- UK and Vietnam look to strengthen trade partnership and
reinforce net zero commitments.
- UK-Vietnam trade has grown by almost 11% in a year as the UK
continues to deepen trade relationships in the Indo-Pacific
region.
- Vietnam is a member of CPTPP - a free trade area with a GDP
of £9 trillion which the UK is in the process of joining.
The UK and Vietnam held their first Joint Economic and Trade
Committee (JETCO) in three years today (25 May 2022) in a bid to
increase cooperation across several sectors, including education,
agriculture, technology, healthcare and renewable energy.
The Minister of State for Trade Policy, , welcomed her Vietnamese
counterpart, Mr Dang Hoang An, Vice Minister of Industry and
Trade, to London for the talks.
Minister of State for Trade Policy said:
I am delighted to host Mr Dang Hoang An and his team in London.
Vietnam is growing fast and is expected to become one of the
world’s major economies by 2050. They are a vital CPTPP member,
and an important trading partner for the UK that demonstrates our
Indo-Pacific tilt in action.
Our talks today strengthen ties between our nations, including
resolving market access barriers into each other’s economies and
providing support to Vietnam so that they can reach their
net-zero commitments.
The UK will reinforce its commitment to helping Vietnam meet
their net zero goals by sharing expertise in the renewable energy
sector and hosting a Forum for UK and Vietnamese businesses.
Minister Mordaunt will host a roundtable on renewable energy
attended by experts, industry representatives and officials.
The UK and Vietnam share a longstanding trading relationship,
with trade increasing between the two countries by almost 11%
from 2020, when the UK-Vietnam Free Trade Agreement was signed,
and 2021. This agreement eliminates 99% of all tariffs and helps
forge a deeper relationship with a country who shares our belief
in free trade.
Vietnam is a member of the Comprehensive and Progressive
Trans-Pacific Partnership (CPTPP) which the UK remains on track
to join by the end of this year, moving into the final phase of
negotiations at the beginning of 2022.
CPTPP is a free trade area made up of 11 countries with a joint
GDP of £9 trillion.
