On the sidelines of the 37th ASEAN Summit and related meetings, on November 12, Mr. Greg Hands, the UK’s Minister of State for Trade Policy, and Mr. Tran Quoc Khanh, Vietnam’s Vice Minister of Industry and Trade, held a virtual signing ceremony of the letter of intent to officially initiate the collaboration in developing a national trade repository (NTR) for Vietnam, which will be linked to the ASEAN trade repository. 

An online ceremony. Photo: the British embassy in Hanoi

This is a UK government funded project for Vietnam as part of the Global Trade Program under the Prosperity Fund.

Information transparency is one of the key elements of a fair business environment, especially in developing countries like Vietnam. Once completed, the NTR is expected to facilitate free trade and open markets by providing easier access to regulations and trade facilitation information; enable greater investment and interaction with global value chains in creating jobs and prosperity, and help reduce poverty and promote gender equality.

The Vietnam’s National Trade Repository, through the UK Prosperity Fund’s Global Trade Program, will provide invaluable support to businesses expediting trade in goods and services with Vietnam and ASEAN, said British Ambassador to Vietnam Gareth Ward, adding that the celebration of the 10th anniversary of the UK-Vietnam Strategic Partnership Agreement, reflects the two sides’ ambition for a deep, broad and meaningful relationship. Mr. Gareth Ward also stressed that a decade on, he is delighted by the progress we have made, including tripling our bilateral trade and increasing the number of UK tourists visiting Vietnam. 

In addition, the project will support the creation of a legal and governance structure as well as an operating model for inter-agency working between relevant agencies in Vietnam. It will also provide comprehensive training series for government officials and companies to make the most of the NTR.

Global Trade Program is an international development program within the UK’s Prosperity Fund. With total funding of £150-million, the program is being implemented across 10 middle income countries, including Vietnam, in order to facilitate free trade market and reduce non-tariff barriers, contributing to the prosperity of the partner countries. 

In Vietnam, the program will provide expertise and technology to support the Ministry of Trade and Industry to develop the NTR for Vietnam and deliver relevant training and awareness raising activities from November 2020 to March 2022.