LONDON — The meetings of the Việt Nam – UK Joint Economic and Trade Committee (JETCO) and the UK – Việt Nam Free Trade Agreement (UKVFTA) Trade Committee have delivered positive outcomes, helping to strengthen bilateral economic ties, resolve trade barriers, and create a more favourable business environment for enterprises from both countries.

Co-chaired by Vietnamese Deputy Minister of Industry and Trade Nguyễn Hoàng Long and UK Minister of State (Minister for Trade Policy and Economic Security) at the Department for Business and Trade Douglas Alexander, the 14th JETCO meeting in London on Monday discussed and agreed on a wide range of practical areas for cooperation, including agriculture, healthcare, banking and finance, renewable energy, the promotion of bilateral trade and investment, education, and capacity building.

Deputy Minister Long noted that over the past decade, trade and investment relations between Việt Nam and the UK have made remarkable strides. On trade, the two countries have implemented the UKVFTA for more than four years, and most recently, the UK’s accession as the 12th member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has further strengthened bilateral cooperation.

In the energy sector, with strong support from the UK through the Just Energy Transition Partnership (JETP) and various bilateral cooperation initiatives, Việt Nam is gradually improving its regulatory framework, drawing on international expertise, experience and investment to advance its energy transition towards the goal of net-zero emissions by 2050.

The UK also reaffirmed its commitment to supporting Việt Nam’s energy transition through bilateral co-operation and the JETP framework. Việt Nam provided updates on its policy reforms for renewable energy and offshore wind development, and called on the UK to step up support in management training, human resource development, and building a sustainable renewable energy supply chain.

In agriculture, food, and beverages, the UK expressed interest in Việt Nam’s guidance and support in opening its market to British poultry, beef, and seafood products. It also welcomed Việt Nam’s proposal to facilitate the approval of Vietnamese poultry exports to the UK and other collaborative initiatives in this sector.

In finance and banking, the UK showed strong interest in supporting Việt Nam’s development of an international financial centre, and proposed co-operation in green bonds and establishing financial institutions in Việt Nam. Việt Nam welcomed the proposals and encouraged the UK to submit detailed plans to the relevant Vietnamese authorities.

In education and capacity building, Việt Nam proposed enhanced collaboration on innovation, science and technology, English language teaching, and the improvement of higher education quality.

Regarding bilateral trade and investment, Việt Nam urged closer co-operation to maximise the benefits of the UKVFTA and CPTPP, enhance investment and trade promotion, organise regular business matching events, and create favourable conditions for enterprises to access each other's markets and co-operate in market regulation.

 

At the UKVFTA Trade Committee meeting held the same day, the two sides reviewed the implementation of the agreement based on reports from specialised sub-committees covering trade in goods, customs, sanitary and phytosanitary measures, services and investment, and trade and sustainable development.

Both parties acknowledged the progress achieved and the tangible benefits the agreement has brought to businesses and citizens. They also discussed ways to address remaining market access issues for goods and services to further promote bilateral trade and investment.

Speaking at the close of the session, Deputy Minister Long affirmed that the matters discussed at JETCO 14 and the UKVFTA Trade Committee would be further pursued at the technical level. The two sides agreed to work closely together to resolve these issues effectively and elevate the bilateral partnership to new heights.

The same day, Long met with UK Prime Minister’s Trade Envoy to Việt Nam Matt Western to discuss trade, investment, and energy co-operation, highlighting the UK’s role as a key partner and its support under the JETP framework.

He also had working sessions with representatives of the UK–ASEAN Business Council and major firms including HSBC, Prudential, Arup, and BP. Discussions focused on investment opportunities, particularly in renewable energy, with UK businesses expressing strong interest in partnering with Việt Nam in the time ahead.

Earlier, on July 11, Deputy Minister Long attended the Việt Nam–UK Business Forum 2025 in Edinburgh. He highlighted the dual momentum from the UKVFTA and the UK’s CPTPP accession, which helped lift bilateral trade to US$8.4 billion in 2024, up 18 per cent year-on-year, making the UK Việt Nam’s third-largest export market in Europe.

He called on UK firms to leverage tariff preferences and rules of origin to boost cooperation in services, finance, and high-value agri-food products, while encouraging deeper engagement in Việt Nam’s energy transition. Discussions also explored trade prospects, green finance, and the country’s renewable energy roadmap.

At the forum, the UK’s BP Group and Việt Nam’s T&T Group signed an MoU to promote e-mobility through a battery-swapping ecosystem for electric motorbikes.

According to the Department of Customs, bilateral trade totalled more than $4.3 billion in the first half of 2025, up 9.6 per cent year-on-year. Việt Nam’s exports reached nearly $3.4 billion (up 8.2 per cent), while imports from the UK totalled $461.6 million (up 23.1 per cent).

In 2024, bilateral trade exceeded $8.4 billion, up 18 per cent from 2023. Việt Nam’s exports accounted for over $7.5 billion (up 18.9 per cent), and imports stood at $881.1 million (up 10.8 per cent).

The UK is currently Việt Nam’s third-largest export market in Europe, following the Netherlands ($13.8 billion) and Germany ($11.7 billion). — VNS