Vietnam and the United Kingdom have formed a Comprehensive Strategic Partnership that outlines six major areas of cooperation, including cooperation in trade, investment, finance, and the economy.
During Party leader To Lam's official visit to the UK from October 28 to 30, a joint declaration on the relationship elevation was released.
Other pillars outlined in the joint declaration include cooperation in economics, trade, investment, and finance; politics, diplomacy, defense, 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 areas; and coordination on regional and global issues.
Both the 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," the document stated.
They decided to encourage market access and improve agricultural trade cooperation in an open, understandable, and efficient way. Both parties agreed to take a cooperative and positive stance in any upcoming agricultural reform talks held under the WTO framework.
Through the UK-Vietnam International Financial Center partnership, among other initiatives, they will fortify collaboration in the growth of Vietnam's international financial center, which is situated in both Ho Chi Minh City and Danang.
The UK-Vietnam Green Finance Partnership was launched as part of the two countries' agreement to expand their collaboration by deploying green financial instruments in Vietnam, sharing expertise, and mobilizing green finance to support resilient, low-emission green growth.
In order for the private sector to play a major role in advancing green growth and sustainable trade, they pledged to remove institutional barriers.
According to the joint declaration, the two parties will increase their trade finance cooperation by creating and putting into place transparent, efficient, and long-lasting trade finance mechanisms.
Party chief To Lam and UK Prime Minister Keir Starmer agreed to double two-way trade in the near future during their discussions in London on October 29 (local time).
According to data from Vietnam Customs, the total value of bilateral trade in 2024 was over $8.4 billion, up 18% from 2023.
Businesses and organizations from both sides signed a number of cooperation agreements during the visit.
Notably, the UK's Foreign, Commonwealth & Development Office and Vietnam's Ministry of Industry and Trade inked a Memorandum of Understanding on clean energy cooperation, while the UK's Department for Business and Trade signed one on product safety.
The London Symphony Orchestra (LSO) and national flag carrier Vietnam Airlines signed a Memorandum of Understanding (MoU) that will see the LSO perform yearly at Ho Guom Opera in Hanoi beginning in October 2025, with a live-streamed performance for a worldwide audience. Ho Guom Opera and Vietnam Airlines will co-organize the concerts.
With the signing of an MOU for 2025–2030, the carrier and Facing The World, a UK-registered medical foundation committed to using surgery to improve the lives of patients in Vietnam who have severe facial disfigurements, marked ten years of unwavering support for the smiles of Vietnamese children.
According to the airline's website, Vietnamese low-cost carrier Vietjet Air signed a contract on October 30 to purchase 100 Airbus A321neo aircraft.
In addition to allowing Vietjet to modernize its fleet, cut emissions, and broaden its global network in pursuit of the global net zero goal, the order is anticipated to generate hundreds of thousands of jobs in the UK and throughout Europe.
The biopharma behemoth GSK and Vietnam Vaccine JSC (VNVC) have expanded their strategic alliance to include access to new vaccines and medications as well as their development and manufacturing.
Over a five-year period, the estimated value of the cooperation agreement is £500 million (VND19 trillion). Under the deal, VNVC will collaborate with GSK Vietnam, a division of GSK, to export cutting-edge goods, such as specialty medications and next-generation vaccines, made at the Worthing and Barnard Castle facilities in the UK to Vietnam.
In order to allow VNVC to independently manufacture and supply these products at its facilities in Vietnam, the two parties will also enhance their cooperation in clinical research and share production expertise.
