UK likely to become Vietnam’s biggest EU investor

(VOVworld) – Prime Minister Nguyen Xuan Phuc received visiting UK Foreign Secretary Philip Hammond in Hanoi on Tuesday.

UK likely to become Vietnam’s biggest EU investor - ảnh 1

Mr. Phuc said he hopes British businesses will invest more in Vietnam in finance, banking, infrastructure development, insurance, science, and technology. He asked the British government to quickly sign and ratify the EU-Vietnam FTA, which will deepen cooperation between Vietnam, the EU and the UK. He also asked the UK to support Vietnam in the training of high-ranking personnel and the teaching of English as well as creating favorable conditions for Vietnamese students to study in the UK. He said Vietnam wants to strengthen its cooperation with the UK through all channels for their mutual benefit and for regional and global peace and prosperity.

Prime Minister Phuc welcomed the statement of the G7 Foreign Ministers’ Meeting in Hiroshima concerning the East Sea issue for the common goal of ensuring navigation and aviation freedom and not increasing tensions in the region. Mr. Phuc asked the British government to lobby the EU to request China abide by international law, including the 1982 UN Convention on the Law of the Sea, settle disputes by peaceful means, not to use force or threaten force, end activities to change the status quo in the East Sea as well as the construction of artificial islands and militarization of facilities in the East Sea, seriously implement the Declaration on the Conduct of Parties in the East Sea, and carry out practical negotiations towards adopting a Code of Conduct in the East Sea.

The Foreign Secretary said that with its strength in finance and technology the UK will likely become Vietnam’s biggest EU investor. He reiterated the statement of the G7 Foreign Ministers’ Meeting on the East Sea issue and stressed his support for ASEAN to establish a Code of Conduct to ensure navigation and aviation freedom. He said he hopes the parties concerned will settle disputes through peaceful means and in line with international law.

During talks with Deputy Prime Minister and Foreign Minister Pham Binh Minh the same day, the two sides expressed their desire to implement the Vietnam-UK University project and expand vocational cooperation. Mr. Minh asked the UK to consider using the Commonwealth Fund to help address the consequences of climate change in the Mekong River Delta. He said: “Economic, trade, and investment cooperation is a priority pillar in bilateral relations. We agreed to expand cooperation through creating favorable conditions for both countries’ businesses to access each other’s markets, and increasing investments in them. We also agreed to make the most of the EU-Vietnam FTA once it is approved and comes into force.”

UK likely to become Vietnam’s biggest EU investor - ảnh 2

Both sides discussed a number of regional and global issues including the East Sea. They agreed that disputes should be resolved by peaceful means, no actions should be taken to complicate the situation, force should not be used, and international law including the 1982 UN Convention on the Law of the Sea should be respected.

Foreign Secretary Hammond said the UK values its strategic partnership with Vietnam amid its efforts to establish strategic partnerships with other countries in the Asia-Pacific region in the 21st century. He said the EU-Vietnam FTA will create big opportunities to bolster trade and investment ties between the two countries. He added that the UK’s Commonwealth Fund will provide funding for middle-income countries in the region, including Vietnam to help them develop a transparent business environment towards achieving sustainable growth with respect to the rule of law and human rights.

The British Foreign Secretary will visit HCM city on Wednesday to meet with British businesses operating in Vietnam and overhaul the city’s urban railway project.