HCMC – The United Kingdom is investing in 400 projects in Vietnam with total registered capital of US$3.6 billion, it was announced at an online seminar held in Hanoi City on October 6.
Speaking at the seminar, “Vietnam’s Trade & Economic Future: Opportunities for British and Vietnamese Businesses”, Deputy Minister of Industry and Trade Hoang Quoc Vuong said that the UK ranked 16th among the countries and territories investing in the country, the local media reported.
The UK’s investment in Vietnam has yet to reflect the potential of the country, which is one of the world’s five biggest overseas investors.
As a political, economic, cultural and scientific hub in the global market, the UK has always been a prioritized partner of Vietnam. The country is a potential market for the consumption of tropical farm produce, textiles, footwear and woodwork, which are the strengths of Vietnam, while Vietnam acts as a gateway to allow British firms to access a number of large markets.
After over 45 years of the establishment of diplomatic ties between Vietnam and the UK, the cooperation, partnership and trade between the two countries have been solidified, according to Vuong.
Two-way trade between the two countries amounted to US$6.2 billion in 2017, up 3.5 times within 10 years. However, over the past two years, imports and exports between the two countries have slowed down.
In 2019, the bilateral trade totaled US$6.61 billion, down 1.6% year-on-year.
Due to the impact of the coronavirus pandemic, between January and June this year, the two-way trade between Vietnam and the UK reached US$2.57 billion, down 19.8% year-on-year, of which Vietnam earned US$2.23 billion from exports, dropping by 19.8%, and spent US$337 million on imports, down 20.3% year-on-year.
At the seminar organized by the European-American Market Department, the Ministry of Industry and Trade, the UK-ASEAN Business Council, the Embassy of Vietnam to the UK and the Embassy of the UK to Vietnam, Vuong noted that Vietnam has been improving the investment and business environment and creating more favorable conditions for foreign enterprises to do business for a long time in the country.