The inaugural UK-Vietnam Business Summit 2025 took place in Ho Chi Minh City on November 5, attracting the participation of senior government officials and diplomatic representatives, including Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Foreign Market Development Department Nguyen Viet San, Ambassador of the UK to Vietnam Iain Frew, and British Consul General in Ho Chi Minh City Alexandra Smith.
As the first major business gathering since Party General Secretary To Lam’s official visit to the UK, during which the two countries upgraded their bilateral relations to a Comprehensive Strategic Partnership (CSP) on October 29, the Summit gathered together more than 200 high-level business leaders, entrepreneurs, and executives from leading British and Vietnamese companies.
The upgrade to the highest level of diplomatic ties establishes a new framework for cooperation, opening broader opportunities in trade, investment, innovation, education, and sustainable development.
New chapter in UK-Vietnam commercial partnership
Addressing the Summit, Mr. San spoke of joining Party General Secretary To Lam’s delegation to London, where the MoIT signed two new MoUs with UK counterparts - one on clean energy cooperation and another on anti-counterfeiting collaboration.
“Over the past half-century since the establishment of diplomatic ties, economic and trade relations between Vietnam and the UK have expanded steadily in both scale and quality,” he told the gathering.
He underlined that bilateral trade reached $8.4 billion in 2024, an 18 per cent increase year-on-year, and nearly $7 billion in the first nine months of 2025, up 10.4 per cent compared to the same period last year. These figures reflect the strong and growing economic links between the two countries, he said.
Mr. San outlined three major outcomes from the CSP upgrade.
First, under the new MoU on clean energy cooperation, Vietnam welcomes the UK Government’s proposal of 12 priority projects within the Just Energy Transition Partnership (JETP) framework. The UK also pledged to mobilize more than $300 million by 2027 to support Vietnam’s implementation of the JETP.
The UK’s experience will be crucial in helping Vietnam develop a competitive electricity market, build green finance mechanisms, and expand public-private partnership (PPP) models for strategic renewable energy initiatives.
Second, Vietnam is moving rapidly to establish an international financial center (IFCs) in Ho Chi Minh City and central Da Nang city. Collaboration with the UK will support the creation of green finance institutions, environmental, social, and governance (ESG)-compliant frameworks, and integrated financial markets. This cooperation aims to lower capital costs, improve risk management, and attract long-term investment into sectors that contribute to sustainable development.
Third, the Vietnamese Government has set an ambitious target of the private sector contributing 65-70 per cent of GDP by 2045. To achieve this, both countries are encouraged to expand cooperation in trade, the digital economy, services, and high-tech industries, creating new growth drivers within the CSP framework.
In his keynote address, Ambassador Frew reaffirmed that the Business Summit is a significant milestone following the historic announcement of the Comprehensive Strategic Partnership.
“This event celebrates the strong and expanding commercial relationship that has long been the driving force behind our partnership,” the Ambassador said. “It’s also the beginning of a new chapter built on innovation, sustainability, and shared ambition.”
He emphasized that the CSP is not merely an upgrade of the 15-long-year Strategic Partnership, but also part of a diplomatic relationship spanning more than 50 years.
Ambassador Frew highlighted the vitality of bilateral cooperation in key sectors such as green finance, renewable energy, and infrastructure, alongside growing collaboration in education, digital transformation, healthcare, and innovation.
He pointed out that the UK-Vietnam Free Trade Agreement (UKVFTA) and joint membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have created a robust framework for sustained growth, improved market access, and deepened economic integration.
“The UK views Vietnam not only as a key partner in Southeast Asia but also as a global player with immense potential,” the Ambassador said. “We are here to invest, to innovate, and to grow together.”
He further noted that the shared vision of Prime Minister Keir Starmer and Party General Secretary To Lam emphasized cooperation amid a complex and unpredictable global environment. “As we continue to build closer commercial and cultural ties, let us shape a future defined by prosperity, sustainability, and mutual success,” he concluded.
Building a common future together
Discussions at the Summit focused on key pillars of cooperation: the renewable energy transition, ESG standards, and the development of the IFC in Vietnam. Delegates shared insights into how both countries could harness their strengths to promote green growth, deepen capital markets, and pursue sustainable prosperity under the CSP framework.
Mr. Denzel Eades, Chairman of the British Chamber of Commerce in Vietnam (BritCham), also underscored the Summit’s importance as the first major business platform launched under the CSP framework.
“BritCham has been at the forefront of promoting UK-Vietnam trade and investment for nearly three decades,” he said. “Our mission is to strengthen commercial ties, promote sustainable business, and deepen the people-to-people connections that underpin lasting partnerships.”
He noted that the Summit’s agenda reflects both countries’ strategic priorities, focusing on financial services, the development of Vietnam’s IFC, the energy transition, and sustainability. These themes, he said, align closely with the UK’s global expertise and Vietnam’s development trajectory.
The participation of leading corporations such as Jardine Matheson, the REE Corporation, Unilever, Prudential, and HSBC demonstrated the depth and diversity of existing collaboration between British and Vietnamese enterprises.
In an interview with VnEconomy / Vietnam Economic Times, Ambassador Frew emphasized the six key pillars of the CSP, highlighting trade and investment as the central focus of the bilateral relationship, as they have been in recent years.
Vietnam’s green energy potential, particularly in solar, wind, and hydrogen, presents exceptional opportunities for collaboration. “Vietnam’s green energy transformation not only secures its sustainable future but also strengthens regional energy resilience,” the Ambassador said. Drawing on the UK’s experience in phasing out coal and generating 30-40 per cent of its electricity from wind, he highlighted the UK as a key partner in supporting Vietnam’s green transition and energy diversification.
On finance, Vietnam’s plan to develop the IFC in Ho Chi Minh City and Da Nang has attracted strong interest from British firms in finance, insurance, consultancy, and legal services. “Well-developed financial centers can channel domestic and international investment towards high-impact projects, expanding green finance, trade finance, and carbon markets,” Ambassador Frew noted.
Education and skills development remain central, underpinning both the green economy and the financial sector. British investments in aerospace, healthcare, and technology, including Rolls-Royce, Airbus, and GSK, along with collaboration in fintech, edutech, and medtech, leverage Vietnam’s young and tech-savvy workforce.
The Ambassador emphasized that these are significant opportunities for cooperation, not only supporting Vietnam’s development but also allowing the UK to learn from and benefit from Vietnam’s young, dynamic, and well-educated workforce. “Vietnam’s strategic position in the region gives British companies already engaged here a clear advantage, offering a promising roadmap for future growth,” he added.
As Vietnam advances its goal of becoming a high-income economy by 2045, Ambassador Frew reaffirmed that sectors such as the green transition, renewable energy, financial services, and innovation, supported by a strong education framework, will be key to the next phase of development. Referring to national policies such as Politburo Resolution No. 57 on science and technology innovation and Politburo Resolution No. 68 on the private sector development, he said: “We see British companies actively engaging with Vietnamese partners to turn these ambitions into reality.”
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