Vietnam, UK prioritize trade and investment in strategic partnership
VOV.VN - Vietnam and the UK have identified trade and investment cooperation as a key pillar of their Strategic Partnership and will implement measures to ramp up economic cooperation in the near future.
This commitment was affirmed during a recent meeting between Vietnamese Ambassador to the UK, Do Minh Hung, and Minister of State at the Department for Business and Trade, Douglas Alexander, held at the Department for Business and Trade in London.
Enhancing bilateral and multilateral economic ties
During the meeting, the two sides discussed economic cooperation potential and consented to speed up the implementation of bilateral cooperation mechanisms, particularly the Joint Economic and Trade Committee (JETCO). They also pledged close coordination to effectively implement the UK-Vietnam Free Trade Agreement (UKVFTA).
With the UK officially joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on December 15, 2024, both parties agreed to capitalize on the opportunities to promote trade and investment between the two nations and among CPTPP member countries, contributing to the trend of regional economic integration. Minister Alexander also expressed gratitude to Vietnam for its support during the UK’s CPTPP accession negotiations.
Commitment to energy transition and economic cooperation
Amid both countries’ efforts to achieve economic growth and respond to climate change, both sides reaffirmed their commitment to advancing energy transition collaboration within the framework of the Just Energy Transition Partnership (JETP). The UK vowed to support Vietnam in establishing an international financial center in Ho Chi Minh City, which is expected to drive new economic cooperation between the two countries forward.
Vietnamese Ambassador Do Minh Hung shared Vietnam’s remarkable socioeconomic achievements, highlighting the nation’s dynamic economy, which recorded the highest GDP growth rate in the region in 2024 at 7.09%. He emphasized Vietnam’s openness as an economy connected to major global markets through 17 free trade agreements (FTAs), including several new-generation FTAs.
Trade and investment—key bright spot in Vietnam-UK ties
Economic and trade cooperation remains a highlight in the multifaceted Vietnam-UK relationship. Since 2021, bilateral trade turnover has consistently grown year by year. In 2024, the total two-way trade turnover exceeded US$8 billion for the first time, reaching US$8.4 billion—a significant 18% increase compared to 2023. Notably, Vietnam’s export value to the UK surpassed US$7 billion for the first time, totaling US$7.5 billion, up 18.9% year-on-year.
Most of Vietnam’s key export products experienced robust growth, including computers, electronic products and components, fruit and vegetables, pepper, coffee, rubber products, confectionery and cereal products, machinery, equipment, steel, paper products, wood products, and textiles and garments.
“Made in Vietnam” goods thrive in UK market
Vietnamese products, including clothing, footwear, tools, equipment, food, and fresh produce, have established a strong presence in the UK’s reputable retail chains. Vietnamese brands are now available in leading UK clothing stores such as Marks & Spencer (M&S), NEXT, PRIMARK, and UNIQLO, as well as major supermarket chains like Tesco and Sainsbury’s, and premium food retailers such as Whole Foods and M&S.
With both nations committed to stepping up bilateral cooperation, Vietnam and the UK are poised to further elevate their economic ties, setting the stage for deeper collaboration in trade and investment.
