First UK-Vietnam Business Summit held in Ho Chi Minh City

This marks the first business summit to be held since the official visit of Party General Secretary To Lam to the United Kingdom last week, where the two nations formally upgraded their relationship to a Comprehensive Strategic Partnership (CSP).

This elevation to the highest level of partnership creates an unprecedented framework for cooperation, strongly boosting the fields of economy, trade, investment, and sustainable development.

Opening the summit, Denzel Eades, chairman of BritCham Vietnam, said bilateral trade has increased to $9 billion and foreign direct investment between the two countries now exceeds $4.5 billion.

“This builds on a gradual deepening of economic ties and follows the UK-Vietnam Free Trade Agreement (UKVFTA) and the UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP),” said Eades.

“This CSP is, of course, but an upgrade of our 15-year-long strategic partnership and part of a diplomatic relationship that goes back over 50 years. It feels very fitting that the first major event after the launch of our partnership is a celebration of our commercial ties, which in many ways has been the driving force behind this relationship,” said Iain Frew, UK Ambassador to Vietnam.

Commercial cooperation has been particularly dynamic in areas such as green finance, energy, and infrastructure. But beyond these headline sectors, our partnership continues to broaden and to deepen in different fields such as education, digital transformation, healthcare, and innovation. British and Vietnamese businesses are forging meaningful and, in many cases, very profitable connections," he added.

“The UKVFTA and our joint membership of the CPTPP provide a strong foundation for continued growth, open market access, and a very strong basis as Vietnam targets double-digit growth and high-income status by 2045,” he added.

Nguyen Viet San, deputy director general of the Department of Foreign Market Developments under the Ministry of Industry and Trade (MoIT), said that beyond the positive impact of bilateral and multilateral trade and investment agreements, the diversification of market access and deeper participation in regional and global value chains have enabled Vietnam and UK investors to strengthen their presence across a wide range of sectors, including manufacturing, energy, services, finance, education, science and technology, and healthcare.

“At the same time, Vietnamese enterprises have become increasingly proactive in connecting with partners, standardising governance systems, improving capacity, and meeting the high standards required by markets such as the UK,” San said.

Vietnam remains steadfast in pursuing a growth model driven by innovation, digital transformation, and sustainable development. These are also areas of strength for the UK, home to one of the world's leading ecosystems in fintech and education.

"We look forward to promoting cooperation with regional countries and partners around the world, including the United Kingdom, in high-tech industries, semiconductor development, smart manufacturing, the digital economy, the circular economy, sustainable standardisation, and supply chains. At the same time, we aim to strengthen the development of high-quality human resources to meet the requirements of future industries," he said.

According to figures from the MoIT, the trade performance over the past year and in the early months of this year continues to show a positive trend in both the structure of goods and the increasingly integrated nature of supply.

For example, two-way trade turnover in 2024 reached $84 billion, equivalent to 118 per cent from the 2023 figure. In September this year alone, it reached nearly $7 billion, up 7.4 per cent compared to the same period in 2024.

The Health Innovation Business Forum, a key event for the United Kingdom's health innovation trade mission to Vietnam, was concluded on March 17 in Ho Chi Minh City.

The UK-Vietnam Semiconductor Workshop took place in Hanoi on August 18, bringing together government representatives, universities, tech companies, and research institutions.

Vietnam Customs has signed a Declaration of Intent with His Majesty's Revenue and Customs (HMRC) of the United Kingdom, strengthening bilateral cooperation on trade and border management.