Vietnam, UK eye stronger economic, trade cooperation

Participants at the 13th meeting of the Joint Committee on Economic and Trade Cooperation between Vietnam and the UK (JETCO 13) (Photo: VNA)

Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang and British Minister of State for International Trade Nigel Huddleston co-chaired the 13th meeting of the Joint Committee on Economic and Trade Cooperation between Vietnam and the UK (JETCO 13) on August 24 in Hanoi.

Minister Thang said the cooperation mechanism of the joint committee has recorded sustainable development, contributing to resolving policy obstacles, and building a more favourable business environment for enterprises of both sides.

The bilateral cooperative relationship between the two countries has witnessed remarkable leaps across economic sectors, she stressed.

Vietnamese Deputy Minister of Industry and Trade Phan Thi Thang (Photo: VNA)

During the meeting, both sides frankly discussed the fields of energy, healthcare, finance - banking, trade and investment and tourism.

Vietnam updated the UK side on the implementation of the National Power Development Plan VIII, as well as details about the direct power purchase agreement (DPPA) mechanism between renewable energy generators and big electricity consumers. The Vietnamese side thanked the UK for its support in the Just Energy Transition Partnership (JETP) mechanism, and proposed the UK further support Vietnam's energy transition process, and help Vietnam improve its capacity in managing and operating the power system, and developing the electricity market.

Regarding healthcare partnerships, Vietnam provided the UK with information regarding the amended Pharmacy Law, a topic that the UK is interest in. Vietnam also proposed the UK cooperate in scientific research, technology transfer, medicine and vaccine production, and enhance academic exchange between the two countries.

The UK side expressed its willingness to cooperate with Vietnam in healthcare, while mentioning the ASEAN health programme and the health innovation centre in Ho Chi Minh City which the UK plans to implement.

For agriculture, food, and beverage, the UK showed interest in Vietnam's guidance and support for market opening registration for the UK's poultry, beef, and seafood products in Vietnam. Meanwhile, Vietnam hoped that the UK would support Vietnam in improving the capacity for research on infectious diseases from animals to humans, as well as in technology transfer for producing new vaccines against new viruses.

Both sides shared their special interest in Fintech, expressing their hope for more cooperation opportunities in building capacity in this area in the near future.

Regarding bilateral trade and investment, Vietnam welcomed the UK’s membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and proposed the UK provide relevant technical assistance programmes for Vietnam.

Notably, the two sides agreed to promote discussion on tourism cooperation, saying that the tourism development between the two countries will help promote bilateral trade, investment and education-training collaboration.

Huddleston affirmed the matters discussed at JETCO 13 will be further implemented through technical cooperation programmes between the two nations, towards lifting the bilateral relations to a new height./.