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A discussion board to advertise overseas funding into Vietnam themed “A brand new period of digital transformation and inexperienced transition” occurred in London on Wednesday as a part of the Vietnam Days within the UK 2022, the Vietnam Information Company (VNA) reported.
Through the occasion, individuals have been up to date on Vietnam’s financial state of affairs in addition to funding and commerce alternatives introduced by the UK – Vietnam Free Commerce Settlement (UKVFTA), which formally took impact from Might 2021.
They mentioned the potential for funding in digital know-how, fin-tech, renewable vitality, and inexperienced transition in Vietnam in addition to alternatives for Vietnamese companies to entry monetary sources from the UK for inexperienced growth tasks.
Deputy Minister of Trade and Commerce Tran Quoc Khanh mentioned within the subsequent 5-10 years, Vietnam will turn into a rustic with quickly digital transformation. He affirmed that together with the increase in on-line funds concerned by Fintech companies in current instances, Vietnam is assured in the direction of the aim of substantive digital transformation within the close to future.
In response to the World Financial institution (WB), Vietnam boasts the very best put in capability of solar energy in Southeast Asia, producing 16,500MW on the finish of 2020. It additionally was among the many world’s high 10 for largest put in solar energy capability within the 12 months.
Ben Backwell, CEO of the International Wind Power Council, agreed that the potential for cooperation in wind energy growth between Vietnam and the UK stays large, particularly when Vietnam has set bold objectives of carbon neutralisation.
The UK has energy and expertise in offshore wind vitality growth and it could actually switch know-how to Vietnam on this discipline, he mentioned, including that the 2 international locations can cooperate in managing energy community.
In response to Dominic Scriven, Chairman of Dragon Capital Funding Fund, Vietnam is a reputation that’s attracting consideration of overseas buyers thank to its success within the COVID-19 vaccination programme, growing competitiveness, political stability and open funding coverage.
Sharing this view, Ian Gibbons, CEO of the UK-ASEAN Enterprise Council (UKABC), mentioned that the Vietnamese Authorities has applied the correct overseas funding attraction coverage with creating an open and clear enterprise and funding surroundings.
UK companies investing in Vietnam have obtained assist from the 2 governments to determine or broaden operations in Vietnam in all fields from schooling and well being care to IT providers, he mentioned.
The bilateral commerce turnover between Vietnam and the UK hit US$6.6 billion in 2021, up 17.2 p.c year-on-year and practically doubled that reported in 2010. The UK’s direct funding in Vietnam in 2021 elevated by 157 p.c in comparison with 2020.
Dominic James, Director of Bilateral Commerce Relations for Asia-Pacific of the UK Division for Worldwide Commerce (DIT), mentioned the UK considers Vietnam an necessary associate in selling commerce liberalisation within the area, and DIT is working with companions in each international locations to assist companies absolutely faucet alternatives and advantages introduced by UKVFTA.
In response to Dragon Capital, Vietnam’s GDP is predicted to develop by 7 p.c in 2022, and seven.5 p.c in 2025.
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