Vietnam Daily News

Vietnam, UK promote trade ties

Written by Dailynews.vn Friday, 03 February 2012 19:16

The Minutes of Meeting of the fifth Vietnam-UK Joint Economic and Trade Committee (JETCO 5) were signed in Hanoi on February 1.

At JETCO 5, the two sides discussed measures to lift bilateral trade ties in line with the Strategic Partnership Agreement which was signed in 2010.

They stressed that JETCO is an important mechanism for intensifying bilateral economic and trade ties.

The two sides agreed to organise working groups' sessions to deal with procedures to transfer the branches of two British banks in Vietnam, HSBC and Standards Chartered, to domestic liability limited banks.

They will work closely to build the public-private model in Vietnam and create favourable conditions for bilateral exchanges hoping to sign an agreement on mutual recognition of their sailor certification.

At the session, Vietnam agreed to continue to consult the UK about the amendment of Decree No. 40 on liquor production and trading. It will study the organisation of bids for pilot projects in the form of public-private partnership as well as updating the UK on any changes for timely support.

Vietnam also voiced support for talks between Tata Steel Corus and Ha Tinh province's relevant agencies on site clearance in order to create conditions for granting licence to the investor.

The country will consider a mining licence for the Co Dinh joint project in Thanh Hoa province between Archipelago and Vietnam National Coal and Mineral Industries Group.

The UK will consider the provision of technical support for the State Bank of Vietnam in monetary policy making as well as in the development of goods transaction market in Vietnam.

The UK pledged its support in principle for Vietnam's joining negotiations on a Voluntary Partnership Agreement under the EU's Forest Law Enforcement, Governance and Trade (FLEGT) accord.

The two sides agreed to continue to organise quarterly technical sessions to review the working results.

The sixth JETCO is expected to be held in November in London.

Source: www.intellasia.net/news/articles/economy/111355217.shtml