UK intensifies cooperation with Vietnam after Brexit

Lord Price from the United Kingdom confirmed that the country wants to continue intensifying cooperation with Vietnam after leaving the EU (Brexit) in a meeting with HCMC People’s Chairman Nguyen Thanh Phong in the city on October 18.

A view of Saigon river in HCMC (Photo: SGGP)

Lord Price, in charge of commercial policies of the UK Department for International Trade, has chosen HCMC to be the first destination for his official visit to Asia because the city is the largest economic hub of Vietnam.

Lord Price appreciated HCMC’s development plan and revealed that many British businesses want to invest in the city and the country amid Vietnamese government efforts to improve business environment.

Chairman Nguyen Thanh Phong said that Vietnam and UK relations have kept developing. The UK is ranked 9th out of 79 nations and territories investing in HCMC.

The bilateral trade turnover between HCMC and the UK reached US$875 million last year, a year on year increase of 18 percent. The turnover hit US$628 million in the first nine months of 2016.

Mr. Phong said HCMC targets to develop into a center of Southeast Asia region. At present, local authorities are focusing on administrative reform, improving investment environment and developing urban infrastructure.

He hoped that the UK will give HCMC assistances to develop metro line system, implement its smart city project and improve urban management.

HCMC pledges to create favorable conditions for foreign investors including British firms, Chairman Phong affirmed.

By Van Do - Translated by Hai Mien

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