Vietnam and UK promote trade ties

ME - The Minute of Meeting of the fifth Vietnam-UK Joint Economic and Trade Committee (JETCO 5) was signed in Hanoi on Feb. 1.

At JETCO 5, the two sides discussed measures to lift bilateral trade ties in line with the Strategic Partnership Agreement which was signed in 2010.

They stressed that JETCO is an important mechanism to consolidate and intensify bilateral economic and trade ties.

The two sides agreed to organise working groups’ sessions to deal with procedures to transfer the branches of two British banks in Vietnam, HSBC and Standards Chartered, to domestic liability limited banks.

They will work closely to build the public-private model in Vietnam and create favourable conditions for bilateral exchanges with the hope of soon signing an agreement on recognition of each other's sailor certification.

At the session, Vietnam agreed to continue to consult the UK about the amendment of Decree No. 40 on liquor production and trading. Vietnam will study the organisation of bids for pilot projects in the form of public-private partnership as well as update the UK on any changes for timely support.

Vietnam also voiced support of talks between Tata Steel Corus and Ha Tinh province’s relevant agencies on site clearance in order to create conditions for granting licence to the investor.

The country will consider a mining licence for the Co Dinh joint project in Thanh Hoa provincebetween Archipelago and Vietnam Coal and Mining Industry Group.

The UK will consider the provision of technical support for the State Bank of Vietnam in monetary policy making as well as in the development of goods transaction market in Vietnam.

The UK pledged its support in principle to Vietnam’s joining negotiations on a Voluntary Partnership Agreement under the EU's Forest Law Enforcement, Governance and Trade (FLEGT) accord.

The two sides agreed to continue to organise quarterly technical sessions to review the working results.

The sixth JETCO is expected to be held in November in London.