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UKABC Digital Conversation on Vietnam’s Economic Future

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Vietnam’s Economic Future: Opportunities for British Business

Overview

Vietnam’s Vice Minister of Industry and Trade will join senior UK government and business figures in a discussion on Vietnam’s Economic Future. It will also be an opportunity to hear an update on Vietnam’s Chairmanship of ASEAN 2020. The conversation will include the changing bilateral trade relationship as the UK looks to transition the EVFTA to a UK- Vietnam FTA by the end of the year.

Vietnam’s economy has been the shining star in Southeast Asia as the region grapples with the challenges of the coronavirus. If the global economy picks up, Vietnam will grow at around 2.8% in the second half of 2020 and 6.8% in 2021, a poor showing in normal times but in the current environment, Vietnam stands out as the place to invest in and to do business with.

The World Bank, in its report ‘What will be the new normal for Vietnam: the economic impact of COVID-19’, notes that Vietnam can no longer rely on its traditional growth drivers – international demand and private consumption. Vietnam’s responsive fiscal measures have buoyed the economy while the changing geopolitical landscape in the region has increased demand for supply chains to grow in Vietnam. Stefanie Stallmeister, World Bank Acting Country Director for Vietnam notes “by being ahead of the curve of the COVID-19 crisis, Vietnam has the unique opportunity to increase its footprint on the global economy and become a leader in tomorrow’s digital world.”

KPMG’s 2020 CEO Outlook shows significant changes in risks and priorities. Talent has now become of the biggest risks faced by CEOs of some of the world’s largest organisations and a third are less confident about global growth for the next three years. Vietnam’s young population and increasingly connected economy will need to factor in the changing global landscape and digital world in order to remain competitive.

The EVFTA came into force on 01 August 2020. The far-reaching agreement eliminated almost 99% of custom duties between the EU and Vietnam over a phased period of seven years. The EVFTA is forecasted to boost Vietnam’s GDP by 4.6% and its exports to the EU by 42.7% by 2025. UK companies will benefit from the agreement until the transition period to exit the EU ends on 31 December 2020.

Areas of discussion

  • In a new normal world, what are the drivers of growth for Vietnam’s economy?
  • What are the opportunities and challenges for British business?
  • Vietnam is Chair of ASEAN 2020, what are some of the key highlights for the year?
  • The EU–Vietnam Free Trade Agreement (EVFTA), what will be the impact for British business?

Programme

Welcome by

·        Baroness Neville-Rolfe DBE CMG, Chair – UKABC

·        Tran Ngoc An, Vietnam Ambassador to the UK

Keynote address by Hoang Quoc Vuong, Vice Minister, Ministry of Industry and Trade, Vietnam

Followed by conversation and Q&A chaired by Baroness Neville-Rolfe DBE CMG with:

·        Gareth Ward, British Ambassador to Vietnam

·        Warrick Cleine, Chairman & CEO, KPMG Vietnam

·        Hoang Quoc Vuong, Vice Minister, Ministry of Industry and Trade, Vietnam

 

This is event is for UKABC Partners and invited guests.

Further Reading

Vietnam must boost new drivers of growth to avoid the COVID-19 economic trap. World Bank

Vietnam Will Need New Drivers of Growth to Consolidate Post-COVID-19 Recovery: Report. World Bank

Taking Stock: What will be the New Normal for Vietnam? – The Economic Impact of COVID-19. World Bank.

KPMG 2020 CEO Outlook: Talent and corporate responsibility top the list of CEO concerns in the wake of the COVID-19 crisis. KPMG

Vietnam’s Job Market. Michael Page.

 

 

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