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Vietnam, UK to diversify trade, boost exports

The third Vietnam-UK Joint Economic and Trade Committee (JETCO) meeting was held in Hanoi on October 6 to diversify trade and increase export turnover as well as boost bilateral relations, VNBusinessNews.com reported.

At the meeting, Vietnamese Deputy Minister of Industry and Trade Le Danh Vinh asked the UK to continue supporting and recognising Vietnam as a market economy.

He also asked the European Commission not to extend the imposition of anti-dumping tariffs on Vietnam’s capped leather shoes exported to the EU after the review ends.

Trade promotion activities between the two sides should be accelerated through a cooperation framework agreement between the Vietnam Department of Competitiveness and the UK’s Office of Fair Trading, according to the Deputy Minister.

Vietnam-UK trade and investment has seen steady development in recent years, Deputy Minister Vinh said, stressing that in particular, the UK government has maintained steadfast support for Vietnam’s economic development.

In the first eight months of this year, two-way trade turnover reached $1.1 billion, despite of the global economic crisis. Vietnam exported seafood, cashew nuts, coffee, tea, pepper, furniture, ceramics and garments to the UK, and imported machinery, equipment and accessories, cattle feed, pharmaceuticals and chemicals. The UK government provided $274 million in aid to Vietnam in the 2000-2008.

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