Ministry of Planning and Investment
Thursday, 23/05/2024
Attractive Sectors
Minister Nguyen Chi Dzung co-hosted the webinar “UK-Viet Nam FTA: An opportunity just in time”
Friday, 14/05/2021 08:06
Minister Nguyen Chi Dzung co-hosted the webinar “UK-Viet Nam FTA: An opportunity just in time”

(Hanoi) – On 12 May 2021, Viet Nam’s Ministry of Planning and Investment (MPI), in partnership with HSBC Bank (Viet Nam) Ltd. (HSBC Viet Nam), hosted a special webinar for HSBC’s corporate clients in the UK to promote the growing number of trade opportunities between the UK and Viet Nam. This is the first official cooperation between the two after MPI’s Foreign Investment Agency recognised HSBC Viet Nam as their official partner in calling FDIs into Viet Nam late last year.

The webinar discussed the recently signed UK-Viet Nam Free Trade Agreement (UKVFTA), including Viet Nam’s increasingly progressive policies for foreign investment and the practical opportunities enjoyed by the UK investors in Viet Nam over the years.

Speaking at the virtual event, H.E. Mr. Nguyen Chi Dzung, Viet Nam’s Minister of Planning and Investment, emphasized: “We appreciate the Free Trade Agreement that has been signed between the UK and Viet Nam. It shows a new chapter for both Viet Nam and the UK, boosting and enhancing the investment tie and creates mutual benefits for two countries and our people. We appreciate the UK on providing technical services, and we look forward to cooperate more with UK firms to harness opportunities for Viet Nam and leverage the most from the UKVFTA. These are the keys that we shall underpin. Although the UK and Viet Nam have enjoyed a tight diplomatic relation, the trade and investment on the other hand has not developed proportionally. It’s the time to harness opportunities to develop free trade and investment between us. For Viet Nam, now we have been quite successful in containing the pandemic while retaining economic growth. Last year, Viet Nam’s growth was nearly 3%, among the top growth economies in the world. We expect Viet Nam’s growth will be 6-7% this year. And we set the target for Viet Nam to be the dynamic business market, soon to present good signals for foreign firms and investors.”

H.E. Mr. Graham Stuart, Minister for Exports of the UK, shared: “It is estimated that by the end of this decade, around two-thirds of the world’s middle-class will be in the Asia-Pacific region. There are few markets around the world that offer greater potential than Vietnam, an historic friend and trusted trading partner with an ever-growing digital economy and unparalleled levels of opportunity for British businesses. Our trading relationship is going from strength to strength, including Vietnam’s support for our accession to the Trans-Pacific Partnership and the recent signing of our Free Trade Agreement. This landmark deal will bring continuity for trade between our nations, which has tripled over a decade to £5.8 billion in 2019.”

The panel discussion was conducted by Mr. Do Nhat Hoang, General Director of Foreign Investment Agency, Viet Nam’s Ministry of Planning and Investment, Mr. Luong Hoang Thai, Director General, Multilateral Trade Policy Department, Viet Nam’s Ministry of Industry and Trade, Ms. Stephanie Betant, Head of Wholesale Banking, HSBC Viet Nam, as well as Mr. Nitin Kapoor, CEO of AstraZeneca Viet Nam and Ms. Van Nguyen, Chairwoman of Unilever Viet Nam, the representatives of foreign investors that have built their operations in the country for many years. The panel shared their insights, expertise and the lessons learnt from their experience on the ground, offering the audience critical information to support them in their strategy and plans to invest in Viet Nam.

Speaking at a panel discussion on Vietnam's foreign investment attraction policy and investment environment, Director General Do Nhat Hoang said that Vietnam is considered an attractive investment destination because of its stable politics; fast and stable economic growth for many years; competitive cost; abundant human resources with 60% of the population in working age; dynamic market. Furthermore, Vietnam has been participating in extensive international economic integration such as joining the RCEF, EVFTA, EVIPA, CPTPP and other free trade agreements. Last but not least, Vietnam has open and competitive policies, we also have a strategic location in the center of Southeast Asia...

Regarding the investment attraction policy in the coming time, Director General Do Nhat Hoang said that Viet Nam attracts and cooperates with foreign investors in a selective way, focuses on quality, efficiency, technology and environmental protection. We prioritize projects with advance and clean technology, modern management model, high added value, good influence, encouraging technology transfer and  supporting local business to join the global production and supply chain...Vietnam has added highly competitive preferential regulations; we also established a Working Group to promote foreign investment cooperation. The main mission of the working group is to advise the Prime Minister on international competitive investment cooperation mechanisms, policies, criteria, standards and solutions to capture investment cooperation opportunities.

In the context of a post-COVID-19 economic recovery, the UKVFTA is a huge boost to both countries, encouraging UK businesses in a range of sectors, such as finance, insurance, education, consulting, high tech, renewable energy, and pharmaceuticals to enter the Vietnamese market. Going in the other direction, manufacturers in Viet Nam stand to gain from the export of products such as electronics, footwear, garments and textiles, woodwork, amongst others. Besides encouraging bilateral trade flows, the UKVFTA is expected to contribute to a more favourable environment for investors in Viet Nam. Ministry of Planning and Investment, as the Viet Nam’s leading agency in managing investment activities, is committed to supporting investors to do business succesfully in Vietnam and contributing to strengthening the relationship between Viet Nam and UK./.

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