Vietnam - attractive market for British businesses

The Vietnam Trade Office in the UK on September 13 organised a Vietnam-UK trade promotion workshop in London which saw the participation of more than 60 representatives of Vietnamese and international businesses.

The event came within the framework of the working visit to the UK by a delegation from the Ministry of Industry and Trade from September 10-18 under the National Programme on Trade Promotion in 2023. The programme aims to support businesses to continue expanding markets and boost exports.

Trade Counselor Nguyen Canh Cuong said Vietnam and the UK are complementary economies, and that they have a lot of potential for cooperation.

Le Hong Minh, Director of the Investment Promotion Centre for Industry and Trade, said the Vietnam-UK Free Trade Agreement (UKVFTA) which started to take effects in 2020 has become a bridge to help promote bilateral trade and investment, adding that his office is ready to coordinate with British authorities to implement solutions to support businesses from both sides in connecting, finding partners, and developing cooperation.

At the workshop, participants provided update on regulations for importing goods from Vietnam into the UK, changes in recent consumption habits and tastes of the British people, experience in exporting to the UK market, especially compliance with market standards, and how to take advantage of incentives provided by the UKVFTA.

Ian Gibbons, Chairman of the UK-ASEAN Business Council (UKABC) and former British Consul General in Ho Chi Minh City, emphasised that Vietnamese businesses wishing to succeed in the UK - a highly competitive market - need to build trust and establish long-term relationships with partners and distributors in the UK.

The official recommended that Vietnamese businesses take full advantage of the resources of British organisations in Vietnam and the UK, such as the British Chambers of Commerce in Hanoi and Ho Chi Minh City, and UKABC.

For his part, Giles Whitlam, CEO of Tonkin Products, a British enterprise investing in Vietnam for more than 30 years, said that prices are a competitive factor but not a prerequisite for development in the UK market where consumers are willing to pay high prices for good products.

He emphasising that Vietnamese businesses need to aim for higher quality standards.

Regarding Vietnam's potential, Whitlam affirmed that it is a market with great opportunities for British companies to invest in, with such advantages as a well-trained workforce, competitive labour prices, and Vietnamese partners' willingness to cooperate and learn.

After the workshop, the Vietnamese delegation visited Longdan Group, the largest importer of Vietnamese goods in the UK which is expected to support Vietnamese exporting businesses to promote and bring Vietnamese products into the UK through its supermarket chain.