Prime Minister Pham Minh Chinh speaks at a seminar with UK businesses. (Photo: Duong Giang/VNA)
On the morning of June 28, at the Government Headquarters, Prime Minister Pham Minh Chinh worked with the British Business Association and UK businesses operating in Vietnam to discuss long-term cooperation orientations in key areas and Vietnam's priorities in implementing the "strategic quartet" that has just been issued and deployed.
Also attending were leaders of ministries, branches, central agencies; leaders of provinces and centrally-run cities where many British enterprises are investing, producing and doing business; British Ambassador Iain Frew; the British Business Advisory Council; the British Business Association in Vietnam (BritCham) and typical British enterprises investing, producing and doing business in Vietnam.
British businesses commit to long-term investment in Vietnam
Economic relations are an important pillar of the Vietnam-UK Strategic Partnership. Agreements such as the Vietnam-UK Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have demonstrated the two countries’ shared commitment to the multilateral trading system based on international rules.
Bilateral trade turnover in 2024 will reach over 8 billion pounds, of which the UK will import 6.8 billion pounds of goods from Vietnam and export to Vietnam 1.3 billion pounds.
By 2023, total UK direct investment in Vietnam will reach £1.3 billion. There are currently more than 400 British businesses operating in Vietnam, ranging from multinational corporations to small and medium-sized enterprises.
At the meeting, representatives of the UK Business Policy Advisory Council, BritCham and British businesses highly appreciated Vietnam's business investment environment, especially the role of the Vietnamese Government in promoting reforms, innovation, and promoting fast, green and sustainable growth.
British Ambassador to Vietnam Iain Frew speaks. (Photo: Duong Giang/VNA)
The UK side discussed in depth the contents related to building an International Financial Center, attracting green finance; sustainable development and energy transition; development of education, training, healthcare and social security; and bilateral cooperation in the fields of trade and investment.
The British business community committed to long-term investment in the Vietnamese market; affirmed its readiness to support Vietnam in developing an International Finance Center, promoting green capital mobilization strategies and developing a green finance legal framework; sharing the UK's experience in developing renewable energy to support Vietnam's energy transition; developing the digital economy and improving the quality of human resources; and cooperating in healthcare and social welfare.
Delegates also focused on discussing Vietnam-UK trade relations in the context of global economic instability, the difficulties that British businesses are facing in Vietnam and made a number of recommendations to remove obstacles, harmonize regulations, facilitate trade and investment, especially within the framework of the UKVFTA and CPTPP.
After discussing with leaders of ministries, sectors and localities to clarify and answer issues of concern to the UK side, concluding the meeting, Prime Minister Pham Minh Chinh conveyed General Secretary To Lam's best regards and congratulations to the British delegates present at the meeting, as well as British agencies and communities in Vietnam.
The Prime Minister highly appreciated and basically agreed with the opinions and proposals of the delegates; affirmed that through the meeting, it showed the enthusiasm of the Association, businesses and British investors, and at the same time, the Government increasingly saw the responsibility to regularly review and improve laws and policies to create more favorable conditions and improve the investment and business environment.
Believing that the Vietnam-UK Strategic Partnership is developing very well, Prime Minister Pham Minh Chinh expressed his gratitude to the UK for its cooperation and support in helping Vietnam develop and overcome difficult times, especially in providing vaccines to help Vietnam defeat the COVID-19 pandemic, demonstrating the spirit of "a bite when hungry is worth a package when full."
Proposing 6 breakthroughs in Vietnam-UK economic cooperation
Providing information on Vietnam's socio-economic development, the Prime Minister said that 2025 is the year Vietnam will "accelerate, break through, and reach the finish line" to successfully complete socio-economic development goals, entering a new era - the era of national growth, prosperity, civilization, and prosperity, with two 100-year goals.
Vietnam firmly adheres to Marxism-Leninism, Ho Chi Minh Thought, and national historical and cultural traditions to build the country based on three pillars: socialist rule-of-law state; socialist democracy; and socialist-oriented market economy.
