Hanoi (VNA) – Since Vietnam and the UK established diplomatic relations in 1973 and upgraded to a Strategic Partnership in September 2010, the two sides have enjoyed strong growth in all-round cooperation. Party General Secretary To Lam’s ongoing official visit marks a key milestone to review past achievements and shape a new vision for future relations, especially in trade.
Continuous growth over more than five decades
The Ministry of Industry and Trade (MoIT) cited data of the Department of Customs as reporting that, in 2024, total trade turnover between Vietnam and the UK reached over 8.4 billion USD, an 18% increase from 2023. Of this, Vietnam's exports to the UK were over 7.5 billion USD, up 18.9%, while imports from the UK were 881.1 million USD, rising by 10.8%.
Vietnam's trade growth with the UK in 2024 was higher than the average growth in trade with the EU (16.8%), European countries (17.2%), and globally (15.4%). Notably, trade between Vietnam and the UK has consistently grown since 2021, despite global economic and political fluctuations and the global trade downturn in 2023. With these figures, the UK is now Vietnam's third-largest export market in Europe, following the Netherlands (13.8 billion USD) and Germany (11.7 billion USD).
By September 2025, bilateral trade between Vietnam and the UK had reached 6.9 billion USD, a 10.4% increase compared to the same period in 2024. Vietnam's exports were over 6.2 billion USD, up 9.7%, and imports from the UK were 715.3 million USD, rising 16.6%. This marks the highest trade level between the two countries to date.
Since 2007, the Vietnam-UK Joint Economic and Trade Committee (JETCO) has held meetings alternately in the two countries. At the 14th meeting, the two sides discussed key cooperation issues, focusing on agriculture, financial services, renewable energy, bilateral trade and investment, and capacity building.
So far this year, the UK has invested in 30 new foreign direct investment (FDI) projects in Vietnam, with registered capital of 34.3 million USD, bringing total capital to 234.3 million USD. Cumulatively, by September 2025, the UK had 607 investment projects in Vietnam, totalling 4.66 billion USD, accounting for nearly 1% of total FDI into Vietnam, ranking 15th among 149 countries and territories.
The UK is particularly interested in collaborating on the development of an International Financial Centre in Vietnam.
Leveraging advantages for stronger ties
In a meeting with British Ambassador to Vietnam Iain Frew to promote energy cooperation, Deputy Minister of Industry and Trade Nguyen Hoang Long emphasised that Vietnam sees the Just Energy Transition Partnership (JETP) as crucial in achieving its net-zero emissions commitment by 2050, creating new opportunities for collaboration with international partners, including the UK, a key member of the International Partners Group (IPG).
Long mentioned that the UK and its partners had proposed a list of potential JETP projects in renewable energy, offshore wind, energy storage, and green technologies—aligning with Vietnam’s sustainable energy goals. Both sides are committed to enhancing technical cooperation to implement these projects.
Frew praised Vietnam’s progress in energy transition under the JETP framework and affirmed the UK's willingness to assist Vietnam in mobilising international resources, sharing expertise, and supporting JETP projects. The UK's investment and credit funds, like BII and UKEF, are interested in financing JETP initiatives. The UK proposed the MoIT sign a memorandum of understanding on energy cooperation to formalise this collaboration.
Long agreed to continue preparing the memorandum of understanding, which will serve as a basis for future green energy transition cooperation between the two countries.
Experts have highlighted that after four years, the UK-Vietnam Free Trade Agreement (UKVFTA) has significantly boosted bilateral trade and investment. The agreement has facilitated strong growth in Vietnam's exports to the UK, especially in key sectors, creating opportunities for Vietnamese products. Additionally, the UK’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) further supports economic and trade relations.
Le Dinh Ba, Trade Counsellor and Head of the Vietnam Trade Office in the UK, emphasised the importance of shifting from product sales to building a responsible brand. Companies must focus on sustainable development, quality, stability, and transparency regarding product origins. Building long-term, trusted partnerships with local partners is key.
Vu Viet Thanh, a senior specialist in charge of the UK market at the MoIT, recommended Vietnamese businesses to proactively adapt to market demands to leverage opportunities offered by the UKVFTA. Companies should research taxes, technical standards, and consumer preferences, and upgrade production capabilities. Compliance with the UK's regulations, such as SPS standards, origin rules, and product labelling, is essential.
The MoIT will continue supporting Vietnamese businesses in exporting to the UK and other markets, focusing on sustainability standards. It will also study and share information about the UKVFTA, and promote trade, especially through large retail group channels./.
VNA
