4 March 2008
Lord Mayor meets Vietnamese PM
Several deals between UK and Vietnamese businesses worth an
estimated 1 billion USD have been signed in London today as His
Excellency Mr Nguyen Tan Dung, visited the United Kingdom for the
first time as Prime Minister of Vietnam.
Lord Mayor of the City of London, Alderman David Lewis welcomed
Vietnamese Prime Minister Dung at the Mansion House. They oversaw
the signing of a number of deals with UK-based companies today at a
function organised by UK Trade and Investment.
Lord Mayor David Lewis said:
“Vietnam has seen tremendous growth over the past decade. The
number of trade deals signed today has shown that the City is
committed to play a full part in ensuring that Vietnam reaches its
enormous potential.”
UK Trade and Investment’s Chief Executive Andrew Cahn said:
“The UK is already one of the largest EU investors in the
Vietnamese market, with around 79 investment licences issued by the
Vietnamese Ministry of Planning and Investment to date.
“Due to Vietnam’s recent economic development and the increase
in demand, UK Trade and Investment has added extra manpower to both
our Hanoi and Ho Chi Minh City offices which ensures that we will
continue to offer a high standard of service ready to help British
business succeed in Vietnam.”
These deals are in addition to future contracts potentially
worth around $3 billion that will be discussed during the
visit.
Trade figures show that the Vietnamese economy has seen GDP
growth over 7% pa over the past few years, making it an attractive
investment option for many UK businesses.
Notes for editors
Deals that were signed at the Mansion House today include:
- A consultancy agreement was reached between Vietnamese bank Bao
Viet and HSBC which will enable HSBC to provide and develop
training and consultancy services for Bao Viet employees on the
financial market and on products and services in the insurance
market.
- Standard Chartered Bank has agreed an arrangement with INCOM
Bank that will provide a funding loan to allow the Vietnamese
partner to achieve the minimum capital holding required for
equitisation.
- UK-based exploration and production company, Salamander Energy,
signed a reciprocal agreement with PetroVietnam (PV) which will see
PV take a working interest as a partner in Savannakhet Block
(operated by Salamander) and Salamander taking a working interest
as a partner in PV’s Champasak & Saravan Block operation
- An agreement between oil and gas company SOCO International plc
and Petro Vietnam (PV) involves PV taking over a SOCO exploration
acreage in the Republic of Congo and the Democratic Republic of
Congo.
- UK-based consultancy, Mott MacDonald, signed an agreement with
Lilama Corporation, to provide engineering, procurement,
consultancy and training for the development of a Thermo cycle
power plant.
Vietnam, facts and figures:
- Member of the World Trade Organization (WTO) in January
2007.
- UK’s 85th largest export market worldwide
- UK exports in 2007 up 39.7% on 2006
- Current GDP growth 8.17%
- Inflation at 6.6%
- Growth in major cities of Hanoi and Ho Chi Minh City is
approximately 20% GDP
- GDP US$53b
- Foreign Direct Investment (FDI) in 2007 $3.9 billion
Press contact
Press enquiries to Loretta Lui at the City of London on 020 7332
1528 or
loretta.lui@cityoflondon.gov.uk