(MPI) - At the working session held on March 25, 2024, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc and Permanent Deputy Secretary of State for the Foreign and Commonwealth Office of the UK Phillip Barton focused on exchanging and discussing issues to further enhance cooperation, trade and investment between Vietnam and the UK in the coming time. Also attending the working session was Mr. Iain Frew, Ambassador of the UK to Vietnam.
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| Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc and Permanent Deputy Secretary of State for the UK Foreign and Commonwealth Office Phillip Barton. Photo: MPI |
Welcoming Mr. Phillip Barton to visit and work at the Ministry of Planning and Investment, Deputy Minister Nguyen Thi Bich Ngoc emphasized that Vietnam and the UK have a good traditional friendship. The two countries upgraded their relationship to a Strategic Partnership 13 years ago and in 2023, the two countries will celebrate the 50th anniversary of the establishment of diplomatic relations between Vietnam and the UK. The strategic partnership has covered all areas, in which economic, trade and investment cooperation are important pillars.
The two countries have also implemented the UK-Vietnam Free Trade Agreement (UKVFTA) for three years; this has made an important contribution to promoting UK trade and investment in Vietnam.
Regarding investment, Vietnam always considers the UK an important strategic partner. In particular, in July 2023, the UK officially signed an agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Along with the UKVFTA, the CPTPP will further promote the UK's trade, investment and economic relations with Vietnam.
Deputy Minister Nguyen Thi Bich Ngoc said that, as a general advisory agency for the country's socio-economic development strategies and plans, the Ministry of Planning and Investment hopes to have specific cooperation with UK partners.
Regarding the areas of cooperation in the coming time, Deputy Minister Nguyen Thi Bich Ngoc said that the two countries still have a lot of room for development; at the same time, she suggested that the UK pay attention to and further promote investment activities of UK enterprises in Vietnam through mechanisms and "channels" to exchange and share information on specific fields; support in implementing equitable energy transition projects; and build an international financial center.
Vietnam has issued the National Strategy on Green Growth; participated in the implementation of the Political Declaration on the establishment of the Just Energy Transition Partnership (JETP). Therefore, Vietnam hopes that relevant agencies and the UK Embassy in Vietnam will support in attracting investment resources for this field.
Regarding the field of international financial centers, Deputy Minister Nguyen Thi Bich Ngoc highly appreciated the support of the UK in recent times and hoped to receive close coordination from relevant UK agencies in developing this field.
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| Overview of the reception. Photo: MPI |
Deputy Minister Phillip Barton thanked Deputy Minister Nguyen Thi Ngoc for taking the time to welcome her and for sharing information; emphasizing that, as an important agency in strategic planning and socio-economic development, the Ministry of Planning and Investment has made important contributions to promoting development cooperation between the two countries.
Mr. Phillip Barton said that the two countries have many important factors to strengthen cooperation such as ODA projects, UKVFTA CPTPP trade agreements, etc. This creates a strong foundation for the two countries to strengthen cooperation in all fields in the future; in which, finance and economy are important pillars in the cooperative relationship and expressed confidence that, "we can do much more in this field". Along with that, the energy sector has achieved certain cooperation results and in the coming time, cooperation in the fields of climate change and renewable energy will be further promoted.
Regarding the specific areas of cooperation mentioned by Deputy Minister Nguyen Thi Bich Ngoc, Mr. Phillip Barton emphasized that the fields of financial center construction and renewable energy are all areas in which the UK has experience and strengths; he affirmed that he will accompany the Ministry of Planning and Investment and relevant agencies of Vietnam in implementing through specific programs and projects.
At the meeting, the two sides exchanged, discussed and made specific proposals for various fields, especially how to attract more UK investors to Vietnam; believing that with the close coordination of relevant agencies of the two countries, it will contribute to further strengthening the cooperative, trade and investment relationship between the two countries in the coming time./.
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