Vietnam - UK Comprehensive Strategic Partnership: Expanding space for national development

General Secretary To Lam and British Prime Minister Keir Starmer issued a joint statement on upgrading the Vietnam-UK relationship to a comprehensive strategic partnership - Photo: VNA

Comprehensive strategic partnership is the highest level in Vietnam's foreign relations system. The upgrade of relations with the UK marks a significant milestone: Vietnam has established Comprehensive Strategic Partnership relations with 5/5 permanent members of the United Nations Security Council: the US, China, Russia, France and the UK.

Partners in many fields

"The decision to elevate relations to the highest level with the UK is not only based on the history of more than half a century of friendly relations between the two countries or because the UK is a permanent member of the Security Council, but there are very new points for Vietnam to make this move" - Mr. Pham Quang Vinh, former Deputy Minister of Foreign Affairs , commented to Tuoi Tre .

New points, according to Mr. Vinh, include the UK increasingly becoming an important partner of Vietnam in many fields, especially science and technology, innovation, digital transformation and green transformation. In addition, the UK is a strong country in education, with the expertise that Vietnam needs. For the UK, in the current context, this country is looking for new trade partners, with more attention to the Asia- Pacific region.

Another point is that the two countries have a free trade agreement and are both members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Elevating the relationship to a comprehensive strategic partnership in that context will bring benefits to both countries, especially in science, technology and innovation.

Dr. Nguyen Thanh Trung, lecturer of Vietnamese studies at Fulbright University Vietnam, commented that upgrading relations with the UK shows Hanoi's proactive diplomatic style and efforts in the context of increasingly fierce competition between major powers and the increasing risk of supply chain disruption.

"Through this upgrade, Vietnam has shown that Hanoi is not only a good friend of other countries but also a comprehensive strategic partner of the five permanent members of the Security Council," Mr. Trung said.

Mr. Pham Quang Vinh pointed out that the current network of 14 Comprehensive Strategic Partnership countries of Vietnam not only brings a higher position to the country. These are countries with important roles both in their regions and in the world, and are key partners that can strengthen the environment and space for peaceful and cooperative development for Vietnam.

"This is very important for the country as we are entering a new era, with the goal of having breakthrough developments in many fields, especially science and technology, infrastructure, energy, and human resources," Mr. Vinh explained.

General Secretary To Lam witnessed the exchange of nearly 30 documents and cooperation agreements between ministries, localities and businesses of Vietnam and the UK on October 30 - Photo: VNA

For real and effective relationships

Source: Ministry of Foreign Affairs - Data: DUY LINH - Graphics: TUAN ANH

On the contrary, Vietnam's comprehensive strategic partners are interested in Asia-Pacific in general and Southeast Asia in particular.

This is an opportunity for all parties to cooperate on long-term strategy, build a region based on international law, mutually beneficial cooperation and the common denominator of peace and stability that is beneficial to the development of all countries.

Commenting on upgrading relations with other countries, Dr. Nguyen Thanh Trung said that in addition to demonstrating political commitment at the highest level, Vietnam needs an action program, a specific plan that "permeates" each ministry, sector and locality.

"Each ministry, sector and locality should clearly understand the content of the Comprehensive Strategic Partnership between Vietnam and each country in order to take advantage of their strengths.

For example, the UK is strong in developing financial, commercial, and science and technology centers, so localities need to have priorities in these areas," Mr. Trung suggested.

According to Mr. Pham Quang Vinh, in order for the Comprehensive Strategic Partnership to truly become substantive and effective, the most important thing is to continue to strengthen strategic trust between Vietnam and them.

"Upgrading relations to the highest level reflects the political trust between Vietnam and other countries...

It is necessary to promote similarities and expand cooperation opportunities in areas that Vietnam needs, while harmoniously handling the interests of both sides and handling arising issues in the spirit of "we are comprehensive strategic partners", with mutual benefits," Mr. Vinh raised the issue.

Mr. Vinh believes that it is necessary to turn political commitments into "measurable" projects through specific action programs. The fields of science and technology, education, and innovation are also "lands" that Vietnam and the UK can immediately start working on in the spirit of "co-creating the future" as General Secretary To Lam mentioned. This cooperation is not only about technology transfer but also about creating an ecosystem, a chain of bilateral cooperation based on innovation and science and technology.

"The UK is very strong in education and training, so the two sides can cooperate immediately to create high-quality human resources from basic science to knowledge of emerging technologies such as semiconductors, artificial intelligence... For businesses on both sides, digital transformation, green transformation based on innovation, and startups are also areas where immediate cooperation is possible," Mr. Vinh commented.

At talks with British Prime Minister Keir Starmer on October 29 (early morning of October 30, Vietnam time), General Secretary To Lam affirmed that Vietnam, as a member of ASEAN, is ready to work with the UK to act as a bridge and promote cooperation between the UK and ASEAN, and as a gateway for the UK to access the Southeast Asian market.

