Vietnam welcomes the UK’s active role in the reform of the World Trade Organisation (WTO), particularly in supporting the restoration of the dispute settlement system and promoting multilateral initiatives, a Vietnamese diplomat has said.

Since Vietnam and the UK established diplomatic relations in 1973 and upgraded to a Strategic Partnership in September 2010, the two sides have enjoyed strong growth in all-round cooperation.

The meetings of the Vietnam–UK Joint Economic and Trade Committee (JETCO) and the UK–Vietnam Free Trade Agreement (UKVFTA) Trade Committee have delivered positive outcomes, helping to strengthen bilateral economic ties, resolve trade barriers, and create a more favourable business environment for enterprises.

The UK and Vietnam possess significant untapped potential for cooperation in digital trade, services, green technology, fintech, artificial intelligence (AI), semiconductor, quantum technology, and other emerging sectors, heard a workshop held in London on June 9.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will further boost trade and investment ties between Vietnam and the United Kingdom (UK), according to officials of the two countries.

The Vietnamese Business Association in the UK (VBUK) has announced plans to reshape the landscape of Vietnam-UK trade relations, focusing on driving business community forward, fostering its unity and strengthening connections with their Vietnamese partners both at home and abroad.

Vietnam earned US$6.4 billion from exports to the UK in the first 10 months of this year, marking a year-on-year rise of 22%, reported the General Department of Vietnam Customs.

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.

The export of Vietnamese goods to the United Kingdom (UK) is currently facing several challenges, attributed to both unfavourable international conditions and shifts in the UK’s trade and economic policies.

The Ho Chi Minh City People’s Committee and the Vietnamese Embassy in the UK on October 24 held a conference on investment-trade promotion between the UK and the city in London.