Vietnamese Ambassador to the United Kingdom of Great Britain and Northern Ireland Nguyen Hoang Long shared about the Embassy's support orientation for Vietnamese businesses to enter the UK market.
How do you assess the opportunities for Vietnamese businesses in the UK market?
After leaving the European Union (EU), the UK will have to step up trade cooperation with many other markets to offset (if any) the decline of the EU market. Currently, the UK promotes free trade agreements (FTAs) with many partners.
Although it is no longer a member of the European Union, the UK already has an FTA with Vietnam (UKVFTA), so businesses can take advantage of opportunities to cooperate in the UK market through this agreement.
This year, the UK aims to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), targeting the Asia-Pacific market.
Strengthening cooperation with other markets, especially emerging markets, will help British products become more competitive, British businesses reach further, through which there is greater room for growth.
That is their purpose and also a cooperation opportunity for Vietnamese businesses, because when they strengthen cooperation with new markets, they also open their markets to our products.
In your opinion, what are the potential areas for Vietnamese businesses in the UK market?
Currently, the UK has reopened to normal and prepared for the post-Covid-19 period, while Vietnam is also taking steps to implement safe, flexible adaptation and effective control of Covid-19. In that context, the problem facing Vietnamese businesses and representative agencies abroad today is not doing business during the pandemic, but doing business in the post-pandemic period. .
He determined that after the Covid-19 pandemic was an opportunity to focus on strengthening cooperation. To realize its development goals, the UK is building a series of tools. In which, the UK International Investment Agency was strengthened to support investment capital mobilization, and the export support agency was upgraded to promote exports.
The UK's focus areas include infrastructure, sustainable green growth, digital economy and science and technology. In the coming time, Vietnamese businesses need to pay attention to the above areas, stick to these orientations and prepare now.
A potential area for the UK market that also needs to be mentioned is agriculture, especially high-quality agriculture.
Previously, we produced that product, but the added value was low, now we have to go into high value-added markets and segments. That is our chance. The Embassy is accompanying and supporting a number of businesses in the field of agriculture such as fruits, seafood, etc.
It can be said that the UK is the transshipment center of the world, so the potential and opportunities in the UK market are huge.
So what do domestic businesses need to do to seize the opportunity, sir?
Wanting to strengthen cooperation, especially exporting to the UK, the most important thing is still quality, because this is a difficult market. Their opening of the market to us is only a necessary condition, but to become a sufficient condition, we must meet their needs.
Enterprises, if they want to "reach out to the big sea", need the companionship of functional agencies, ministries, branches and especially foreign agencies. In order to be able to support businesses, the Vietnamese Embassy in the UK has carefully researched the needs of localities and businesses, as well as carefully studied the host country's market.
The embassy's motto is "Connect, connect and connect". This has become a regular and central task of Vietnamese representative missions abroad, as well as those of the Ministry of Foreign Affairs.
Embassies can help businesses prepare methodically to enter the UK market. We have local experts who can advise and help Vietnamese businesses. When entering a new market, the first thing that businesses need to do is to research and learn. We have been connecting Vietnamese businesses with local fairs and exhibitions, advertising and connecting products through which to connect with partners.
Ky Thanh (baodautu.vn)