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Vietnam - UK Economic Cooperation boosted

Wed, 04 Mar 2015. Last updated Thu, 25 Jun 2015 09:01

The eighth session of UK-Vietnam Joint Economic and Trade Committee (JETCO) took place in the afternoon of March 2nd in London to seek new appeals to promote Vietnam - UK Economic Cooperation.

The eighth session of UK-Vietnam JETCO took place under the chairmanship of UK Secretary of State - Hugo Swire and Deputy Minister of Vietnam Ministry of Industry and Trade - Ho Thi Kim Thoa. Speaking at the committee, Mr. Swire stated that UK and Vietnam have long-term relationship. Besides, two countries have many favorable conditions to better develop the relation. UK is one of the countries giving great support for Vietnam in the process of negotiating free trade agreement between Vietnam and EU. The country hope that this FTA will be signed in the near future.


UK-Vietnam strategic dialogue


Expressing a wish to achieve more progress in UK - Vietnam areas of cooperation such as education, energy, financial infrastructure, Secretary of State Swire stated the 8th JETCO created an important opportunity to review all areas of cooperation in the spirit of the strategic partnership.  He also shared that on his visit to Vietnam to participate in UK-Vietnam strategic dialogue, he saw Vietnam desire of economic development and prioritized policy for education. According to Swire, these are important premises to lay the foundation for a prosperous future.

On the side of Vietnam, Deputy Minister Ho Thi Kim Thoa highly appreciated the efforts of two countries to build more favorable environment for enterprises of both side. Vietnam Deputy Minister said that in 2014, the growth of Vietnam GDP reached 5.98%, meanwhile, GPD per capita first time reached the number of over 2,000 USD. Regarding to trade, the value of Vietnam export in the past 20 years increased more than 20 times. In 2014, the export and import turnover of Vietnam reached more than 298 billion dollars (an increase of 12.9%), in which, the export was 150 billion dollars (an increase of 13.6%) and the import value reached 148 billion dollars (an increase over 12%). When referring to foreign investment, in 2014, there were 102 nations and territories invested in Vietnam with more than 17,500 projects.   With the continuous efforts, people's lives in Vietnam has been increasingly improved. The political economy becomes more and more stable. Especially, Vietnam successfully reduced poverty.


The 8th JETCO in UK


According to Ms. Ho Thi Kim Thoa, two countries solved five out of eight issues raised in the 7th JETCO. When referring to existing problems, Ms. Thoa said under the commitment to WTO, Vietnam was building law allowing foreign pharmaceutical companies to make exclusive distributor in the country. In terms of certification of crew members, Vietnam hopes that UK will continue coordinating in order to implement recognition agreements of professional certificates for Vietnam seafarers. Regarding to commodity exchange, two countries exchanged experiences, techniques, skills, modes of transportation, warehousing and other technical issues.

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