Prime Minister Pham Minh Chinh speaks at a seminar with UK businesses. (Photo: Duong Giang/VNA)
Along with that, Vietnam implements a foreign policy of independence, self-reliance, peace, friendship, cooperation and development, diversification, multilateralization, being a friend, a reliable partner and an active, responsible member in the international community; the "4 no's" defense policy; developing a culture imbued with national identity, nationalizing human civilization and internationalizing a culture imbued with national identity; ensuring progress, social justice, social security, leaving no one behind; building a stable and sustainable business environment.
Currently, Vietnam is focusing on creating strategic breakthroughs to develop the country, specifically through the Politburo's "four pillars" policy; arranging administrative units and organizing two-level local governments, creating a strategic shift in the way of operating and serving people and businesses, laying the foundation for a modern, streamlined, strong, efficient, effective and efficient government apparatus.
Besides, Vietnam is focusing on drastically and synchronously implementing many breakthrough solutions on institutional improvement, infrastructure development, and human resource training, in the spirit of "open institutions, transparent infrastructure, and smart governance."
Reviewing the good relations between Vietnam and the UK, especially in the fields of economy, trade and investment, the Prime Minister said that with the positive results as a foundation, the two sides need to make efforts to promote economic, trade and investment cooperation more strongly and effectively to match the good friendship, opportunities and potential for cooperation between the two countries, especially when the two economies of Vietnam and the UK are complementary and have much room for development in the future.
Prime Minister Pham Minh Chinh hopes that in the coming time, the two countries, especially businesses of the two countries, will exploit and make the most of the advantages and frameworks of the UKVFTA and CPTPP, contributing to promoting the bilateral relationship to become more in-depth, substantive and effective; contributing to the development of each country and contributing to peace, cooperation and development in the region and the world.
Setting a target of 10 billion USD in bilateral trade next year; the UK's direct and indirect investment in Vietnam will soon reach 10 billion USD..., Prime Minister Pham Minh Chinh called on the UK, specifically British businesses, to work with Vietnam to make 6 breakthroughs: Breakthrough in connecting the two economies, ensuring closer, more substantial, more effective, based on market principles, working together, developing mutually beneficially; Breakthrough in implementing the 4.0 industrial revolution, developing science, technology, innovation, digital transformation; Breakthrough in green transformation, combating climate change, helping Vietnam achieve the goal of reducing net emissions to zero by 2050; Breakthrough in cooperation in health, education, culture, sports, especially helping Vietnam popularize and make English the second language in schools; Breakthrough, helping Vietnam with financial and banking services, especially helping Vietnam build international financial centers and trade centers; Breakthrough in connection, supporting Vietnamese enterprises to participate in global production chains, supply chains, and distribution chains, building Vietnamese science and technology unicorns.
Believing that in the coming time, Vietnam-UK economic cooperation will have new momentum, new impetus, new inspiration, Prime Minister Pham Minh Chinh affirmed that the Government is committed to continuing to create a business environment in line with international practices, market economy and the laws of the two countries; protecting the legitimate rights and interests of businesses and foreigners in Vietnam; building stable, long-term policies; ensuring freedom of business, property rights, and fair competition; ensuring political stability, security and safety; always listening, understanding, sharing, and working together to resolve difficulties and problems in the spirit of "harmonizing interests and sharing risks"; ensuring institutional harmonization between Vietnam and international practices and the UK.
Emphasizing the need to make use of intelligence, time, and decisiveness, together make breakthroughs, promote cooperation, especially resolve arising problems so that both sides can win, develop together, and enjoy joy and happiness, Prime Minister Pham Minh Chinh affirmed that nothing is impossible, the issue is determination, knowing how to do it and implementing it in the spirit of harmonious benefits, shared risks, understanding, sincerity, and mutual trust./.
Source: https://www.vietnamplus.vn/thu-tuong-keu-goi-thuc-hien-6-dot-pha-trong-hop-tac-kinh-te-viet-nam-anh-post1046922.vnp
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