Tuesday, May 11, 2021

Alliance to bolster grassroots trade between UK and Vietnam

A new strategic alliance to help boost UK trade with Vietnam has been agreed by Chamber International as part of initiatives to help UK companies prosper globally following Brexit.

Chamber International, the Bradford-based overseas trade specialist, will offer support for UK companies wishing to start, or enhance, trade or investments in Vietnam via its alliance with British Chamber of Commerce Vietnam (BCCV), Ho Chi Minh City.

The alliance, which will support trade between both countries, creates a closer grassroots working relationship between the two chambers than usually exists within the British Chambers of Commerce global network, with a focus on fast-tracking UK exporters to BCCV advisers who will provide bespoke support.

Although an established export and investment destination for UK companies, BritCham Vietnam, which became the first foreign business group to obtain formal Vietnamese recognition in 1998, says the country still holds major potential for British companies.

“Vietnam is among the world’s fastest growing economies. This new partnership puts us in a great position to enhance trade between UK companies in Vietnam and vice versa,” said Britcham Vietnam Executive Director, Brian Bulloch.

“Our teams’ market expertise and contacts can help UK companies develop business here and match them with potential customers, partners, or distributors. We can also guide them through local business culture to help them achieve their objectives efficiently.

“The UK is already Vietnam’s third largest European trading partner and British goods and services are popular. UK expertise is also prized as Vietnam strives to sustain economic growth, embrace digital transformation and address development challenges.”

Chamber International director, Tim Bailey says: “This is a timely alliance which will support Britain’s aims to become an independent global trading nation after leaving the EU by creating opportunities further afield.

“It follows this year’s UK-Vietnam Free Trade Agreement (UKVFTA) which maintains the benefits both countries received under the EU-Vietnam FTA.

“This will eliminate 99% of tariffs. Vietnam will benefit from tariff savings of £114 million and UK £36 million and we look forward to helping Vietnamese companies  trade with the UK.”

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