Binh, who was on a working trip to the UK, noted that the bilateral relationship is experiencing a positive phase of development. Both sides regularly exchange delegations at various levels, cooperate closely, and consistently support each other on bilateral and multilateral issues.

Two-way trade exchanges have seen positive growth in recent times, reaching US$8.4 billion in 2024, up 18% compared to 2023. Vietnam is currently the UK’s second largest trading partner in ASEAN, while the latter ranks 15th out of 149 countries and territories investing in the former.

Binh, however, said that bilateral relations have yet to fully match their potential and opportunities, highlighting significant room for further development.

He encouraged British businesses to invest and expand their operations in Vietnam, particularly in clean energy and renewable energy that match the country’s development priorities. He also expressed hope that the UK government would support Vietnam in training high-quality human resources and facilitate opportunities for Vietnamese students to study in the UK.

Binh informed his host about Vietnam’s plans to develop regional and international financial centres in Ho Chi Minh City and Da Nang, saying this is a key policy of the Vietnamese Party and State, aiming to drive economic restructuring, enhance the country’s competitiveness, and contribute to socio-economic development.

He requested that the UK share knowledge and expertise in financial centrr development, support Vietnam in training and attracting talent in this field, and encourage British institutions and enterprises to engage in establishing such centres in Vietnam.

For her part, Rayner praised the impressive development of UK-Vietnam relations in various sectors, particularly in trade and investment.

She highlighted that with the agreements already signed between the two countries, there are numerous opportunities to enhance bilateral trade and foster cooperation in new and renewable energy.

Both sides agreed to increase high-level exchanges to build political trust and drive forward their strong partnership in an effort to commemorate the 15th anniversary of their Strategic Partnership (2010–2025) and elevate bilateral relations to new heights.

They reaffirmed their commitment to leveraging trade agreements such as the UK-Vietnam Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to facilitate market access for goods and aim to reach a two-way trade volume of US$10 billion and beyond.

The UK Deputy Prime Minister also proposed that both sides enhance cooperation in crime prevention, including efforts to combat illegal migration.

Regarding Vietnam’s initiative to develop financial centres, Rayner expressed strong interest and affirmed her support for British businesses, experts, and scientists to participate in this project. Such collaboration would further strengthen the Vietnam-UK partnership, she said.

Enormous potential for Vietnam – UK cooperation, leaders agree

VOV.VN - The potential for expanding cooperation between Vietnam and the UK across various fields remains enormous, agreed Vietnamese Deputy Prime Minister Nguyen Hoa Binh and Speaker of the UK House of Commons Lindsay Hoyle, during their meeting in London on March 18.