Vietnam and the United Kingdom to Strengthen their Economic Relationship

April 18, 2014 Posted by Vietnam Briefing Reading Time: 3 minutes

HANOI – Vietnam’s Deputy Prime Minister Vu Van Ninh is currently winding up his diplomatic visit to the United Kingdom. Mr. Ninh explained that the purpose of his trip was to “further bolster the warm relationship with the UK.”

Vietnam and the UK have a long history of cooperation – 2013 saw the 40^th anniversary of bilateral diplomatic relations between the two countries.

RELATED: Dezan Shira & Associates’ Global Services

During his trip to the UK, Mr. Ninh attended meetings with UK Foreign Secretary William Hague where it was agreed that the two nations would foster trade and investment cooperation. Additionally, the UK promised to aid Vietnam in developing a financial market and help to restructure the country’s struggling financial and banking systems. Furthermore, the UK said it would push hard for a conclusion this year for the Vietnam – EU Free Trade Agreement and will back the EU in recognizing Vietnam as a market economy in the near future.

Secretary Hague also expressed his support to Vietnam for the country’s decision to settle the East Sea dispute by peaceful means and according to international law.

Mr. Ninh also attended a meeting with UK Minister without Portfolio Grant Shapps and representatives from some of the UK’s largest investors. During the meeting, Mr. Shapps stated that UK businesses are very interested in investment cooperation activities in Vietnam and stressed the need for successful cooperation between the Joint Economic and Trade Committee of Vietnam and the UK. The acceleration of the proposed project for a financial center to be built in Ho Chi Minh City, with the participation of the Canary Wharf Group, was also discussed.

Additionally, Mr. Ninh also attended meetings with the Vietnam Business Forum and met with UK businesses.

Speaking of Deputy Prime Minister Ninh’s trip, the British Ambassador to Hanoi Dr. Antony Stokes stated that “Increasing our trade and investment with Vietnam is one of our strategic goals for the coming five years. And we hope that the visit to the UK by Deputy Prime Minister Ninh will inspire more Vietnamese companies to do business with their UK counterparts and at the same time encourage Vietnamese investment into the UK. Through the visit, we want to show this high level Vietnamese delegation that the UK remains Vietnam’s partner of choice.”

Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam in addition to alliances in Indonesia, Malaysia, Philippines and Thailand as well as liaison offices in Italy and the United States.

For further details or to contact the firm, please email vietnam@dezshira.com, visit www.dezshira.com, or download our brochure.

You can stay up to date with the latest business and investment trends across Vietnam by subscribing to Asia Briefing’s complimentary update service featuring news, commentary, guides, and multimedia resources.

Related Reading

A Guide to Understanding Vietnam’s VAT
In this issue of Vietnam Briefing, we clarify the entire VAT process by taking you through an introduction as to what VAT is, who and what is liable, and how to pay it properly. We first take you through the basics of VAT in Vietnam before taking you deeper into the topic. Additionally, we provide updates on the new changes to the VAT process and explain how they will impact your business. The magazine is out now and will be temporarily available as a complimentary PDF download on the Asia Briefing Bookstore until the end of April.

Has Vietnam Fallen into the Middle Income Trap?

Cheers to Vietnam: Competition on the Rise in Vietnam’s Beer Industry

Vietnam’s High-Tech Boom

Vietnam and the TPP Traverse Rough Seas Towards Promised Land

Vietnam’s Agricultural Sector Sees Strong Growth Thanks to FDI