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Vietnam Today

UK mulls $1.93bn in infrastructure support

Released at: 14:22, 12/05/2017

UK mulls $1.93bn in infrastructure support

Illustrattive image. Photo: VNA

CEO of UK Export Finance in Vietnam to study opportunities for support.

by Quynh Tuyet

The CEO of UK Export Finance (UKEF) visited Vietnam to explore providing support of up to £1.5 billion ($1.93 billion) for infrastructure development in the country.

Mr. Louis Taylor arrived in Vietnam on May 10 and wraps up his visit on May 12.

The visit is part of a regional tour to Southeast Asia to support UK trade in the region, with a focus on infrastructure projects.

As part of the visit, Mr. Taylor met with project sponsors in Vietnam in both the public and private sectors, discussing UKEF’s offer of up to £1.5 billion ($1.93 billion) in competitive long-term financing to help the country with procurement from the UK. UKEF is currently exploring support for projects across a range of sectors. 

Mr. Taylor said he was delighted to return to Vietnam, having worked here as CEO of Standard Chartered Bank in Vietnam, Cambodia and Laos, and as Vice Chair of the European Chamber of Commerce in Vietnam.

As at April, Vietnam’s exports to UK stood at $1.43 billion, according to Vietnam Customs. Vietnam’s trade, investment and defense-security cooperation with the UK will grow, Prime Minister Nguyen Xuan Phuc said in a meeting following the visit by Secretary of State for International Trade, Mr. Liam Fox, in February.

The PM pledged that Vietnam will create optimal conditions for UK businesses and investors, proposing the two countries beef up their cooperation to double two-way trade of over $5.6 billion by 2020.

He urged the UK to help speed up the official enactment of the EU-Vietnam Free Trade Agreement, suggesting that both sides study a new trade pact suitable to the post-Brexit era.

He said that Vietnamese enterprises wish to strengthen their partnerships with UK firms, which have strong capacity, experience, and technologies.

For his part, Mr. Fox highlighted the cooperation between Vietnam and the UK in multiple fields, including corruption prevention and administrative reform.

He reiterated that the UK, after Brexit, still looks to strengthen economic cooperation with other nations by enhancing its investment overseas and ensuring free trade.

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