Alliance struck to help bolster grass roots trade with Vietnam
A new strategic alliance to help boost UK trade with Vietnam has been agreed by Bradford-based overseas trade specialist, Chamber International.
It forms part of initiatives to help UK companies prosper globally following Britain’s departure from the EU.
Seamless support for UK companies wishing to start or enhance trade and investments in Vietnam, will be available through Chamber International’s 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.
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.
Britcham Vietnam executive director, Brian Bulloch, says: “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.
“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.”
BritCham Vietnam’s services to UK businesses include sales representation for businesses seeking a long-term presence in the country and business registration for those wanting to establish their own company in Vietnam.
In the past year BritCham Vietnam has supported more than 200 UK companies interested in trading there and backed £47.5m worth of UK export wins.
The new strategic alliance is the tenth established by Chamber International. It follows those with British Chamber of Commerce Turkey, British Business Centres, Dubai; Resolve, which targets North America; Brazil Business Hub, British Business Mexico, AEI Saudi, UK India Business Council, British Chamber of Commerce Singapore and British Chamber of Commerce Indonesia.
Chamber International director, Tim Bailey, said: “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 £114m and UK £36m and we look forward to helping Vietnamese companies trade with the UK.”