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ECONOMY

Hanoi strengthens economic and trade relations with UK businesses

Updated at Wednesday, 18 Oct 2017, 14:22
The Hanoitimes - An increasing number of enterprises from the UK will come to Hanoi to explore investment opportunities in the future, said British Deputy Ambassador to Vietnam Steph Lysaght.
 
At the seminar
At the seminar

At a recent seminar, Lysaght highlighted improvements in Hanoi’s competitiveness over the past 20 years, saying that it has become attractive to foreign investors, including those from the UK.

The UK has strength in the finance-banking, education, economic, construction, transport, logistics and insurance sectors, he said, adding that the country wants to boost cooperation with Hanoi in these fields.

Vietnam is considered an important partner of the UK, for the development and prosperity of both nations, the diplomat said.


 
Christopher Jeffery, Vice Chairman of the British Business Group Vietnam and Dean of British University Vietnam suggested Hanoi improve administrative procedures and transparency to enhance its competitiveness. The UK’s exit from the European Union will have no impact on the country’s investment in Vietnam, he said.

For his part, Vice Chairman of the municipal People’s Committee Nguyen Doan Toan pledged that Hanoi will create optimal conditions for British firms to do business in the city. Toan highlighted the contributions British investors have made to the municipal budget and their major projects.

In 2016, Hanoi earned 524 million USD from shipping goods to the UK, making up 4.9 percent of the city’s total export value, mostly garments-textiles, footwear, bags, agricultural products, and handicrafts. Hanoi also imported 142 million USD worth of commodities from the UK, or 0.6 percent of its total import value, mostly metal, animal food, agricultural products, pharmaceuticals, pesticides, garments-textile materials, and computer spare parts.
Trung Kien
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