Discussion on Expanding Collaboration between Vietnam and the UK Unveiled
In a significant development, Vietnam and the United Kingdom are working towards signing a government-to-government agreement on cooperation and mutual administrative assistance in customs. This move, as previously stated, is aimed at enhancing bilateral trade and investment relations.
As of the current situation, the UK has 606 valid projects in Vietnam with a total registered capital of $4.65 billion. This substantial investment underscores the UK's strategic importance for Vietnam, particularly in terms of economic, trade, and investment relations.
The discussions between Minister Nguyen Van Thang and UK Trade Envoy MP Matt Western have laid an important foundation for expanding bilateral cooperation. Minister Thang expressed his desire to elevate bilateral relations to a Comprehensive Strategic Partnership, a significant step towards a stronger alliance.
The UKVFTA (UK-Vietnam Free Trade Agreement) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership have expanded opportunities for businesses in both countries, according to Minister Thang. These agreements have paved the way for increased trade and investment, particularly in the pharmaceutical sector.
The UK's pharmaceutical firms are expected to benefit from a recent Vietnamese legal change that eases access for UK-made medicines, streamlining approval processes and reducing regulatory barriers. This change is set to boost UK pharmaceutical trade in Vietnam by an estimated $337 million.
The UK has also agreed to share experience, provide technical assistance, and work closely with Vietnamese agencies to help develop an international financial center in Vietnam. This collaboration is expected to further strengthen the economic ties between the two nations.
The UK-Vietnam Semiconductor Workshop held in Hanoi on August 18 brought together government representatives, universities, tech companies, and research institutions. This event underscored the growing cooperation between the two countries in the tech sector.
Vietnam's revised Power Development Plan VIII (PDP8) positions the country as a regional leader in clean energy. With a focus on expanding large-scale renewable energy generation, including new offshore wind (OSW) power, Vietnam aims to cement its position as a clean energy powerhouse.
Looking ahead, the year 2025 marks the 15th anniversary of the establishment of the Vietnam-UK Strategic Partnership. As both nations continue to work towards improving Vietnam's investment environment and creating favorable conditions for foreign businesses, the future of this strategic partnership looks bright.
MP Matt Western commended Vietnam's efforts in institutional reform, financial market development, and international integration. His compliments serve as a testament to Vietnam's commitment to strengthening its economic ties with the UK and the world.
In the energy sector, Algeria and Germany have intensified cooperation, with Algeria focusing on securing its role as a reliable energy supplier by modernizing and expanding oil and gas infrastructure and developing renewable energy-based hydrogen production. International partnerships, including German SMEs, are playing a crucial role in this endeavour.
As both nations continue to collaborate in various sectors, the prospects for economic growth and development in Vietnam and the UK are promising. The ongoing discussions and agreements between the two governments are a clear indication of their commitment to fostering a strong and mutually beneficial relationship.
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