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Vietnam, UK set US$10 billion trade target over next five years

VOV.VN – Trade turnover between the nation and the UK surged by 25% during the first half of the year, with both sides aiming to double the bilateral trade value to US$10 billion within the next five years, according to Vietnamese Ambassador to the UK Nguyen Hoang Long.

Vietnamese Ambassador to the UK and Northern Ireland Nguyen Hoang Long at an online meeting with members and partners of the Vietnam-UK Friendship Network
Vietnamese Ambassador to the UK and Northern Ireland Nguyen Hoang Long at an online meeting with members and partners of the Vietnam-UK Friendship Network (VUFN) (Photo: VNA)

Ambassador Long hailed the bilateral relationship, stating that it still has a lot of potential to undergo stronger development.

His remarks came during the course of an online meeting held on July 5 with members and partners of the Vietnam-UK Friendship Network (VUKN), during which Ambassador Long reviewed the latest achievements in joint ties, especially in the fields of trade, education, security and defence, and people-to-people exchanges.

The Vietnamese diplomat quoted British Foreign Secretary Dominic Raab during the latter’s visit to the country in June as saying that the UK considers the nation to be its best friend, best trading partner, and best strategic partner. In response, the Ambassador affirmed that achieving this is his goal during his working term in the UK.           

He went on to highlight the great potential that exists for broader trade co-operation between both sides amid the country, a large potential market, entering a new stage of economic development. Indeed, the goal of GDP per capita reaching US$3,500 has been set for 2025, doubling to US$7,000 by 2030.

As one of Vietnam’s leading partners, the UK is capable of meet Vietnamese economic development needs in key fields such as science and technology, Ambassador Long added.

The diplomat also affirmed that education is prioritised in terms of bilateral co-operation, with the UK currently making up the nation’s leading partner in the field of education, with 74 transnational education schemes run by 23 British universities.

Co-operation security and national defence have also seen greater development as the UK is increasing its presence in the East Sea and Southeast Asia. As such, it regards Vietnam to be a key partner within the Indo-Pacific region.

During the course of the meeting, Ambassador Long also revealed goals and an action plan during his tenure, especially the Vietnam Year programme in the UK in 2023 when both sides will celebrate 50 years of their diplomatic ties.

For his part, Warwick Morris, president of the VUFN, said that the two countries can ramp up co-operation in the medical field, especially in the fight against the global COVID-19 pandemic, as well as in other areas such as science, technology, and mechanics.

The meeting was jointly organised by the Vietnamese Embassy in the UK and VUFN, whilst it also featured the participation of the UK Prime Minister’s Trade Envoy, British MPs Heather Wheeler and Wayne David. This is in addition to more than 70 representatives from the UK Foreign and Commonwealth Office foreign embassies in the UK, along with British and Vietnamese organisations, associations, businesses, and universities.

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Vietnam, UK set US$10 billion trade target over next five years | VOV.VN