The six day visit of the Lord Mayor of the City of London Alderman David Wootton from 22-26 September marks a new milestone of trade & investment relationship between Vietnam and the UK. The visit of Lord Mayor of the City of London is more significant when both countries officially celebrate the 40th anniversary of establishment of diplomatic relations in 2013.
The visit aims to promote the expertise of the City of London in Vietnam and to support the UK’s commitment under the Strategic Partnership Agreement between the UK and Vietnam.
“My visit has three main focus points. Firstly, I will encourage Vietnamese companies to look at London as the ideal location to develop their business in Europe. Secondly, I will be discussing how British companies and British expertise in PPP (Public Private Partnerships) can make a vital contribution to the development of Vietnam’s infrastructure. Major infrastructure projects - from roads and ports through to power generation - offer an opportunity for the Vietnamese government to work alongside foreign investors such as those from the UK, if the conditions are right. It has been well documented that Vietnam would benefit greatly from new infrastructure projects. It has been estimated that Hanoi alone needs US$10 billion investment in commuter infrastructure over the next 4 years. There is some progress being made and the announcement of the PPP Pilot Regulations in early 2011 was a step in the right direction, but more needs to be done. And thirdly, sharing London’s experience of developing an international financial centre which is attractive to outside investors”, said Mr Alderman David Wootton.
During this visit, on 26 September, 2012, at the British Consulate General in Ho Chi Minh City, UK Trade & Investment Vietnam (UKTIV) and the British Group Vietnam (BBGV) signed a new Memorandum of Understanding (MOU) agreement to cooperate ever more closely to boost trade and investment between the UK and Vietnam.
Under the three-year MOU, UKTIV & BBGV will provide high-quality support to UK businesses with an interest in Vietnam, both those established in Vietnam and those exploring opportunities. They will also work together to encourage more Vietnamese companies to consider investing in the UK.
Speaking prior to the signing ceremony, the British Consul General in HCM City & the Director of UKTIV, Mr Douglas Barnes said that UKTIV and BBGV would provide support to both British companies doing business or seeking to do business in Vietnam and Vietnamese companies, seeking to do business with the UK. He also stressed the importance of continuing to break down barriers affecting market access. “Working in partnership, UKTIV & BBGV will be even stronger in supporting UK and Vietnamese companies looking to invest in each other’s markets. We will also continue to identify issues of concern to our business communities so that these can be addressed in relevant bilateral for a, including the Joint Economic and Trade Committee between the UK and Vietnam and through multilateral for an including the Eu-Vietnam Free Trade Agreement”, said Mr Douglas Barnes.
Mr Nick Holder, Chairman of BBGV said that BBGV and UKTIV have always worked closely together. The MOU will contribute to formalising the relationship and allow the further development of the UK-Vietnam business ties. It is also in line with the objective set out in the BBGV mission statement of building connection between its members and the UK Government.
Duc Quan
Vietnamese
