UK's CPTPP entry creates "two-way" business opportunities with Vietnam

The UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) opens a gateway for Vietnamese businesses to expand globally and boosts investment flows from the UK into Vietnam, particularly in the fields of technology, finance, healthcare, and education.

Addressing a seminar titled "The UK Joins the CPTPP: What Businesses Need to Know About Trade in Services, Investment, Public Procurement & Movement of Natural Persons" recently held in Ho Chi Minh City, Ms. Alexsandra Smith, British Consul General in Ho Chi Minh City, highlighted the benefits that the CPTPP brings to both countries' economies in sectors such as financial services, education, healthcare, and especially technology.

According to Ms. Smith, the CPTPP is a comprehensive agreement with strong provisions to facilitate trade in services, promote investment flows, and create a favorable environment for businesses.

One of the key highlights of the CPTPP is its provisions on digital trade, e-commerce, and cross-border data flows, which open up opportunities for British technology companies to enter Vietnam's rapidly growing digital economy, she said.

Vietnam is currently among the leading countries in Southeast Asia in terms of the growth rate of the digital economy. A report from Google projects that Vietnam's digital economy will grow by 31% by 2025. Additionally, Vietnam has approximately 1.2 million employees in the information technology industry, providing a rich resource for international technology businesses.

Meanwhile, the UK is the second largest exporter of financial services globally, with exports worth nearly £89 billion in 2022. The UK is currently supporting Vietnam in designing international financial centers in Ho Chi Minh City and Da Nang. Consequently, other sectors such as education and healthcare will also benefit from market access, particularly through cooperation opportunities in emerging fields such as FinTech, EdTech, and HealthTech.

Mr. Luong Hoang Thai, Director General of the Multilateral Trade Policy Department at the Ministry of Industry and Trade, stated that the CPTPP is opening up two-way opportunities for Vietnamese and British businesses.
Specifically, it facilitates the establishment of educational institutions and healthcare and financial service providers from the UK in Vietnam.

Additionally, commitments on market access, services, and investment, as well as the legal framework, provide a solid foundation for promoting long-term cooperation between the two countries. This will help Vietnamese businesses enhance their position and connect with international markets.