Vietnam, U.K. Sign Cooperation Deal; Bilateral Trade +16.2 per cent at US$1.76 Bln in 2008
Vietnam’s Ministry of Industry and Trade’s Trade Promotion Department and the U.K. Department for International Development on January 19 signed a cooperation agreement as part of bilateral efforts to beef up trade and investment promotion activities.
Director of the MOIT’s Trade Promotion Department Do Thang Hai and the U.K. Minister Gareth Thomas inked the pact, under which, Vietnam and the U.K. will increase efforts to boost trade exchange and investment.
Signing the pact with Vietnam is part of the U.K. minister’s 10-day trip to Southeast Asia to beef up free trade talks this time amid the global economic slowdown.
The pact will mention related activities that will help remove trade and investment barriers between the two countries within the framework of the Vietnam-U.K. Joint Economic and Trade Committee (JETCO).
The Trade Promotion Department said that trade and investment relations between Vietnam and the U.K. have developed steadily over recent years. The U.K. provided aids of US$274 million for Vietnam between 2000 and 2008.
Two-way trade between Vietnam and the U.K. was estimated at over ₤1.1 billion (US$1.76 billion) last year, up 16.2 per cent on year.
Of the total figure, Vietnam exported ₤954.545 million and imported ₤204.545 million.
Vietnam is also listed among 16 countries that are prioritized for investment by the U.K. (New Hanoi)
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