Vietnamese - British businesses activate new cooperation cycle

On November 5, in Ho Chi Minh City, the UK-Vietnam Business Summit 2025 took place with the participation of over 200 delegates who are senior leaders, policymakers and leading businesses of the two countries.

Mr. Denzel Eades, Chairman of the British Business Group in Vietnam, delivered the opening speech at the Conference. Photo: Hua Chung/VNA

The event, organized by the British Chamber of Commerce in Vietnam (BritCham Vietnam), marked an important milestone in the context of the two countries officially upgrading their relationship to a Comprehensive Strategic Partnership following General Secretary To Lam's visit to the UK last week. The upgrade is expected to open up a broader framework for cooperation covering the fields of economics , trade, investment, energy and sustainable development, bringing the Vietnam-UK relationship into a new stage of development.

Speaking at the conference, Mr. Denzel Eades, Chairman of BritCham Vietnam, said that two-way trade turnover in 2025 has reached 9 billion USD, while the UK's direct investment in Vietnam has exceeded 4.5 billion USD. These figures reflect positive growth momentum and potential for expanding cooperation between the two sides in the new period.

According to Mr. Denzel Eades, the economic relationship between Vietnam and the UK continues to be strengthened thanks to the UK-Vietnam Free Trade Agreement (UKVFTA) and the UK's official accession to the Comprehensive and Progressive Agreement for Trans- Pacific Partnership (CPTPP).

Mr. Iain Frew, British Ambassador to Vietnam, speaks at the opening session. Photo: Hua Chung/VNA

Emphasizing the two key topics of this year's conference, renewable energy and the development of an international financial center, Mr. Iain Frew, British Ambassador to Vietnam, said that these contents are not only topical but also reflect the common strategic vision between the two governments .

In the renewable energy sector, the UK is a global leader in offshore wind, green finance and the energy transition. Vietnam, which has committed to achieving net zero emissions by 2050, is working closely with the UK under the Just Energy Transition Partnership (JETP), of which the UK is co-chair.

Through JETP, the parties are implementing a series of clean energy projects, thereby activating billions of dollars of additional private capital into the fields of technology transfer, power transmission and green infrastructure development.

Regarding financial services, the UK is supporting Vietnam in building two International Financial Centers in Ho Chi Minh City and Da Nang, focusing on perfecting the legal framework, dispute resolution mechanism, ESG standards and training high-quality financial human resources.

Cooperative efforts are reinforced through a series of high-level dialogues such as the International Financial Centre Conference chaired by the Mayor of London, the lecture by Judge Snowden (UK Court of Appeal) and the upcoming banking conference in Hanoi.

Mr. Nguyen Viet San, Deputy Director of the Department of Foreign Market Development, Ministry of Industry and Trade, delivered the opening speech at the Conference. Photo: Hua Chung/VNA

Also emphasizing the two important pillars in cooperation between the two sides, the representative of the Ministry of Industry and Trade, Mr. Nguyen Viet San, Deputy Director of the Department of Foreign Market Development, affirmed that JETP is an outstanding pillar of cooperation between Vietnam and the UK. The two sides have just signed a Memorandum of Understanding (MOU) on clean energy cooperation, in which the UK side committed to proposing 12 projects under the JETP framework and arranging more than 300 million USD to support Vietnam in the period 2025-2027.

These support packages include finance, technical assistance, technology transfer and green infrastructure development, aiming to ensure a balanced energy transition between three objectives: climate, energy security and economic affordability.

Along with renewable energy, Vietnam is promoting the building of a modern financial ecosystem, encouraging sustainable financial products, fintech, and digital banking to attract long-term capital flows for green transformation and the digital economy.

The UK-Vietnam Business Summit 2025 took place right after the two countries upgraded their Comprehensive Strategic Partnership. Photo: Hua Chung/VNA

According to Mr. Nguyen Viet San, Vietnam is determined to pursue a growth model based on innovation, digital transformation and sustainable development, in line with the strengths of the UK - a global center for technology, finance and education. The two sides are expected to strengthen cooperation in semiconductor chips, smart manufacturing, circular economy and standardization of sustainable supply chains.

“The Vietnamese government always attaches importance to the growing role of the private sector. By 2045, this sector is expected to contribute 65-70% of GDP, requiring the deep participation of businesses in technological innovation, digital transformation and greening of production,” Mr. San emphasized.

Mr. San also said that Vietnam will continue to perfect its institutions, improve the investment environment towards transparency and equality, and create more favorable conditions for foreign investors.

Speakers participate in a discussion session on the future of renewable energy in Vietnam. Photo: Hua Chung/VNA

According to experts, with the newly established Comprehensive Strategic Partnership, along with a shared vision of innovation, green growth and financial cooperation, the business communities of the two countries are facing unprecedented cooperation opportunities. The UK-Vietnam Business Summit 2025 is therefore seen as the beginning of a breakthrough phase of cooperation, opening up great potential in trade, investment and sustainable development between the two dynamic economies in Europe and Southeast Asia.

Source: https://baotintuc.vn/kinh-te/doanh-nghiep-viet-nam-anh-kich-hoat-chu-ky-hop-tac-moi-20251105134953068.htm