Diễn pomelos packed and labelled by Đại Đồng Cooperative in Hoà Bình Province for export to the UK. The UKVFTA offers significant opportunities for Việt Nam to increase the export of farm produce to the UK. — VNA/VNS Photo

HÀ NỘI — Hoà Bình is seeking to increase trade and investment cooperation with the UK to realise opportunities arising from the UK – Việt Nam Free Trade Agreement (UKVFTA).

The Vietnamese Ambassador to the UK, Nguyễn Hoàng Long, said at an investment, trade, and promotion conference co-organised in London by the province's People’s Committee and the Việt Nam Business Association in the UK (VBUK) on Wednesday that there was significant potential to promote trade and investment cooperation between the two sides.

Long stated that potential sectors included adventure tourism, high-tech agriculture to export high-quality farm produce to the UK, the development of university education centres, and tourism property. Hoà Bình had immense potential for the development of these sectors, which the UK had strength and experience in, Long said.

Long added that Hoà Bình had several advantages to attract foreign investment, driven by a favourable location near the capital city of Hà Nội and a dynamic local government with drastic reforms in policies and the investment environment.

Bùi Văn Khánh, Chairman of Hoà Bình People’s Committee, said that the northern mountainous province was focusing on four strategic sectors to promote socio-economic development, including good planning, infrastructure development, institutional and business environment reforms, and human resource development.

Khánh said that Hoà Bình was seeking to attract foreign investments, especially the investment from the UK which was further facilitated by the UKVFTA, in prioritised sectors, including green, clean, high-quality industrial production, high-tech agriculture, resort property development, and ecological urban development.

He called on enterprises from the UK to increase investments in Hoà Bình, pledging that the local authorities would provide incentive policies in terms of taxes, land fees, and enhancing vocational training to create favourable conditions for investors to develop for mutual benefits.

VBUK’s Chairman, Paul Hoàng, said that Hoà Bình was an attractive destination for UK businesses to invest in trade, agricultural production, industrial production, and tourism.

VBUK was willing to connect enterprises from both sides to enhance trade and investment cooperation.

According to Hoàng Lê Hằng, First Secretary of the Việt Nam Trade Office in the UK, the trade exchange between Việt Nam and the UK showed encouraging results, even as trade between Việt Nam and Europe in general faced challenges from the regional economic slowdown and high inflation, which caused consumers and businesses to reduce spending.

She cited statistics that the bilateral trade between Việt Nam and the UK reached more than US$5.26 billion from January to September, a rise of 0.8 per cent compared to the same period last year. Việt Nam's exports to the UK amounted to more than $4.67 billion, accounting for 89 per cent of the total bilateral trade.

Hoà Bình’s exports to the UK also witnessed positive developments. For the first time, speciality fruits of the northern provinces such as Cao Phong oranges, Cao Phong tangerines, Tân Lạc red pomelos, Diễn pomelos, dragon fruits, and over 100 other speciality products like turmeric starch, honey peach lemon mixture, arrowroot vermicelli, and Jaogulan tea were exported to the UK.

These products were exported to the UK by a local business, R.Y. B Joint Stock Company.

According to Nguyễn Cảnh Cường, Vietnamese Trade Counsellor to the UK, Việt Nam had competitive advantages in exporting farm produce to the UK thanks to the UKVFTA, which offered preferential tariffs on products from Việt Nam.

Taking advantage of the trade deal, Hoà Bình also aimed to increase the export of farm produce to this market.

On Thursday, Hoà Bình Province and Longdan Group, the largest Vietnamese food importer in the UK, signed a memorandum of understanding to promote the export of Hoà Bình specialities to the UK.

Longdan and R.Y.B Joint Stock Company also signed a contract for the import of Diễn pomelo to the UK this year, following the product's warm reception by UK consumers when first introduced to the UK at the end of the previous year. — VNS