National Assembly Chairman Vuong Dinh Hue’s official visit to the UK from June 28-30 presents a great opportunity for both countries to strengthen their ties in legislative and reform issues, UK Ambassador to Vietnam Gareth Ward said.
Talking to the press, he noted there are three main areas for such cooperation, namely digitalisation, simplification of rules and procedures to strengthen the business environment; supporting equality, gender equality and equality for minority groups; and legislation and regulation around the green economy.
The ambassador stressed that the strategic partnership between the UK and Vietnam is solid but there is plenty of room for it to expand.
Hue’s visit, the second of a senior Vietnamese leader to the UK within the past year, will help push forward cooperation between the two parliaments and governments.
"The relationship between the UK and Vietnam is built on people-to-people links. So I think this visit is a good symbol that we are open for business again in both directions.
"Businesses can travel, invest and develop export and import, while students from Vietnam can come to the UK and vice versa. We hope that we will soon see the return to the high level of tourism between our two countries."
One of the key elements of Chairman Hue’s trip to the UK is to strengthen capital flow into Vietnam’s green economy, the diplomat said.
"London is a global financial center and has particular innovation in green finance. And we will link London with Ho Chi Minh City, we will link London with Hanoi and make sure that the finance flows into the green economy," he added.
Maria Kotova, market entry advisor at global consultant firm Dezan Shira & Associates, said: "There are plenty of activities in Asia and something which is of particular interest to businesses in Great Britain at the moment is investment in the Vietnamese market market."
In May 2021, the UK-Vietnam Free Trade Agreement (UKVFTA) came into effect, paving the way for rising trade between Vietnam and the European country. Bilateral trade reached nearly $6.6 billion in 2021, up 17% from the previous year, Vietnam's Ministry of Industry and Trade data shows.