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Vietnam-UK trade, investment ties expected to boom
The year 2011 will see a boom in trade and investment cooperation activities between Vietnam and the UK, the trade counselor of the Vietnamese Embassy in the UK has said.
An The Dung has a reason to make the remark as two-way trade turnover between the two countries is estimated to record an impressive growth rate of 15 percent this year, particularly in the context of unstable economic situation in many other countries.
Dung said the bilateral ties between Vietnam and the UK have been developing rapidly over recent years, adding the signing of a joint statement of promoting the two countries’ relationship as strategic partnership in September this year is a boost to their cooperation comprehensively, particularly in some key areas, including trade and investment.
According to Dung, two-way trade turnover in the first 10 months of 2010 increased by 18.6 percent to £1.3 billion, exceeding the whole last year’s record of £1.26 billion.
In the first ten months of 2010, the UK imported from Vietnam £1.03 billion worth of commodities and exported to the Asian country £235.8 million, year-on-year increases of 15 percent and 37.7 percent, respectively. In the two remaining months, the two-way trade turnover is expected to add £200 million more to bring the year’s figure to £1.5 billion (US$2.4 billion).
The EU country imports from Vietnam footwear, garment and furniture with high values. In addition, it has a high demand for Vietnamese farming products such as coffee and cashew nut, seafood, plastic and rubber products.
By the end of 2010, almost all of Vietnam’s export staples, except footwear, have recorded high growth rates in the UK market: Cashew nuts with 38 percent, plastic products with 24.6 percent, furniture and timber products with 19.3 percent, and garment with 5.4 percent.
The UK sells to Vietnam its electric equipment and generators, industrial machines and equipment, pharmaceutical products, and steel.
According to Dung, Vietnam will be able to earn more from exporting some staples such as coffee, cashew nut, rice, plastic and rubber products if its businesses improve their product quality and promote marketing.
With such records, the UK is one of the leading European Union economic partners of Vietnam, after only Germany.
Regarding investment, Dung said UK businesses see Vietnam as one of the six new favored-emerging markets (CIVETS), including Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa.
According to a recent survey of 520 globally-operating businesses by the UK Trade and Investment (UKTI) and the Economist Intelligence Unit (EIU), Vietnam for the third consecutive time is named as one of the top destinations for investors in the next five years.
Vietnam maintains its high ranking only after the BRICS economies, as 19 percent of the questioned companies see Vietnam as number-one destination for investors, as compared with 20 percent for China and 18 percent for India.
Dung said next year the embassy’s trade mission will pay more attention to providing information on the UK market and barriers to Vietnamese businesses, adding a handbook on the market will be published soon.
The embassy will also coordinate with the UKTI to organize at least a fact-finding tour to Vietnam for UK businesses and help Vietnamese businesses to take part in an international exhibition of plastic products in London in September 2011.
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