The British Embassy in Vietnam hosted the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Business Reception in Hanoi on December 12.

The event welcomed representatives from Vietnam's Ministry of Industry and Trade, Ministry of Finance, and General Department of Customs along with Embassies of CPTPP countries in Vietnam and around 80 businesses and organisations spanning various sectors such as agriculture, healthcare, banking, finance, and manufacturing.

On December 15, 2024, the CPTPP comes into effect between the UK and 8 of the ratified CPTPP members (Japan, Singapore, Chile, New Zealand, Vietnam, Malaysia, Peru and Brunei).

The Agreement will also enter into force between the UK and Australia on December 24.

As one of the world’s largest and most dynamic free trade agreements, the CPTPP presents significant opportunities for economic growth and enhanced collaboration among its member nations.

Looking forward to 2025, the UK’s first year of CPTPP implementation, the reception served as a platform for CPTPP member businesses to connect and share experiences in effectively leveraging the benefits of the Agreement, especially in enhancing their capacity to participate in global supply chains within the free trade bloc.

Effective implementation of the CPTPP requires close collaboration between governments, the private sector, and trade associations to ensure the provisions—ranging from tariff reductions to rules of origin and digital trade facilitation—deliver maximum impact.

The UK and Vietnam have already enjoyed a robust trade and investment relationship over the past few decades. Bilateral trade between the two countries reached over £6.4 billion ($8 billion) in 2024, reflecting consistent growth despite global uncertainties. Key sectors such as agriculture, textiles, renewable energy, education, financial services, and technology underscore the complementary strengths of the UK and Vietnamese economies and the potential for deeper cooperation. 

The CPTPP represents a new chapter in this economic partnership, unlocking opportunities to strengthen trade, attract investment, and deepen collaboration across a wide range of sectors.

For UK businesses, the agreement provides improved access to one of the fastest-growing economic regions globally. For Vietnam, it offers access to the UK’s cutting-edge expertise, innovation, and global networks while creating opportunities to diversify exports and attract high-quality investment.

British Ambassador to Viet Nam, H.E. Iain Frew, said that the UK is committed to being a proactive and reliable partner in CPTPP.

"We stand ready to support Vietnam’s ambitions for sustainable growth and innovation while promoting inclusive trade that benefits all," the ambassador added. "Moreover, we see Vietnam as a gateway to Southeast Asia and a key ally in addressing shared global challenges, such as climate change and economic resilience. Once again, as the UK’s Ambassador to Vietnam, I would like to thank all the CPTPP members, including Vietnam, for their cooperation and support throughout the UK accession process. The UK reaffirms our commitment to wok hand-in-hand with the Government of Vietnam to ensure that the UK and Vietnam businesses and investors will utilise the benefits brought by the UKVFTA and CPTPP in the years to come.”