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UK-Vietnam talks held in Manchester today to remove
barriers to trade
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Agreement to collaborate further on regulations
including intellectual property protection and
pharmaceuticals
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Ministers agree to continue to advance trade between
the two countries
International Trade Minister, , co-chaired trade talks with
Vice-Minister Vuong Hoang Quoc, his counterpart at the Vietnamese
Ministry of Industry and Trade, at the UK-Vietnam Joint Economic
and Trading Committee in Manchester today.
The meeting, on the 45th anniversary of
UK-Vietnam relations, focused on reducing short-term barriers to
trade and improving market access for UK companies exporting to
Vietnam. This includes boosting collaboration in areas
including education, such as between UK and Vietnamese
universities, as well as aligning regulatory requirements for
spirits and pharmaceuticals. The two sides also agreed to
co-operate on culture and tourism, intellectual property and
energy.
UK Export Finance (UKEF) has doubled last year’s risk cover
available for the Vietnamese market. £1.5 billion is now made
available to support UK exporters and their trading partners in
Vietnam.
In 2016, UK exports to Vietnam rose to £786m, increasing by over
a third on the previous year. In the same year, stock of British
foreign direct investment in Vietnam tripled, demonstrating the
huge potential the market has to offer to UK business.
Speaking at the event Minister for Trade Policy,
said:
“Vietnam is growing at nearly 7% a year, lifting millions of
people out of poverty and increasing demand for high-quality
British goods and services. That’s why we have made £1.5 billion
of credit available to support UK exporters trading with
Vietnam.
“We are keen to boost trade links with fast-growing Asian
economies. This will particularly benefit regions like the
north-west of England: a key part of this government’s Northern
Powerhouse and modern Industrial Strategy is to increase growth
outside London and the South-East.”
The visiting Vietnamese delegation were shown the strength of the
Northern Powerhouse, with businesses present including KPMG, GSK
and Futureworks Training Ltd. The Northern Powerhouse’s wide
range of capabilities in digital technology, manufacturing, life
sciences and energy as well as world class universities create
significant opportunities for investment.
Case study
Drinks distributor DG Thompson International Ltd is one of the
Department for International Trade’s 92 Northern Powerhouse
Export Champions. Based in Cheshire, but with an office in Ho Chi
Minh City, they have been exporting for over 30 years
distributing premium wines and spirits - specialising in South
East Asian markets.
