UK–Vietnam business summit to focus on financial hub, renewable energy development

The UK-Vietnam Business Summit 2025 will be held on November 5 in Ho Chi Minh City, with two strategic priorities — developing an international financial centre in Vietnam and advancing renewable energy, key pillars of future bilateral cooperation.

Addressing a press conference on October 7, Alexandra Smith, Consul General of the UK in HCM City, highlighted the flourishing bilateral economic ties, noting that over the past month alone, the Consulate General has welcomed an unprecedented number of high-level UK delegations to Vietnam.

She said that the two governments are working closely to maximise the benefits of the UK–Vietnam Free Trade Agreement (UKVFTA) and the UK’s recent accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The agreements have eliminated tariffs on 99% of UK exports to Vietnam, unlocking great opportunities in food and beverages, healthcare, retail, and consumer goods.

Alexandra said that the two countries hold vast potential for strengthening their trade cooperation, and that aligning the UK’s strengths with Vietnam’s urgent demands will drive breakthroughs.

Beyond trade, the UK remains deeply committed to supporting Vietnam’s sustainable development goals. From green finance and renewable energy to climate resilience and education, UK expertise aligns closely with Vietnam’s priorities for an environmentally and socially responsible growth path, according to VNA.

Matt Ryland, Executive Director of the British Chamber of Commerce Vietnam, speaks at the press conference in Hanoi on October 7, 2025. (Photo: VNA)

Matt Ryland, Executive Director of The British Chamber of Commerce Vietnam (BritCham Vietnam) – the organiser of the summit, said the inaugural event is expected to become an annual platform connecting the business communities of both nations. It will allow UK companies to showcase their expertise, reaffirm their commitment to Vietnam’s growth goals, and create opportunities for BritCham members to foster dialogue and strengthen investment and trade partnerships between the two countries.

Regarding the IFC, the summit will explore pathways to position HCM City as a regional financial hub, building on a series of high-level dialogues and practical cooperation initiatives.

As Vietnam seeks to ensure energy security for economic growth, the summit will serve as a vital bridge - linking the UK’s leading expertise in technology, particularly offshore wind power, and green finance models with Vietnam’s vast natural potential, speeding up a sustainable and efficient energy transition.

Nirukt Sapru, Country Chairman of Jardine Matheson Group in Vietnam, noted that under the National Power Development Plan VIII revised in 2025, Vietnam aims to develop 6,000–17,000 MW of offshore wind capacity by 2035. This is an ambitious goal, given that each project typically takes 6 – 9 years to complete. He said that accelerating progress and addressing existing challenges are therefore critical.

He expressed hope that the upcoming summit will foster stronger policy dialogue between the government and the business community, especially for issues of concern for international investors. Lifting price caps to better reflect market supply and demand, promoting rooftop solar and distributed energy models, clarifying fees and related costs, and improving market access will help address immediate concerns.

The summit is expected to bring together top business leaders, government representatives, and experts from various fields to explore collaboration opportunities in key areas such as trade, environmental, social and governance (ESG), and finance.

Two-way trade has more than tripled over the past decade, now exceeding 9 billion GBP (nearly 12.1 billion USD) annually. Through high-level discussions, tailored networking sessions, exhibition zones, and on-demand B2B meetings, the event will offer a unique gateway for UK and Vietnamese businesses to build strategic partnerships and expand their growth opportunities in the Vietnamese market.

International media praise Vietnam’s resilient economic momentum

A number of international newspapers and organizations have recently highlighted Vietnam’s impressive growth pace, calling the country a symbol of resilience in Southeast Asia amid global economic uncertainty.

International institutions have continued to regard Vietnam as a “growth star” in Southeast Asia. The country’s strong recovery and the Government’s flexible policy management have helped reinforce its position as one of the region’s most dynamic economies.

