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This publication is available at https://www.gov.uk/government/publications/vietnam-launch-of-the-british-business-centre-in-ho-chi-minh-city/vietnam-launch-of-the-british-business-centre-in-ho-chi-minh-city
Since January 2013, UKTI Vietnam has been working in partnership with the British Business Group Vietnam (BBGV) to develop the chamber’s capacity under UKTI’s Overseas Business Network Initiative (OBNI) to support UK companies presently doing or seeking to do business in Vietnam. This was a significant transformation as although the BBGV was founded in 1995 (making it the longest established foreign business chamber in Vietnam) its small team focussed solely on networking activities for the resident British business community and charity work.
Over 18 months, UKTI Vietnam worked closely with the BBGV’s board. This resulted in the recruitment of a new Business Director, supported initially by two staff, and the renovation and expansion of the BBGV’s co-located office within the British Consulate so that it provides a wide range of services, including conferencing and temporary office space for British companies entering the market.
The new business centre will serve as a contact point for UK SMEs to connect to businesses in Vietnam by providing market research on setting up in-market operations, identifying potential business partners and training in the local business environment. It will also support B2B matching and provide information to Vietnamese companies keen on establishing a presence in the UK. All of its activities and services will be delivered in partnership with UKTI Vietnam.
The launch of the Business Centre is timely as Vietnam’s economy continues its recovery from the global financial crisis. GDP growth in 2013 was over 5% and is expected to reach almost 6% in 2014. We are already seeing increasing interest from UK companies, with opportunities ranging across a broad range of sectors from education, healthcare, retail and major infrastructure projects. Our bilateral trade relationship has never been stronger and surpassed our target to significantly increase trade to more than US$4bn a year ahead of schedule; by the end of 2013 UK FDI in Vietnam was over US$2.8bn.
The launch of the BBGV business centre will significantly enhance the overall support given by UKTI Vietnam to UK companies already in market and those seeking to enter it. It will provide a valuable resource in offering the type of targeted, long-term support UK SMEs need in what can be a challenging market, particularly for new entrants.
With a growing membership of more than 450 British companies, the BBGV Business Centre in partnership with UKTI Vietnam presents a real step change in our ability to support the increasing number of UK companies entering this market.
The purpose of the FCO Country Update(s) for Business (”the Report”) prepared by UK Trade & Investment (UKTI) is to provide information and related comment to help recipients form their own judgments about making business decisions as to whether to invest or operate in a particular country. The Report’s contents were believed (at the time that the Report was prepared) to be reliable, but no representations or warranties, express or implied, are made or given by UKTI or its parent Departments (the Foreign and Commonwealth Office (FCO) and the Department for Business, Innovation and Skills (BIS)) as to the accuracy of the Report, its completeness or its suitability for any purpose. In particular, none of the Report’s contents should be construed as advice or solicitation to purchase or sell securities, commodities or any other form of financial instrument. No liability is accepted by UKTI, the FCO or BIS for any loss or damage (whether consequential or otherwise) which may arise out of or in connection with the Report.