This was an open and strategic policy dialogue, particularly significant as 2025 marks 52 years of diplomatic relations between Vietnam and the UK (1973–2025) and 15 years of their Strategic Partnership.

Speaking on behalf of the British business community, Nitin Kapoor, chairman of AstraZeneca Vietnam, reaffirmed their commitment to Vietnam’s long-term development. He said that support from the Government, especially from the Prime Minister, reinforces their confidence and determination to expand investments into the country.

UK Ambassador Iain Frew echoed the view, stating UK - Vietnam relations have never been stronger. He noted that bilateral trade has more than doubled since the UK - Vietnam Free Trade Agreement (UKVFTA) was signed, reaching US$8.4 billion in 2024, the highest figure on record.

Delegates focused their discussions on areas of cooperation such as the development of the international financial centre, strategies for mobilising green finance, and the creation of a legal framework for green finance to effectively implement Vietnam’s Just Energy Transition Partnership (JETP). Other key topics included sustainable development, renewable energy, and digital economy development, alongside improving the quality of human resources, as well as healthcare and social welfare cooperation.

They also discussed Vietnam - UK trade relations in the context of global economic uncertainties, and offered several recommendations to resolve existing obstacles, harmonise regulations, and facilitate trade and investment flows between the two countries.

Delegates reflected on over five decades of diplomatic relations between Vietnam and the UK, noting the enduring trust and multifaceted cooperation that have brought long-term and meaningful benefits to the peoples of both countries. The bilateral relationship has continued to progress positively, especially since the official upgrade to a Strategic Partnership in September 2010.

Trade and investment cooperation, a cornerstone of the Strategic Partnership, has seen particularly dynamic growth with remarkable achievements. The UK is currently Vietnam’s third largest trading partner in Europe, while Vietnam is the UK’s largest trading partner in Southeast Asia. In 2024, two-way trade trade reached an all-time high of US$8.4 billion, marking an 18% increase from 2023. Both countries are working toward the shared goal of surpassing US$10 billion in two-way trade in the coming years.

On investment, as of May 2024, the UK had 598 active projects in Vietnam, with a total registered capital of US$4.64 billion, ranking 15th among 151 foreign investors in the country.

Currently, more than 400 British enterprises are operating in Vietnam, spanning from major multinational corporations to small and medium-sized firms. Longstanding investors like HSBC and Standard Chartered have operated in Vietnam for over 155 and 120 years respectively, while other well-known names such as Prudential, Unilever, AstraZeneca, and KPMG have had a continuous presence for over 30 years. These strong partnerships reflect the UK’s long-term commitment to Vietnam as a strategic hub for high-quality investment, innovation, and sustainable growth.

Beyond traditional industries, the two countries are actively exploring new areas of cooperation in line with global trends and Vietnam’s development priorities, such as the international financial centre, innovation, IT, digital transformation, green transition, green finance, renewable energy, labour and skills development, connectivity, and people-to-people diplomacy.

Building on this momentum, the two sides are expected to intensify economic, trade, and investment collaboration in a more practical and effective manner, leveraging the complementary nature of their economies and untapped opportunities.

The British business community reiterated its long-term commitment to Vietnam, pledging continued contributions in capital, technology, and values to support the country’s economic transformation and sustainable development.

For his part, Prime Minister Pham Minh Chinh thanked British businesses for their continued interest in Vietnam, noting that the Vietnamese Government has regularly held dialogues with business associations from major investing countries to share vision, guide implementation, and adjust policies with a spirit of openness, trust, mutual respect, and sincere listening.

He outlined Vietnam’s strategic goals and recent comprehensive achievements across key areas, including socio-economic development, cultural advancement, national defence, diplomacy, and social welfare. He reaffirmed the country’s commitment to creating a stable, sustainable, and attractive business environment.

According to the PM, Vietnam is pursuing three strategic breakthroughs in institutions, infrastructure, and human resources, alongside four key pillars, namely science and technology development, private sector development, international integration, and legal reform. Efforts are also underway to modernise the administrative system, promote a two-tier local government model, and establish an international financial centre and free trade zones.

Expressing appreciation for the UK’s support during the COVID-19 pandemic, particularly the supply of AstraZeneca vaccines, the PM emphasised that Vietnam - UK relations are at their best. He called for deeper cooperation to elevate the Strategic Partnership and provide a solid political foundation for boosting economic and sectoral ties.

Noting the wide-ranging links between the two countries, from economics to sports, he encouraged the UK to continue supporting Vietnam’s development agenda, including its two centennial goals. In particular, he urged both sides to fully leverage the UKVFTA and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to increase bilateral trade and investment beyond US$10 billion in the coming years.

The Prime Minister stressed that stronger UK–Vietnam cooperation in key sectors such as technology, services, and finance would enhance both countries’ roles on the global stage, support international solidarity, uphold multilateralism, and contribute to peace, stability, and sustainable development regionally and globally.

He called on the UK and British businesses to join Vietnam in strengthening economic connectivity, advancing the Fourth Industrial Revolution through cooperation in science and technology, innovation, digital transformation, artificial intelligence, and blockchain technologies, and accelerating the green transition and climate change response to help Vietnam achieve its net-zero emissions target by 2050.

He proposed promoting cooperation in health care, education, culture, and sports; enhancing collaboration in finance and banking, particularly in developing the country’s international financial centre; and integrating Vietnamese businesses into global value chains and fostering the growth of Vietnamese unicorn startups in the tech sector.

The PM reaffirmed Vietnam’s commitment to building a stable, transparent, and internationally-aligned business environment, grounded in both countries’ legal frameworks and global norms.

Vietnam guarantees the security, safety, and legal rights of all foreign individuals and enterprises, including British businesses. The government is focused on creating long-term, stable policies, ensuring freedom of enterprise, property rights, and fair competition, thereby enabling investors to operate efficiently and sustainably, he said.

The Government leader also underscored that Vietnam is always open to listening, understanding, and working closely with partners to resolve obstacles with a spirit of shared benefits and shared risks.

Vietnam, UK discuss cooperation in offshore wind energy production

The British Embassy in Hanoi and Consulate General in Ho Chi Minh City organised a visit for the Vietnam Energy Mission to the UK from June 16 - 23.