UK wants to help Vietnam firms access capital for infrastructure: Lord Mayor

Such support is meant to help develop infrastructure in Vietnam in general, and the southern megacity in particular, the Lord Mayor said at a press conference after she was received by Ho Chi Minh City chairman Le Hoang Quan.

Lord Mayor Woolf, who was on a three-day visit to Vietnam, underlined that the UK likes to help Ho Chi Minh City become more developed.

The Lord Mayor, accompanied by a delegation of leading British businesses, met with ranking politicians, policymakers, and business professionals in Vietnam during her October 5-7 trip.

She also exchanged opinions on how to boost sustainable growth in both nations by working more closely together.

The main areas of discussion included opportunities for collaboration arising from foreign direct investment in infrastructure projects, professional/vocational skills training, intellectual capital, Public-Private Partnership projects, and a proposed European Union-Vietnam free trade agreement, according to the UK government website, gov.uk.

After the meetings in Ho Chi Minh City, Lord Mayor Woolf left for Hanoi and will return to the UK today.

Prior to her visit to Vietnam, Lord Mayor Woolf descried the Southeast Asian country as “a high growth market with significant business opportunities across a range of sectors,” adding that UK firms are keen to deepen their ties with the Vietnamese business community, according to gov.uk

The Lord Mayor said this is a crucial moment for the UK’s economic relationship with Vietnam, and there are many opportunities for the two countries to stimulate growth by working more closely together.

Vietnam has been listed as one of 20 high-growth markets by UK Trade & Investment, given its particularly strong potential for British businesses to work with local companies, according to the Lord Mayor.

UK Trade & Investment is a government department working with British businesses to ensure their success in international markets.

“Although many UK firms already operate in Vietnam, creating stronger partnerships between the UK and Vietnam will allow more British firms to begin delivering financial and professional services to Vietnamese customers and with Vietnamese partners,” she said.

Lord Mayor Woolf added that the development of financial services access across the population is “not the only way in which the UK can contribute to Vietnam’s booming economy.”

“UK firms possess both experience and capability of planning, structuring, financing, and managing major infrastructure projects, expertise that would be beneficial to major infrastructure projects in Vietnam,” she said.

“The UK has long been the partner of choice for PPP projects … this is the perfect opportunity to deepen our engagement and work more closely together to ensure that these projects are completed on schedule and are well financed.”

The Lord Mayor hoped her visit would bring many opportunities for Vietnamese businesses to strengthen their relations with the UK business community, and that Vietnam and the UK will be “able to cement the next generation of ties between our two countries.”