Expecting to join CPTPP, businesses from the UK are especially interested in Vietnam
- 235
- Business
- 09:37 14/11/2022
DNHN - The UKVFTA Agreement is primarily seen by British businesses as a tool for promoting trade by utilizing preferential tax rates. Vietnam is simultaneously designated as a nation of special interest at a time when the UK is anticipated to ratify the CPTPP Agreement.
The Vietnam-UK business connection seminar was attended on November 11 by a delegation from the Ministry of Agriculture and Rural Development (MARD) led by Deputy Minister Phung Duc Tien. The delegation met associations and businesses from the two nations.
Deputy Minister Tien introduced the session by summarizing the main points of his discussions with Ms Tamara Finkelstein, UK's Permanent Deputy Minister of Environment, Food, and Rural Affairs. In addition to signing a Memorandum of Understanding on cooperation between the two ministries, he claimed that the two parties had also agreed on the priorities for future agricultural cooperation.

The Deputy Minister declared in front of representatives from both business sectors that the agricultural sector in Vietnam had grown at a rate of 2.9%, which was higher than the overall economy's growth rate of 2.58%. A record 48.7 billion USD in exports of agricultural, forestry, and fishery products were made in 2021, an increase of 15% from 2020.
Leaders of the Ministry of Agriculture and Rural Development assessed that there have been significant advancements in agricultural cooperation with the UK, laying the groundwork for future development.
In terms of trade and investment, particularly through the UKVFTA Agreement, the UK and Northern Ireland are strategic and significant partners for Vietnamese agriculture, according to Mr Tien.
Vietnam and the United Kingdom and Northern Ireland will conduct more than $6.6 billion in bilateral trade in 2021, an increase of more than 17%. In particular, trade in agriculture, forestry, and fisheries has increased steadily between the two nations at a rate of 6% annually, expected to reach almost $1 billion in 2021.
Deputy Minister Phung Duc Tien stated that the two nations' agricultural sectors can effectively complement one another in the event of cooperation. In addition to rice, vegetables, coffee, tea, cashews, pepper, aquaculture, and the processing of wood and furniture, Vietnam excels in tropical agricultural products. The UK agriculture sector excels in the production of temperate agricultural products, the development of new high-tech machinery, equipment, and inputs for agricultural production, the processing of agricultural products, and the research and development of vaccines.

There is still a lot of room to expand the two nations' agricultural trade. Because Vietnam's agricultural exports to the UK only totalled about 800 million USD, or more than 1% of the UK's total food imports (which total about 60 billion USD). Similarly, less than 1% of the value of Vietnam's total imports of agricultural, forestry, and fishery products comes from the UK (over 30 billion USD).
Regarding investment, FDI from the UK into agriculture in Vietnam is still modest (about 40 projects, total capital of 240 million USD), but it has been growing at a rate of over 10%/year over the past few years. Particularly at important international forums like COP26 and the United Nations Summit on Food and Food Systems, Vietnam and the UK both share and have strong commitments to green, sustainable economic development and emission reduction.
"I'm hoping that at this seminar, the two companies will speak with a single voice, connect, and link with one another, share information, and create a detailed, long-term plan for business cooperation while also developing trust. believe in creating an agricultural sector that is more sustainable, profitable, and green ", said the Deputy Minister.
The Ministry of Agriculture and Rural Development delegation was joined at the meeting by a number of Vietnamese companies to market robust agricultural products like coffee, fruit, etc. in the UK. In particular, committed to production using procedures that adhere to international standards, ensuring food safety and hygienic conditions.
On the UK side, representatives of organizations and companies that produce agricultural products raised concerns with Vietnam regarding things like chemical residues and phytosanitary measures for exported goods. They also pledged to work closely together in the future. to cooperate in addressing and resolving issues.
Vietnam's decision to shift its agricultural production thinking toward sustainability was also welcomed by the UK partner. You also mentioned how increasingly more Vietnamese businesses are very concerned about how development will affect the environment, society, and workers' quality of life.
The UKVFTA Agreement is primarily seen by British businesses as a tool for promoting trade by utilizing preferential tax rates. When the UK anticipated joining the CPTPP Agreement, they also designated Vietnam as a country of special interest.
To meet the rising demands of the global market, the UK side also advised the Vietnamese partner to further improve the technology content, which is a strength of British businesses.
