UK eyes new-generation FTA with Vietnam after Brexit

At the workshop “Business is Great,” held in Hanoi today, March 26, Ward noted that the two governments have conducted negotiations on the pact at a level that parallels the standard of the deal between Vietnam and the European Union.

As representatives of many enterprises expressed concern over potential risks to their business relationships with UK firms, Ward pointed out that the United Kingdom would strengthen its trade ties with other countries by signing more new-generation FTAs.

In addition, the United Kingdom will enhance its relations with members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and continue its policies on tax reduction for its partners, the ambassador added.

Ward claimed the United Kingdom would assist Vietnam in the development of renewable energy projects to reduce dependence on coal imports from China and Australia.

At the workshop, Do Nhat Hoang, head of the Foreign Investment Agency under the Ministry of Planning and Investment, stated that Vietnam was looking to boost the development of the finance, hi-tech, education and training and infrastructure sectors, in which the United Kingdom has excelled.

The Ministry of Planning and Investment is preparing a plan on foreign investment attraction for the coming period and will submit it to the Government next month. The plan is aimed at attracting more capital from the United Kingdom and European Union under the EU-Vietnam FTA.

To attract capital for infrastructure projects, the ministry will also upgrade its decree on public-private partnership investment into a law.