Vietnam’s vast potential as a trade and investment partner for the UK was the focus of a high-level business forum held in London on October 9.
Co-hosted by the UK-ASEAN Business Council and the Vietnam Embassy to the UK, the event attracted over 150 executives from both countries who were eager to learn more about the potential for expanding business ties.
Oxford Business Group’s Editor-in-Chief, Oliver Cornock, moderated the opening panel on Vietnam’s economic future. During the dynamic discussion that ensued on the investment potential of Vietnam and the future of the bilateral trade relationship, frank ideas were exchanged on the opportunities and challenges associated with doing business in southeast Asia’s fastest growing economy, which ADB forecasts will expand by 7.1% in 2018. The UK’s post-Brexit appeal as a trade partner was also discussed by the panelists: Hoang Quoc Vuong, Vietnam’s Vice Minister for Industry and Trade, Ed Vaizey MP, the UK Prime Minister’s Trade Envoy to Vietnam, Matthew Cavanagh, Prudential’s Director of Government Relations, and Fraser Wilson, Director of Dragon Capital Vietnam.
As a member of ASEAN, APEC and the CPTPP, Vietnam is enjoying increased integration through free trade agreements and business friendly policy reforms. With an increasingly educated workforce and a growing middle class, Vietnam has positioned itself to be a significant part of the global supply chain and a vibrant economic hub to do business with Southeast Asia. Currently, 70 percent of the population is under 35 years of age, with a life expectancy of close to 73 years of age. By 2050, Vietnam’s population is expected to reach 120million. This year marks the 45th Anniversary of UK-Vietnam Diplomatic relations.