- The UK and Vietnam are looking to strengthen their trading partnership and strengthen their net zero commitments.
- Trade between the UK and Vietnam has increased nearly 11% year-on-year as the UK continues to deepen its trade relationship in the Indo-Pacific region.
- Vietnam is a member of the CPTPP – a free trade zone 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) with the aim of increasing cooperation in several sectors including education, agriculture , technology, health and renewable energies.
Minister of State for Trade Policy, Penny Mordaunt, hosted her Vietnamese counterpart, Mr. Dang Hoang An, Deputy Minister for Industry and Trade, in London for the talks.
Minister of State for Trade Policy Penny Mordaunt said:
I am delighted to welcome Mr. Dang Hoang An and his team to London. Vietnam is growing rapidly and is expected to become one of the world’s leading economies by 2050. It is a core member of the CPTPP and an important trading partner for the UK, demonstrating our Indo-Pacific tilt in action.
Our talks today strengthen ties between our nations, including resolving market access barriers in each other’s economies and providing support to Vietnam so that it can achieve its net zero commitments.
The UK will reinforce its commitment to helping Vietnam achieve its net zero targets by sharing its expertise in the renewable energy sector and hosting a forum for British and Vietnamese businesses. Minister Mordaunt will moderate a panel discussion on renewable energy with the participation of experts, industry representatives and government officials.
The UK and Vietnam share a long-standing trade relationship, with trade between the two countries increasing by almost 11% between 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 that shares our faith 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, entering the final phase of negotiations in early 2022.
The CPTPP is a free trade area made up of 11 countries with a common GDP of £9 trillion.