Vietnam, UK elevate ties to comprehensive strategic partnership, outline 6 cooperation pillars

Vietnam and the UK have established a Comprehensive Strategic Partnership, outlining six key pillars of cooperation, including economic, trade, investment, and finance collaboration.

A joint declaration on the relationship elevation was issued during Party chief To Lam's official visit to the UK from October 28-30.

Apart from economic, trade, investment, and finance collaboration, other pillars set out in the joint declaration include politics, diplomacy, defence and security; science, technology, innovation, digital transformation and health; environment, energy and green transition; education, culture, sports, tourism, people-to-people exchanges, equal rights and other fields; and coordination on regional and international issues.

Specifically, the two sides “will maintain open and constructive dialogues through the Vietnam-UK Joint Economic and Trade Cooperation Committee (JETCO) as the mechanism to address barriers faced by businesses from both countries in expanding trade and investment activities.”

“We will also work towards establishing an annual business dialogue mechanism between British business leaders and senior Vietnamese government figures to enhance trade and investment cooperation,” according to the document.

They agreed to strengthen cooperation in agricultural trade in a transparent, clear and effective manner, and promote market access. Both sides consented to approach any future negotiations on agricultural reform within the WTO framework in a cooperative and constructive manner.

They will strengthen cooperation in the development of Vietnam’s international financial center, located in both Ho Chi Minh City and Danang, including through the UK-Vietnam International Financial Center partnership.

Both sides agreed to strengthen cooperation by mobilizing green finance to promote low-emission, resilient green growth, working together to share expertise and deploy green financial instruments in Vietnam, including through the launch of the UK-Vietnam Green Finance Partnership.

They committed to removing institutional barriers, so the private sector can play a central role in promoting green growth and sustainable trade.

The two sides will expand cooperation in trade finance through the design and implementation of transparent, effective, and sustainable trade finance mechanisms, according to the joint declaration.

During their talks in London on October 29 (local time), Party chief To Lam and UK Prime Minister Keir Starmer agreed to double two-way trade in the coming time.

In 2024, total bilateral trade turnover reached over $8.4 billion, an 18% increase from 2023, Vietnam Customs statistics show.

Multiple cooperation agreements inked

During the visit, organizations and businesses from both sides reached various cooperation agreements.

Notably, Vietnam’s Ministry of Industry and Trade signed an MoU on clean energy cooperation with the UK’s Foreign, Commonwealth & Development Office; and another on product safety with the UK’s Department for Business and Trade.

National flag carrier Vietnam Airlines inked an MoU with the London Symphony Orchestra (LSO), under which the LSO will perform annually at Ho Guom Opera in Hanoi, starting in October 2025, including a live-streamed program for a global audience. The concerts will be co-organized by Vietnam Airlines and Ho Guom Opera.

The carrier and Facing The World, a UK-registered medical foundation dedicated to transforming the lives of patients with severe facial disfigurements in Vietnam through surgery, signed an MoU for 2025-2030, marking a decade of steadfast support for Vietnamese children’s smiles.

Vietnamese budget carrier Vietjet Air has ordered 100 Airbus A321neo aircraft, with a signing ceremony was held on October 30, according to the carrier’s website.

The order is expected to create hundreds of thousands of jobs in the UK and across Europe while enabling Vietjet to modernize its fleet, reduce emissions, and expand its international network toward the global net zero goal.

Vietnam Vaccine JSC (VNVC) and biopharma giant GSK have elevated their strategic partnership to cover research, manufacturing, and access to new vaccines and medicines.

The cooperation deal is valued at an estimated £500 million (VND19 trillion), spanning a five-year period. Under the agreement, VNVC will work with GSK Vietnam, part of GSK, to bring advanced products produced at the Worthing and Barnard Castle facilities in the UK to Vietnam, including next-generation vaccines and specialty drugs.

The two sides will also strengthen collaboration in clinical research and exchange production expertise to enable VNVC to independently manufacture and supply these products at its Vietnam facilities.