Negotiations on Vietnam-UK FTA expected to be completed late this year
Vietnam and the United Kingdom are speeding up negotiations on a new-generation free trade agreement between the two sides, which is expected to be completed at the end of this year.
Hanoi (VNA) – Vietnam and the United Kingdom arespeeding up negotiations on a new-generation free trade agreement between the two sides, which is expected to be completed at the end of this year.
The information was released at a webinar themed “Vietnam’sTrade and Economic Future: Opportunities for British and VietnameseBusinesses”, which was jointly held by the Ministry of Industry and Trade’sEuropean-American Market Department, the UK-ASEAN Business Council, theVietnamese Embassy in the UK and the UK Embassy in Vietnam on October 6.
British Ambassador to Vietnam Gareth Ward highlighted theimportance of the FTA to help boost trade between Vietnam and the UK.
He expressed his hope that the two sides will gain successin negotiations this year, especially in the context of the UK having left theEuropean Union on January 31.
Speaking at the event, Deputy Minister of Industry and TradeHoang Quoc Vuong said that in recent years, the business and investmentenvironment in Vietnam has improved in a more transparent and convenientmanner.
The country’s Government is determined to step upadministrative reform to meet requirements of the market economy and create a reliableand attractive investment climate for enterprises.
Of note, amidst the movement of FDI flows, Vietnam’smaintenance of positive growth in disbursed capital is an encouraging result,affirming its attractiveness as an investment destination, Vuong stated.
Regarding bilateral relations, he stressed that the UK is animportant market and always a prioritized cooperation partner of Vietnam.
The UK is a potential market for Vietnam’s tropical farmproduce, garment and textiles, footwear, wood products and mobile phones, whileVietnam is a gateway market for UK businesses to approach the wider regionalmarket, he added.
Since the two countries signed a strategic partnershipagreement in 2010, their two-way trade had increased by 3.5 times to hit 6.61billion USD in 2019.
As of August 2020, the UK had 400 valid investment projectsin Vietnam with combined registered capital of 2.6 billion USD, ranking 16th out of 137 nations and territories pouring capital into the Southeast Asiancountry./.
Trade and investment relations between Vietnam and the UK are to benefit from the EU-Vietnam Free Trade Agreement (EVFTA), according to Trade Counsellor at the Vietnamese Embassy in the UK Nguyen Canh Cuong.
As many as 50 UK businesses joined an online meeting to get updates on socio-economic situation in Vietnam as well as developments in the Vietnam-UK relations, and seek opportunities to cooperate with Vietnamese partners in the future.
Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh held talks with UK Secretary of State for Foreign, Commonwealth and Development Affairs and First Secretary of State Dominic Raab in Hanoi on September 30, during which they agreed on joint efforts towards a higher level of the bilateral strategic partnership.
Vietnam and the UK issued a “Joint Declaration on the Vietnam - UK Strategic Partnership: Forging Ahead for Another 10 Years” after the talks in Hanoi on September 30 between Vietnamese Deputy Prime Minister and Foreign Minister Pham Binh Minh and UK First Secretary of State and Secretary of State for Foreign, Commonwealth and Development Affairs Dominic Rabb. Following is the full text of the joint declaration.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
Delegates attend the webinar (Source: VNA) 
