New initiative designed to boost UK-Vietnam trade

08:00 | 03/01/2019
The “Vietnam: Ready to Trade” initiative has been launched by KPMG Vietnam in an effort to facilitate business between the UK, Vietnam, and other markets in the Brexit era.
new initiative designed to boost uk vietnam trade
KPMG Vietnam unveiled its latest trade initiative for British and Vietnamese exporters

According to KPMG, the new trade initiative addresses four pillars of challenges that British and Vietnamese firms may face in bilateral trade relationships. The first one is commercial hurdles, which involve verifying the identity of trading partners as well as detecting possible connections to money-laundering or other types of fraud.

The second pillar addresses legal issues related to compliance with local laws and international standards. This includes corporate transparency, ethical questions, and government regulations for both British exporters and their Vietnamese counterparts.

Tax, the third pillar, analyses the linkage between tax morality and tax compliance. Last but not least, the fourth pillar deals with customs challenges, ranging from documentation and duties to IT infrastructure and the qualifications of customs officers.

new initiative designed to boost uk vietnam trade
KPMG Vietnam leaders welcomed the British diplomats at the launching ceremony

Warrick Cleine, CEO of KPMG Vietnam, told VIR that through this trade initiative, the advisory firm can help British and Vietnamese exporters weather the storm of Brexit and other trade tensions around the world. The CEO stressed that despite talks of the UK leaving the European Union, UK-Vietnam trade relations are going on strong and both sides have expressed wishes to strengthen ties, presenting opportunities for exporters.

“We are confident that we can provide help to British and Vietnamese exporters, thanks to our global network, deep expertise, and 25 years of establishment in Vietnam,” said Cleine. The CEO added that similar trade initiatives can be launched for other major trading partners of Vietnam, including fellow members of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).

The launching ceremony yesterday was attended by Mark Field, Minister of State for Asia and the Pacific from the UK’s Foreign and Commonwealth Office. Field praised KPMG on its commitment to Vietnam’s financial markets.

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