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September 1, 2008

UK investment in Vietnam set to climb
The UK’s foreign direct investment in VietNam is expected to rise, Vietnam News Service quoted the British ambassador to Vietnam Mark Kent as saying.

Speaking at a press conference in Ha Noi on Thursday, Kent said since Prime Minister Nguyen Tan Dung’s visit to London March 2008 there had sparked interest in Vietnam from UK investors.

Kent said the visit to Vietnam by the British Secretary of State for Business, Enterprise and Regulatory Reform, John Hutton, was further indication of the importance attached to Viet Nam-UK relations.

According to figures from the British embassy, UK companies are already among the largest EU investors in Vietnam, with total investment worth around $1.9 billion in 105 projects.

Two-way trade between the two countries is worth over $133.7 million in 2007.

Kent said the most visible development on UK-Vietnam relationship has been in the banking sector with the agreement that HSBC and Standard Chartered Bank’s application can locally incorporate.

"You will notice around town that this means there are additional branches preparing to open, which when they do will be able to offer an expanded range of services to the consumer," said Kent.

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