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Strategic pact to help build UK trade ties
The UK and Viet Nam are enjoying expanded trade and investment relations after the signing of a strategic partnership agreement last year, Tim Brownbill, British Consul General in HCM City and Director of UK Trade&Investment, told the media yesterday.
The agreement was a real boost for British businesses looking to invest in Viet Nam, he said.
Bilateral trade between the two countries was expected to rise to US$3 billion by the end of next year, Brownbill said.
The UK was a leading investor in the financial services sector, but British businesses were also interested in the infrastructure, retail, and education sectors, he said.
"Viet Nam should apply the public-private partnership (PPP) model, particularly in infrastructure and drinking water supply projects. The UK stands ready to share its PPP experience with Viet Nam."
In the coming years, the UK would promote co-operation with Viet Nam in the infrastructure sector under the PPP model in a sustainable manner for the benefit of both countries, Brownbill said.
"We will hold further ministerial level discussions soon to finalise the details of development co-operation over the next five years," he added.
He also noted that Viet Nam seemed to be a "slow-burn market" with some problems in its investment environment including licence application and decision-making process. It needed to speed up transparency and fairness in the investment procesesses, he added.
The UK's Deputy Ambassador in Viet Nam, Kate Harrison, also highlighted the impact of the strategic agreement in boosting bilateral commercial ties.
She said the launch of direct flights from Ha Noi and HCM City to London, for instance, would facilitate the development of trade, investment, tourism and culture between Viet Nam and the UK.
Another important factor in bilateral co-operation was education, she said, pointing to the UK-Viet Nam International University in Da Nang as a model that could be followed in the future. The UK had also agreed to increase co-operation in providing vocational training, she said.
She also noted the support provided by the UK's Department For International Development to the Anti-Corruption Initiative of the Vietnamese Government, saying it would nurture innovative ideas on improving transparency and accountability, thus reducing corruption in Viet Nam.
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