According to the schedule of the visit and work in the UK from March 16-19, Permanent Deputy Prime Minister Nguyen Hoa Binh will have meetings, contacts and exchanges with UK leaders and leaders of some ministries, localities, and financial institutions of the UK; attend seminars on building and developing an international financial center, promoting and attracting investment; meet with representatives of the Association of Vietnamese Intellectuals in the UK; visit the Embassy and meet with staff of the Vietnamese Embassy in the UK; visit the London Stock Exchange; visit and work at some UK educational and training institutions;...
The UK economy is a capitalist market economy, mainly based on the private economic sector (accounting for 80% of output and 75% of labor), is the 6th largest economy in the world (after the US, China, Japan, Germany and India), is one of the most globalized economies in the world, with free trade and anti-protectionist policies. The UK is an important member of OECD, WTO...
London is one of the most important financial centers in the world along with New York (USA) and Tokyo (Japan). Key economic sectors of the UK: Banking, finance, insurance; steel production, shipbuilding, coal mining; chemical and electronics industries; telecommunications, high technology; textiles, garments.
The UK's trade ranks 6th in the world (after the US, China, Germany, France and Japan). The UK's main market is the EU, accounting for 53% of total exports and 52% of total imports, followed by the US, Japan and China. Exports mainly include services, manufactured goods, fuels, chemicals, food, beverages and tobacco, while imports mainly include raw materials, manufactured goods and food.
The UK is among the world's 10 largest investors. Its total investment is around $300 billion (14% of GDP); it ranks 5th in the world in terms of overseas investment, accounting for around 6.5% of the world's total investment, and ranks 2nd in the world in terms of receiving foreign investment.
Vietnam and the UK established diplomatic relations on September 11, 1973. The two countries signed a Joint Statement on the establishment of the Vietnam-UK Strategic Partnership in September 2010.
The two sides issued a new Joint Statement on Strategic Partnership on September 30, 2020 with 7 priority areas of cooperation and affirmed that the two sides aim to elevate the relationship to a higher level in the next 10 years.
Bilateral trade turnover between Vietnam and the UK in 2024 will reach 8.424 billion USD, up 18% compared to 2023. Of which, Vietnam will export 7.543 billion USD, up 18.9% compared to 2023; imports will reach 881.050 million USD, up 10.8%.
According to data from the Ministry of Industry and Trade, as of December 2024, the UK had nearly 587 valid investment projects in Vietnam, with a total registered capital of about 4,463 billion USD, ranking 15th out of 147 countries and territories with investment projects in Vietnam.
At the same time, the UK is one of the leading donors to Vietnam (50 million pounds/year for the period 2006-2010). Currently, the UK promotes cooperation activities with Vietnam through cooperation funds in the ASEAN region of the UK such as the Prosperity Fund, the Newton Fund and some other funds...
There are currently about 110,000 Vietnamese people in the UK, including 12,000 students, postgraduates. The Vietnamese community in the UK generally lives in harmony and stability, 90% of whom live in large cities such as London, Birmingham, Manchester, etc.
Source: https://kinhtedothi.vn/pho-thu-tuong-thuong-truc-chinh-phu-nguyen-hoa-binh-toi-london.html
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