The global economy and trade are facing significant disruptions worldwide. However, domestically, Vietnam, as a member of several free trade agreements, is seeing positive impacts alongside emerging market potentials.

These factors ensure continuous dynamism in commercial relations between Vietnam and key markets.

British businesses specializing in cutting-edge mobile phone craftsmanship have chosen Hanoi as their first Southeast Asian destination and the second in Asia after Dubai.

Hutch Hutchison, Co-founder and Design Director of XOR Group, UK, commented, “Vietnam is one of the fastest-growing economies in Southeast Asia. Around our stores, there are many leading global brand stores. Such streets are attractive destinations in Southeast Asia.”

The UK-Vietnam Free Trade Agreement (UKVFTA) allows Vietnam to save up to £114 million in export taxes to the UK. Conversely, the UK saves £36 million in export taxes to Vietnam. This contributed to bilateral trade reaching nearly USD 8 billion last year, more than tripled since 2010 when the two countries established a strategic partnership.

Harry Rawicz-Szczerbo, UK Ambassador to Vietnam, remarked, “Following the UKVFTA, most recently the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), bilateral trade between Vietnam and the UK has grown rapidly in recent years.

We expect more UK businesses to come to Vietnam to do business in the near future.”

Vietnam’s increasing young and middle-class populations are among the factors that make it an attractive market for foreign investors.

For instance, a South Korean conglomerate has invested USD 600 million in Vietnam’s largest commercial complex, welcoming over 30,000 visitors per day and earning nearly USD 73 million in just four months.

Hong Sun, Chairman of the Korean Chamber of Commerce in Vietnam, stated, “Vietnam’s population is a demographic dividend. Many people have the ability to consume. Average income per capita is increasing day by day. This year, there are also many large-scale projects preparing to invest.”

Adam Sitkoff, Executive Director of the American Chamber of Commerce in Vietnam, expressed, “Vietnam’s localities are competing to become more attractive to investors. As a result, administrative procedures such as investment licensing or taxation have been improved.”

It is forecasted that by 2030, Vietnam will be one of the largest consumer markets in Asia, shaping the global retail market and continuing to be a promising destination for international investors.