VN-UK FTA talks expected to be completed by year end
15:07 | 07/10/2020

VGP – Viet Nam and the United Kingdom are negotiating on a new-generation free trade agreement (FTA), expecting it would be done by the end of this year. 

A seminar themed “Viet Nam’s Trade and Economic Future: Opportunities for British and Vietnamese Businesses” takes place in Ha Noi, October 6, 2020 - Photo: Vietnamplus

     >>> PM calls for early signing of VN-UK trade deal

British Ambassador to Viet Nam Gareth Ward made that statement at a seminar themed “Viet Nam’s Trade and Economic Future: Opportunities for British and Vietnamese Businesses” on October 6. 

The FTA between Viet Nam and the UK is very crucial and the UK is so interested in this issue, asserted the Ambassador.

Currently, both nations have been continuously established legal frameworks on bilateral trade facilitation in line with the new situations, preventing the interruptions of trade and investment activities.

Speaking at the event, Deputy Minister of Industry and Trade Hoang Quoc Vuong said that investment and business environments in Viet Nam has been improved in a more favorable and transparent manner for enterprises heading to long-term and sustainable operation over the recent years. 

The Vietnamese Government is determined to enhancing administrative reforms to meet demands of the market economy and  requirements of the intensive international integration, creating a trusted and attractive investment environment for businesses. 

The UK is an important market and always a prioritized partner of Viet Nam, he confirmed. 

In 2010, Viet Nam and the UK signed Strategic Partnership Agreement.  Over the recent decade, the bilateral trade value increased 3.5 times, reaching US$6.61 billion in 2019. 

As of August 2020, the UK poured US$3.6 billion in 400 valid projects in Viet Nam, ranking 16th among 137 countries and territories investing in the Southeast Asian nation. 

The event was jointly held by the Ministry of Industry and Trade’s European-American Market Department, the UK-ASEAN Business Council, the Vietnamese Embassy in the UK and the UK Embassy in Viet Nam.

By Thuy Dung

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