Deputy Minister Phung Duc Tien pledged to use as many resources as possible to support the two nations’ economies after hearing everyone's opinions. Additionally, he stated his desire to collaborate with businesses and attract them to invest in high technology for food and agricultural production, processing, preservation, and distribution.
"In trade and investment activities, we anticipate that UK companies will establish joint venture partners that are well-connected and dependable with Vietnamese companies and farmers. The result of the two sides' collaboration is not just economic effectiveness, but also the value of friendship, the sharing of technology, and the blending of the cultures of the two nations "Deputy Minister said.
Hoai Anh
Related news
- International sports events – a strategic boost for regional economies and tourism in Vietnam
- Halal market potential – The key to business success
- ESG strategy for small and medium enterprises: From compliance pressure to growth opportunity
- Dong Thap Business Club in Ho Chi Minh City launches support fund to accompany enterprises
- Women entrepreneurs in the Era of National Advancement
- The move of a Chinese businesswoman into Vietnam’s snack market
- The Đại Dũng Group: A 30-Year journey of developing a sustainable value chain
- Rediscovering connection – a journey of discovery at LAMORI
- ShopeeFood and Grab dominate Vietnam’s food delivery market
- The ambitions of major enterprises in 2025
- Rice export prices expected to rebound soon due to limited supply
- Attracting investment in renewable energy – Driving the green economy
- Who are the two mysterious female tycoons holding 52 million HQC shares?
- GDP growth target for 2025: Aiming for a breakthrough pace
- “Green treasure” in the heart of the Mekong Delta
- Việt Nam sets import tariff quotas for salt and poultry eggs in 2025
- Brandnew e-commerce law to address policy gaps
- Bến Tre sets ambitious economic goals in 2025
- Chopin: The magical piano – Touching the heart and emotions of the audience
- The collaboration between Green power and Huawei: A major step in developing a 100MWp solar energy project
Đọc thêm Business
Business Networking at the Mastercard Golf – Vikki Invitational 2025
Nearly 200 Vietnamese entrepreneurs gathered in the United States as part of an investment promotion program combined with cultural and sports exchange, organized by HDBank in Miami in April 2025.
Halal market potential – The key to business success
Recently, IWEC organized the second edition of its Business Coffee program with the theme "Halal Market Potential – The Key to Business Success," attracting a large number of participating enterprises.
Dong Thap Business Club in Ho Chi Minh City launches support fund to accompany enterprises
More than 150 Dong Thap entrepreneurs in Ho Chi Minh City gathered at Van Hien University to foster business connections, expand cooperation, share practical experiences, and stay updated on current business trends.
Khai Hung corporation signs Strategic Cooperation Agreement with Japanese partners
Signing a cooperation agreement with reputable Japanese partners is a strategic move, demonstrating Khai Hung Corp’s proactive approach in capturing market trends, accessing advanced technology, and leveraging international expertise.
Women entrepreneurs in the Era of National Advancement
The economic forum "Women Entrepreneurs in the Era of National Advancement" aims to honor the role of female leaders, promote collaboration, and connect the business community.
Rice export prices expected to rebound soon due to limited supply
The Vietnam Food Association (VFA) has forecasted that rice exports in 2025 will reach 7.5 million tons. The rice market is currently at its lowest point, but it is anticipated that importers will soon ramp up purchases, driving prices upward.
GDP growth target for 2025: Aiming for a breakthrough pace
According to the proposal, Vietnam's national GDP growth target for 2025 must reach at least 8%, laying a solid foundation for achieving double-digit growth rates.
Economic expert Võ Trí Thành assessed: President Donald Trump’s new trade policy will impact Vietnam
According to Dr. Võ Trí Thành, Director of the Institute for Brand and Competitive Strategy Research, Donald Trump’s new trade policy will have significant effects on Vietnam’s economy. He also provides strategic recommendations for businesses.
Vietnam's market advantage: Investment opportunities in a new context
Balancing interests, striving for a 7.5% GDP growth, enhancing international cooperation, promoting technological innovation, and developing appropriate foreign policies are the "keys" for the nation and businesses to overcome challenges.
Việt Nam sets import tariff quotas for salt and poultry eggs in 2025
The Ministry of Industry and Trade has announced import tariff quotas for salt and poultry eggs for 2025, aiming to meet domestic production and consumption needs.