The two leaders affirmed that the two countries have great potential for cooperation in the new period, especially in green and sustainable economic and energy transformation, digital technology industry development, and high-quality human resource training.

The two leaders agreed to set a target of doubling trade turnover in the coming time. Mr. Starmer hoped that Vietnam would support cooperation in e-commerce and financial services within the framework of CPTPP.

The 48-point Joint Statement sets out measures to promote and strengthen Vietnam-UK cooperation on six main pillars. These include strengthening cooperation from politics, diplomacy, defense and security to economics, trade, investment and finance as well as science and technology, innovation, digital transformation, healthcare; environment, energy, green transformation...

Financial center creates opportunities for Vietnamese and British businesses

Vietnam and the UK have agreed to strengthen cooperation in developing Vietnam's international financial centers (IFCs) in Ho Chi Minh City and Da Nang, including through the Vietnam-UK IFC Partnership framework.

The above content is mentioned in the joint statement on upgrading relations to the Vietnam - UK Comprehensive Strategic Partnership.

Create new opportunities

Sharing with Tuoi Tre, Mr. Denzel Eades, Chairman of BritCham Vietnam, said that for British businesses, the two countries' upgrading of relations to a Comprehensive Strategic Partnership will strengthen their psychology and confidence in the Vietnamese market. This also shows that Vietnam is a leading, long-term strategic partner of the UK in the Indo-Pacific region.

For Vietnamese businesses, the two countries' upgraded relationship also conveys the message that the UK is a dedicated partner, providing high-quality investment, advanced technology and access to global financial centers to promote the next stage of development.

"Upgrading the UK and Vietnam's relationship will open up many new opportunities. We will see the expansion of existing areas of cooperation and the acceleration of new potential areas," said Mr. Eades.

According to Mr. Eades, British businesses will have many opportunities to focus on realizing the key pillars of the upcoming Vietnam-UK Comprehensive Strategic Partnership, including the financial services sector.

"In terms of financial services, the most obvious short-term opportunity for British businesses is to support Vietnam in its goal of building an IFC in Ho Chi Minh City," said the BritCham Chairman. He also recommended that Vietnam will need to continue improving its policies to attract investment in complex sectors.

Expanding space for national development - Photo 3.

Vietnam can learn from the UK in developing financial products - Photo: VAN TRUNG

What can Vietnam learn from Britain?

From the perspective of a financial expert, Mr. Truong Hien Phuong, Senior Director of KIS Vietnam Securities, believes that strengthening cooperation with the UK in developing the capital market, especially the stock market, will bring Vietnam many practical values and opportunities for extensive learning. Because the UK is the cradle of the modern financial industry, where the London Stock Exchange was formed - one of the oldest and most influential exchanges in the world.

Although the US currently leads in terms of size and liquidity, London still holds a special position in terms of its history, management experience, and global investment banking systems such as Barclays and HSBC. The influence of the UK financial market also spreads to many other financial centers, typically Hong Kong - which inherited the operating model from the British colonial period.

Mr. Phuong said that cooperation with the UK will help the Vietnamese stock market - which is still young - access management experience, advanced financial products and effective capital market development solutions. This is also an opportunity for Vietnamese managers and businesses to learn how to operate transparently and professionally according to international standards.

In addition to the professional benefits, cooperation with the UK - Europe's leading financial center - also helps to enhance the prestige and international position of the Vietnamese stock market. The connection between Vietnam and the UK will open the door for Vietnam to access European standards, capital and financial elite.

Master Nguyen Truc Van, Director of the Center for Socio-Economic Simulation and Forecasting (HIDS), Ho Chi Minh City Institute for Development Studies, hopes that the UK will support in professional training and English for the human resources who will work at the financial center, in order to meet international standards on professionalism and communication in the field of finance and investment.

At the same time, the city also hopes to receive advice on perfecting the legal framework and operating mechanism so that IFC can operate transparently, effectively and in accordance with international practices.

"We look forward to attracting UK businesses, banks and financial institutions to become members, investors and strategic partners when IFC Ho Chi Minh City comes into operation, especially in the fields of green finance, financial technology (fintech), investment funds and insurance," Ms. Van shared.

Ms. Van also emphasized that strengthening cooperation with the UK - a leading financial center in the world - will help Ho Chi Minh City shorten the learning and integration process, thereby forming a regional financial center, contributing to realizing the goal of making Ho Chi Minh City become the economic and financial locomotive of Southeast Asia.

Tuoitre.vn

Source: https://tuoitre.vn/doi-tac-chien-luoc-toan-dien-viet-nam-anh-mo-rong-khong-giant-cho-phat-trien-dat-nuoc-20251031084047877.htm#content-1