With nearly four years in Vietnam, you have contributed to promote the ties between Vietnam and the UK in many areas. What fields are you satisfied with the most and what fields do the two countries need to promote in the future?

The relationships between Vietnam and the UK are more diversified. The UK has become one of the largest non-refundable aid providers for Vietnam. The signing of the 10-year development partnership agreement in 2006 is the peak in my term.

Along with opening opportunities when Vietnam becomes a member of the World Trade Organisation (WTO), challenges in sensitive areas of Vietnam are also very big. Those fields require special attention and we are assisting Vietnam to get this attention through the “Post-WTO” initiative/project.

Another new challenge that can make remarkable influences on Vietnam is the challenge that originates from climate change and the global warming phenomenon. We took climate change as the topic of the British Queen’s birthday party in Hanoi this June. We want to cooperate with Vietnam to raise awareness in this issue and to help Vietnam have suitable preparations.

New waves of investment from Japan, the US, and the Republic of Korea are now mentioned very often. As one of the biggest investors of the European Union in Vietnam, should we have much hope about a new wave of investment from the UK in the near future?

The UK is now an important investor in Vietnam. We are proud of what British famous companies such as Prudential, BP, Unilever, Tate & Lyle and others have performed in Vietnam.

With opportunities of the post-WTO period, Vietnam is being known more in Britain and we have seen the second wave of investment of the UK in Vietnam. This wave brings to Vietnam big companies operating in the areas of financial services, oil and gas, software, mining and telecom.

If those projects are successful, the volume of new investment capital of Britain in Vietnam may be very large.

Last year the UK’s import turnover from Vietnam was ten times higher than its export revenue to Vietnam. Does the country plan to balance its trade with Vietnam?

For the UK, actually, trade is as significant as supporting Vietnam’s economic development. By opening our market for Vietnamese goods, we are creating jobs for thousands of Vietnamese labourers.

The above trade deficit statistics doesn’t reflect the real picture of trade between the two countries because the re-export via the third countries needs to be considered. Trade deficits can be partly balanced by invisible incomes from services. I believe that there are many chances for British export goods to Vietnam.

To solve hindrances for the both sides in trade exchange, we are building the Joint Economic and Trade Committee between the two sides (Prime Minister Nguyen Tan Dung and his British counterpart Tony Blair expressed their great support to the establishment of this committee). The first meeting of this committee is slated for this year’s end.

Could you make a sketch of the trade picture between the two countries in the next five years?

By 2012, Vietnam will complete its WTO accession commitments. At that time, the economy of the two countries will integrate deeply and widely into the world economy. Other initiatives like the EU-ASEAN Free Trade Area will promote this process.

Vietnam’s goods will be very popular in the UK. Vietnam’s first big companies will open their offices in London. Vietnamese companies will list their stocks on the London Stock Exchange. Many British investors will buy stocks of newly equitised firms and banks of Vietnam. Vietnamese consumers will have more chances to have access to British financial and telecom services in Vietnam.

As a country which has per capita income at the medium level, Vietnam will be less dependent on preferential grants for large infrastructure and financial demands. We can see the first private-state partnerships that will provide funds for important projects like school and hospital building in Vietnam. (VIR)

Source: vneconomy