Vietnam: Specific Focus of UK in Asia Pacific

The UK-Vietnam strategic partnership declaration signed in September 2010 represents the UK’s commitment to pursuing an active foreign policy with emerging countries in Asia Pacific, especially with Vietnam. Addressing the media meeting at the British Consulate General, HCMC, on 18 October, 2011, Ms Kate Harrisson, Deputy Head of Mission, British Embassy to Vietnam, affirmed that Vietnam is always an important partner of the UK and a specific focus of the UK in the Asia Pacific area.

 

The recent financial crisis and global economic downturn has negatively impacted Asian countries. However, according to Ms Kate Harrisson, Asian countries in structural terms are generally in good shape because the crisis did not originate in Asia. This is a reason why the UK is now putting a specific focus on this region, especially on Vietnam. “We would like to change the nature of our relationship with Vietnam, try to go beyond the bilateral concern and to work as close as we can,” said Ms Kate.

 

The signing of the UK-VN strategic partnership declaration has resulted in an action plan with initiatives on 7 key pillars of both sides, including political, global and regional issues; trade and investment; sustainable socio-economic development; education and training; science and technology; security and defence; and people to people links.

 

According to Mr Tim Brownbill, British Consul General in HCMC, a typical example of the UK - Vietnam relationship after signing the Strategic Partnership is the launching of direct flights between Vietnam and the UK before the end of 2011. It is expected the first flight will be launched this December. This will give more opportunities for strengthening culture, tourism, and business cooperation between the countries.

 

The cooperation between the UK and Vietnam is also manifested in the field of education. The most persuasive proof for this is the construction of the UK-Vietnam University in Da Nang. It is expected to begin enrolling students in September 2012.

 

Another example of the fruitful cooperation between Vietnam and the UK is that on October 21, 2011, UK based company Premier Oil officially launched its first oil project at Chim Sao Field in Vietnam.

 

In terms of the financial services sector, the UK is the number one foreign investor in Vietnam. In an attempt to provide a UK-branded programme that will help improve skill levels among Vietnamese professionals in the financial services industry, as well as raising awareness of the strength of the UK in this sector, UK Trade and Investment in HCMC will provide the International Financial Services Lecture Programme from 3 November 2001 to 8 December 2011.

Accordingly, 6 separate lectures will be held on consecutive Thursdays, commencing 3 November 2011, to include: 1) Role of International Finance in Vietnam; 2) How Foreign Exchange Markets work; 3) The role of external audits and how to prepare your financial reporting to achieve the best audit results; 4) Global Economic Trends and Impact on Vietnam; 5) Enterprise Risk Management; and 6) Corporate Governance. These lectures will be delivered by experienced experts from UK based businesses including Standard Chartered, HSBC, Grant Thornton, Prudential and Dragon Capital

 

Especially, Dr Vince Cable, the Secretary of State, Department for Business Innovation and Skills in the UK Government, will be opening the first lecture on his visit to Vietnam in early November 2011, and the Lord Mayor of the City of London will sign certificates of attendance for participants.

 

UK companies are showing special interest in the retail sector, in which Vietnam has opened its door to foreign investment in accordance with WTO commitments. It is expected that UK retailers will engage in Vietnam in the coming time, according to Mr Tim Brownbill.