Deputy Minister Phan Thi Thang meets with UK Prime Minister’s Trade Envoy

Also in attendance were Mr. Iain Frew, British Ambassador to Vietnam, along with officials from the UK Embassy in Hanoi. On the Vietnamese side, participants included representatives from the Department of Foreign Market Development, the Department of Multilateral Trade Policy, the Electricity and Renewable Energy Authority, the Department of Domestic Market Administration and Development, the Department of Innovation, Green Transition and Industrial Promotion, and the Department of E-commerce and Digital Economy.

During the meeting, the two sides exchanged views on key issues concerning the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The UK side suggested that Vietnam create favorable conditions for banks and financial investors from the UK to expand operations in Vietnam, while also supporting the entry of several British cosmetics companies into the local market. Both parties also discussed preparations for Vietnam’s upcoming role as Chair of the CPTPP Commission in 2026.

Bilateral cooperation across multiple sectors was also on the agenda. In agriculture, the UK requested Vietnam’s support in expediting licensing procedures for pork and poultry products entering the Vietnamese market. In financial services, the UK expressed its willingness to cooperate with Vietnam in developing an international financial center in Ho Chi Minh City, sharing experience in establishing transparent regulatory frameworks and attracting high-quality talent. In renewable energy, the UK commended Vietnam’s orientations under Power Development Plan VIII, highlighting strong potential for offshore wind cooperation and recommending improvements to the policy framework to ensure the bankability of power purchase agreements, thereby facilitating international investment.

Deputy Minister Phan Thi Thang welcomed the UK’s proposals, affirming Vietnam’s commitment to close coordination in implementing the UKVFTA and CPTPP, while expanding cooperation in areas of mutual strength. She emphasized that Vietnam highly values the UK’s practical support in various fields, particularly in developing an international financial center and advancing the energy transition through bilateral programs and the Just Energy Transition Partnership (JETP). She noted that the Ministry of Industry and Trade would continue to consult and coordinate with relevant ministries and agencies to address outstanding issues in bilateral trade and investment, while creating conditions for businesses of both countries to deepen cooperation.

The meeting took place in an open and constructive atmosphere, further strengthening the Vietnam–UK Strategic Partnership, especially in trade, finance, and sustainable energy.

According to data from the General Department of Customs, by the end of August 2025, total bilateral trade between Vietnam and the UK reached USD 6.1 billion, an increase of 9.3% compared to the same period in 2024. Vietnam’s exports amounted to over USD 5.4 billion, up 8.2%, while imports from the UK reached USD 630.9 million, up 19.8%. This represents the highest level of trade between the two countries to date.

In 2024, total trade turnover between Vietnam and the UK reached more than USD 8.4 billion, a strong increase of 18% compared with 2023. Vietnam’s exports stood at over USD 7.5 billion, up 18.9%, while imports reached USD 881.1 million, up 10.8%. Vietnam’s trade growth with the UK in 2024 outpaced its average trade growth with the EU (16.8%), European countries overall (17.2%), and globally (15.4%). Bilateral trade between Vietnam and the UK has maintained steady growth since 2021, despite the pandemic, global economic and political fluctuations, and the downturn in global trade in 2023.

With this level of trade in 2024, the UK is now Vietnam’s third-largest export market in Europe, after the Netherlands (USD 13.8 billion) and Germany (USD 11.7 billion).