This is the advice of Sir Andrew Cahn, Chief Executive of the UK Trade & Investment (UKTI) at the third UK-Vietnam Joint Economic and Trade Committee (JETCO) meeting held in Hanoi on October 5 and 6, 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. JETCO 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, namely HSBC and Standard Chartered Bank - the first foreign banks in Vietnam, the clarification of distribution rights for foreign invested companies, the clarification on data and intellectual property right protection for pharmaceutical sector and a clear timetable of reduction in tariffs for Scotch whisky.
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. “Vietnamese competent authorities are very enthusiastic and ready to work with foreign businesses. I want to do anything I can to encourage UK businesses to grasp wonderful opportunities and support them to harvest success in Vietnam,” said Mr Andrew.
Sir Andrew Cahn added that Vietnam is a great example of the benefits of international business. He said a UK financial service company, Prudential, is now the largest foreign company in Vietnam in terms of workforce. Besides, Harvey Nash, a UK software company, now has up to 2,500 software developers in Vietnam.
“The presence of financial service, pharmaceutical and hi-tech companies in Vietnam is the evidence for the attractiveness of this market,” said Mr Andrew.
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.
According to the statistics, UK goods exports to Vietnam increased 25 per cent to £167.6 million in 2008. UK imports from Vietnam were valued at more than £1 billion in 2008. At present, the UK is the third largest EU investor in Vietnam with 115 investments valued at US$2.1 billion.
Quynh Chi
Vietnamese
