin. He encouraged greater collaboration in services and finance, as well as broader market access for agricultural products, food, and beverages in both markets.

The Deputy Minister also outlined Vietnam’s strategic breakthroughs to support national development, particularly in the energy sector. Under the recently revised Power Development Plan VIII, Vietnam targets 117.4 GW of renewable energy capacity by 2030, requiring approximately US$134 billion in new investment, primarily from private and international sources.

In this context, the Deputy Minister invited UK corporations, banks, and financial institutions to actively participate in Vietnam’s energy transition. Key areas for collaboration include establishing industrial-energy service hubs, developing offshore wind projects, training skilled labour, manufacturing equipment, and providing support services for the energy sector.

During discussions, experienced speakers from both countries focused on trade outlook under the UKVFTA and CPTPP, market opportunities for premium agri-food and beverages, Vietnam’s renewable energy roadmap, and the mobilisation of green finance for large-scale projects.

Representatives from the Ministry of Industry and Trade affirmed their commitment to helping businesses utilise tariff benefits, optimise origin documentation, and access green credit packages under the Just Energy Transition Partnership (JETP).

As part of the forum, BP Group and T&T Group signed a Memorandum of Understanding (MoU) to explore cooperation in smart mobility and the electrification of transportation in Vietnam. Under the MoU, Castrol, a Taiwanese technology partner, and T&T Energy will work together to launch and operate a battery swapping ecosystem for electric two-wheelers in Vietnam.

Following the forum, Deputy Minister Nguyen Hoang Long held a working session with representatives from BP and T&T. He welcomed the tripartite cooperation model that links a lubricant producer, a battery technology company, and an infrastructure developer, and urged the parties to comply with relevant regulations when deploying projects in major urban areas.

He emphasised the importance of ensuring technical compatibility, fire safety, and competitive battery-swapping pricing, to support Vietnam’s goal of reducing emissions in the transportation sector.

UK seminar sounds out cooperation opportunities in offshore wind power

VOV.VN - A Vietnamese delegation led by Deputy Minister of Industry and Trade Nguyen Hoang Long attended a seminar in Edinburgh, Scotland, on July 10, seeking to promote bilateral cooperation in offshore wind power.