According to Singapore’s Business Times, Vietnam is emerging as a standout performer that could become Southeast Asia’s best-performing economy this year. Despite facing US tariff measures, the country has recorded a robust 7.5% expansion, the highest six-month growth rate since 2010.

At a press briefing on Vietnam’s Economic Outlook 2025-2026, Shantanu Chakraborty, Country Director of the Asian Development Bank (ADB) in Vietnam, said 2025 will be a challenging year for the Vietnamese economy, particularly due to tariff-related issues. Vietnam has been subject to several high duties under the US reciprocal tariff policy.

However, despite mounting headwinds, the economy still performed strongly in the early quarters, reaching 7.5%. Accordingly, the ADB has raised its 2025 growth forecast to 6.7% from the previous 6%.

The positive outcome was largely driven by a surge in exports ahead of new US tariff implementations, while foreign direct investment (FDI) inflows remained solid. Over the past eight months of this year, FDI disbursement reached US$15.4 billion, up nearly 9% year on year. Although new project commitments have slowed as investors assess the impact of US tariffs, foreign enterprises already operating in Vietnam have increased their reinvestment pledges, showing continued confidence in the market.

International organizations have also hailed the Vietnamese Government’s economic management capacity, recognizing it as one of the most effective in the region. Vietnam is striving to sustain growth, balance fiscal and monetary policies, and move toward its goal of becoming a high-income country by 2045, according to VOV.

ADB Country Director for Vietnam Shantanu Chakraborty (Photo: VGP)

ADB’s Country Director noted that the Vietnamese Government is advancing a series of transformative “mega-projects,” including high-speed railway development and major power initiatives under the Power Development Plan VIII, which are expected to boost growth.

It has also carried out wide-ranging reforms at both provincial and central levels. The speed and effectiveness of these reforms are key factors behind the economic rebound. Moreover, Vietnam has effectively mitigated the challenges from US tariff policies by taking full advantage of free trade agreements and expanding ties with other markets, Chakraborty said.

In the context of global geopolitical tensions and the ongoing shift of manufacturing from China, the US website Ainvest described Vietnam as an attractive destination for new investment flows, supported by rapidly improving logistics infrastructure. Recently, three Vietnamese ports - Ho Chi Minh City Port (ranked 22nd), Hai Phong Port (29th), and Cai Mep Port (30th) , were listed among the world’s top 100 container ports by Lloyd’s List of the UK.

Experts predict the Vietnamese economy will remain resilient through 2025-2026, supported by expansionary fiscal and monetary policies. Although new US tariffs may cause short-term impacts, ongoing stimulus packages are expected to cushion the effects.

Meanwhile, efficient public investment disbursement, strategic spending on digital transformation and sustainable development, and deep institutional reforms will continue to strengthen Vietnam’s growth momentum, competitiveness, and regional standing.

Foreign arrivals up nearly 20% in 9 months

Vietnam welcomed over 15.4 million foreign arrivals over the first nine months of 2025, a year-on-year increase of 19.5 percent, the National Statistics Office reported Monday.

Of the figure, 84.5 percent traveled to Vietnam by air, 15.3 percent by land, and 0.2 percent by sea. Thanks to favorable visa policies and strengthened promotion and marketing efforts, Vietnam's tourism industry has recorded remarkable growth.

During the reviewed period, China and South Korea remained the largest source markets, together accounting for nearly half of all international arrivals. China ranked first with 3.9 million visitors (making up 25.2 percent), followed by South Korea with 3.2 million visitors (accounting for 21 percent). Other key markets include Taiwan, the U.S., and Japan. Notably, India has risen to sixth place among the top 10 source markets, reported VGP.

Photo: VGP

The surge in international visitor arrivals has directly boosted the revenue of the travel and tourism sector to around VND69.6 trillion (over US$2.6 billion), an increase of 20.5 percent compared to the same period last year.

In September alone, the number of international visitors to Vietnam reached approximately 1.5 million, down 9.6 percent from the previous month but still up 19.5 percent compared to the same period in 2024.

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