Vietnam, UK Establish Joint Economic & Trade Committee

United Kingdom Ambassador to Vietnam Robert Gordon and Vietnamese Deputy Trade Minister Nguyen Thi Kim Ngan inked an agreement in Hanoi on July 19 on the formation of a joint economic and trade committee (Jetco) with a view to boosting the bilateral trade and investment ties, said local media.

 

Jetco’s meetings will take place every year alternately in Vietnam and the UK. The first session of Jetco will be held in September in Vietnam on the occasion of the visit by Chief Executive of UK Trade & Investment Agency Andrew Cahn.

 

The committee will be co-chaired by representatives of the UK’s Department of Business, Enterprise and Regulatory Reform and Vietnamese Ministry of Trade.

 

Vietnam and the UK signed a 10-year development partnership agreement in 2006.

 

According to the Vietnamese Trade Ministry, the UK is one of the biggest European investors in Vietnam, with total pledged capital of US$1.4 billion in various fields as of June 22 this year. British famous companies such as Prudential, BP, Unilever, Tate & Lyle and others have performed in Vietnam.

 

In the post-WTO period Vietnam have seen the second wave of investment from big UK companies operating in the areas of financial services, oil and gas, software, mining and telecom to the country, said Robert Gordon in an interview with press in June.

 

The UK has also become one of the largest non-refundable aid providers for Vietnam.

The two-way trade reached US$1.8 billion in 2006, up 12 per cent on-year.