Hanoi, June 29, 2025 – The Europe Today: Prime Minister Phạm Minh Chính has called on Vietnam and the United Kingdom, particularly their business communities, to fully leverage the UK–Vietnam Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to elevate bilateral relations in a more substantive and effective manner.
Addressing a meeting in Hanoi with representatives of UK businesses and enterprises operating in Vietnam, Prime Minister Chính underscored the potential for deepened cooperation, which he said would not only bolster national development but also contribute to regional and global peace, stability, and progress.
Highlighting the enduring foundation of Vietnam–UK relations, especially in trade and investment, the Prime Minister laid out a strategic vision for long-term partnership in alignment with Vietnam’s newly issued “four strategic pillars.” He stressed the need to match the depth of bilateral economic cooperation with the two countries’ friendship, potential, and complementarities.
Setting an ambitious target of US$10 billion in two-way trade and a comparable level of UK investment in Vietnam, the Prime Minister proposed six priority sectors for breakthrough cooperation. He called for enhanced economic linkages through mutually beneficial partnerships and urged increased collaboration in science and technology, innovation, and digital transformation to harness the opportunities of the Fourth Industrial Revolution.
The Prime Minister also placed strong emphasis on cooperation in green transition and climate change mitigation, reaffirming Vietnam’s commitment to achieving net-zero emissions by 2050. He welcomed greater UK involvement in healthcare, education, culture, and sports — especially support for Vietnam’s goal of integrating English as a second language in its educational system.
Further, he encouraged UK businesses to participate in the development of Vietnam’s financial services sector, including the establishment of international financial and commercial hubs. He expressed hope that British companies would assist Vietnamese enterprises in integrating into global supply chains and help nurture local technology startups into global unicorns.
Prime Minister Chính reiterated the Government’s unwavering commitment to a transparent, stable, and investor-friendly environment in accordance with international standards and Vietnamese law. He emphasized the protection of the rights and interests of foreign nationals and businesses, the promotion of fair competition, and the safeguarding of political stability and public safety. The Government, he said, stands ready to engage with investors to overcome challenges in a spirit of shared benefits and mutual risk.
“With intelligence, unity, and strong will, we can overcome all obstacles,” PM Chính stated, underlining the importance of determination and mutual trust in achieving shared goals.
During the meeting, representatives from the UK Advisory Council, the British Chamber of Commerce in Vietnam (BritCham), and UK enterprises applauded Vietnam’s dynamic business environment and acknowledged the Government’s efforts in advancing reform, innovation, and sustainable growth.
UK businesses reaffirmed their commitment to long-term investment in Vietnam, expressing readiness to contribute to the development of international financial centres, green finance, and legal frameworks supporting the green economy. They also pledged to support Vietnam’s energy transition, digital economy development, and human resource training, while strengthening cooperation in healthcare and social sectors.
Delegates discussed UK–Vietnam trade in the context of global economic challenges, shared operational concerns, and made recommendations to resolve regulatory inconsistencies and promote trade and investment under the UKVFTA and CPTPP frameworks.
Economic cooperation remains a key pillar of the Vietnam–UK Strategic Partnership. Both countries uphold a strong commitment to a rules-based multilateral trading system, as reflected in the UKVFTA and CPTPP. In 2024, bilateral trade exceeded GBP8 billion (approximately US$10.9 billion), with UK imports from Vietnam reaching GBP6.8 billion and exports to Vietnam standing at GBP1.3 billion. By the end of 2023, UK foreign direct investment in Vietnam totaled GBP1.3 billion, with over 400 UK firms — ranging from multinational corporations to small and medium-sized enterprises — operating across the country.
