Following its first meeting in Hanoi in September 2007 and its second meeting in London in December 2008, the third UK-Vietnam Joint Economic and Trade Committee (JETCO) meeting will take place in Hanoi on 5 and 6 October 2009.
The JETCO, established in September 2007, is a tool to help promote and develop trade, address trade barriers and ultimately create a better business climate between the two countries. It also gives business on the ground a platform to share concerns directly with Government ministers.
A number of positive outcomes have been made through two recent meetings such as: the local incorporation for UK banks in Vietnam, the clarification of distribution rights for foreign invested companies, the clarification on data and IPR protection for pharmaceutical sector and a clear timetable of reduction in tariffs for Scotch whisky.
This year's JETCO will be officially launched by His Royal Highness The Duke of York and chaired by UK Trade & Investment (UKTI) Chief Executive, Sir Andrew Cahn, and the Vietnamese Deputy Minister of Industry and Trade Le Danh Vinh.
UKTI Chief Executive Sir Andrew Cahn said: “Vietnam is quickly shedding its image as a place people flew over on the way to other Far Eastern economies. It is a fast-growing market that is quickly moving up the value chain.”
“It is a great example of the benefits of international business. In financial services only ten per cent of Vietnamese have a bank account. HSBC and Standard Chartered Bank are now the first foreign banks to have domestic branches. Another financial services company, Prudential, is now the largest single overseas employer of Vietnamese nationals.
“As a result of off-shoring, software company Harvey Nash now has 2500 software developers in Vietnam. That companies in financial services, pharmaceuticals and advanced engineering are now setting up operations in Vietnam speaks for itself. The Vietnamese authorities are very enthusiastic about working with firms from abroad. I want to do what I can to encourage British companies to realise the incredible opportunities there are and help them succeed here.”
Vietnam was identified by top-business leaders from across the globe as the most attractive emerging market beyond the BRICs (Brazil, Russia, India and China) in UKTI’s recent report "‘Survive and Prosper: emerging markets in the global recession". Over the past decade Vietnam’s growth was second only to China.
§UK exports of good to Vietnam increased 25 per cent to £167.6million in 2008 and UK imports from Vietnam were valued at more than £1billion (2008).
§The UK is the third largest EU investor in Vietnam with 115 investments valued at USUS$2.1billion. (British Consulate General HCM City Release)
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