UK wants trade with Vietnam to double by 2020
Monday, August 3,2015
AsemconnectVietnam - The UK looks to double its bilateral trade with Vietnam in the next five years, British Prime Minister David Cameron told a conference in HCMC on July 30.
The UK wants to boost business and trade ties with Vietnam and can cooperate with this ASEAN country in multiple fields, Cameron said at the “Improving Business Competitiveness: Placing Integrity at the Heart of Business” conference.
Two-way trade between the two countries reached almost US$4.5 billion last year.
Cameron’s two-day Vietnam visit ending on July 30 was part of his Southeast Asia tour to promote trade and investment ties between ASEAN and the UK.
Speaking at the conference, Cameron underscored the importance of transparency and integrity in doing business in Vietnam. “Integrity in business is very important and corruption should be stopped,” he stressed.
Cameron said corruption costs global enterprises an additional 10%, and makes enterprises lose trust and investors insecure. The UK is boosting internal integrity and the Vietnamese Government needs to cooperate with global partners to fight corruption.
Cameron said Singapore is one of the governments worldwide with least corruption and this is the reason why thousands of British businesses have picked Singapore as a business destination.
He noted British firms normally choose destinations with high levels of transparency and integrity to secure their investments.
According to a representative of a foreign law firm in Vietnam attending the conference, Vietnam’s rankings of transparency and integrity in global reports are not high. Besides, the indexes concerning transparency and integrity of Vietnam have not improved much in the past three years. Therefore, Vietnam needs to make changes to attract foreign businesses.
Vietnam has become a member of the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards but there have been a few foreign verdicts enforced in Vietnam, said the representative.
Vietnamese Deputy Prime Minister Nguyen Xuan Phuc admitted at the conference that Vietnam’s transparency ranking was at a low level but stressed it has improved.
To improve transparency and integrity, Phuc said it is important to enhance the legal system, especially arbitration and supervision. Besides, it is necessary to raise awareness of government employees while businesses should cooperate in corruption prevention.
Data of the Foreign Investment Agency showed that in the year to July 20 the UK had been the second biggest investor in Vietnam with 12 fresh projects having registered capital of US$1.24 billion, accounting for 14.2% of total investment capital pledged for projects in Vietnam in the period.
A highlight is the Empire City project worth US$1.2 billion implemented by a consortium comprising two local real estate enterprises, Tien Phuoc and Tran Thai, and UK-based Denver Power Ltd.
With 205 projects valued at over US$3.18 billion, the UK was ranked 16th among 103 countries and territories making investments in Vietnam as of May 20.
Commenting on the visit of Cameron and the UK delegation to Vietnam, CEO of HSBC Vietnam Pham Hong Hai said HSBC has seen the growing interest of international firms in UK-ASEAN economic ties. These firms operate in various sectors like manufacturing, infrastructure, trading and financial services.
“With the ASEAN Economic Community under way, the British Prime Minister’s visit is a testament to growing confidence in ASEAN integration. The AEC will further liberalize flows of trade and goods for markets, both within and outside the ASEAN region, and has potential to become one of the engines of global economic growth,” Hai said in a statement.
According to the UK Trade and Investment Agency, Vietnam is forecast to become one of the top ten economies in the next few decades.
Cameron met HCMC's Party chief Le Thanh Hai and Chairman Le Hoang Quan, and visited the Hochiminh Stock Exchange before he left for Malaysia Thursday afternoon.
Source: http://english.thesaigontimes.vn/42270/UK-wants-trade-with-Vietnam-to-double-by-2020-.html
Hai Phong Techfest connects Vietnamese, RoK businesses
Made-in-Vietnam wind turbine towers bound for RoK
Vietnam-Laos-Cambodia-Thailand trade fair opens in Laos
NA Chairman meets with executives of large Chinese groups
Vietnam, Laos sign new trade agreement
French businesses interested in Vietnamese market
Vietnam, Russia discuss stronger agriculture cooperation
Vietnam, Indonesia similarities facilitate trade, agro-fishery cooperation
Vietnam, Japan promote financial mechanisms in green energy transition projects
Vietnam Connect Forum 2024 to take place in Hai Phong next month
Vietnam, Canada look to boost trade cooperation
Binh Duong province seeks cooperation opportunities with Australian partners
Forum looks to promote Vietnam – Canada economic ties via CPTPP
Vietnam, Netherlands strengthen agricultural cooperation
Plan of Hai Duong province for a period of 2021 - 2030, ...
Organize space reasonably and harmoniously, focusing on connecting Hai Duong in common development space, actively contributing to the ...Plan of Hau Giang province in a period of 2021 - 2030, ...
Sustainable forestry development program in a period of ...
12th-century ancient road unearthed at My Son Sanctuary
An ancient road dating back to the 12th century has freshly been discovered in an excavation on architectural ruins at the east side of ...Efforts made to seek UNESCO’s recognition for Con Moong ...
Vietnam Art Photo Contest and Exhibition 2024 to be held ...
Bas-relief featuring talks between Uncle Ho and soldiers ...
