UK multinationals pledge long-term presence in Vietnam

Chairman of the National Assembly Vuong Dinh Hue on June 29 held several meetings with executives of UK multinationals, including Prudential, Standard Chartered, Pacific Land, Pearson, and Enterprize Energy.

All executives have expressed their good impression and pledged to commit long-term presence in Vietnam.

NA Chairman Vuong Dinh Hue and President of Prudential Shriti Vadera. Source: VNA

President of Prudential Shriti Vadera said the company's business performance was positive during the Covid-19 pandemic, expressing her delight to be part of Vietnam’s development.

Vadera suggested Prudential could further contribute to the country’s economic growth  by taking part in the long bond issuance.

Chairman Hue welcomed Prudential’s successes in Vietnam, saying insurance corporations remain key partners of the State in Government bond issuance.

To further boost the development of the insurance business, Hue said the National Assembly has recently approved the revised Law on Insurance Business with positive changes.

He expected a strong development of both non-life and life insurance activities in Vietnam once the law takes full effect.

“The local authorities are willing to address any issues during the operation of foreign businesses in Vietnam,” he said.

For her part, Vadera said Vietnam continues to be among Prudential’s key investment markets, and expressed optimism about the country’s economic prospects.

Prudential in this regard is committed to cooperating with Vietnam in three key initiatives, namely green investment, insurance technologies, and the development vision for Ho Chi Minh City to become a global finance hub.

Chairman Hue and Chairman of Standard Chartered Jose Vinals.

In a meeting with the Chairman of Standard Chartered Jose Vinals, Hue thanked the bank for its support to the Vietnamese Government in improving the latter’s sovereign credit rating.

With finance-banking being among the key pillars in Vietnam-UK trade and investment cooperation, Hue called for Standard Chartered to help Vietnam promote the development of the corporate bond market, rating agencies, and mobilization of green capital to realize Vietnam’s commitments made at COP26.

Vinals congratulated Vietnam on its success against the Covid-19 pandemic and on maintaining strong economic growth.

He suggested Standard Chartered would continue to stay long-term in Vietnam and is in the process of applying for a securities business license. It has expanded investment and launched the main representative office in Hanoi.

Standard Chartered is committed to allocating US$8.5 billion out of the total of $17 billion of green finance for Vietnam, along with working towards sustainable finance in the country.

Chairman Hue and Chairman of Pacific Land Patrick Mc Killen.

Meeting Chairman of Pacific Land Patrick Mc Killen, Hue said Vietnam is one of the success stories in attracting FDI. The country, however, has now shifted its FDI strategy to attract high-quality projects with modern technologies and environmentally friendly.

According to Mc Killen, Pacific Land has been in Vietnam for 30 years and is focusing on investment in infrastructure development.

He noted the firm is investing in the construction of the Biotech Park  in Hanoi (HaBiotech), saying the pandemic has exposed the urgency to promote the biological industry in Vietnam.

Mc Killen said the company expects to use the most advanced technologies to build a world-class biotech park in Hanoi.

Chairman Hue and Pearson's Director Chris Cuddihy.

At talks with Pearson's Director for UK& International Government Relations Chris Cuddihy, Hue  highlighted the deal agreed between Vietnam’s EMG Education and Pearson in training and education partnership.

Cuddihy said its strategic deal with EMG Education continues to show the commitment of the British education group to bringing the best educational methodology to Vietnamese learners and eventually form a highly competitive workforce in the future.

Hue said education remains a key part of the Vietnam-UK strategic partnership and expected Pearson with its broad expertise in the educational field would bring substantial benefits to the Vietnamese people.

Chairman Hue in a meeting with Board Chairman of Enterprize Entergy Ian Hatton.

Board Chairman of Enterprize Energy Ian Hatton in a meeting with Hue said the corporation is working on Thang Long Wind off-shore wind project with a total capacity of 3.4 GW worth US$11.9 billion, and the Hydrogen Thang Long Wind 2 project of 2GW capacity at Binh Thuan Province.

According to Hatton, these projects would help boost Vietnam's status to that of one of the leading countries in the development of renewable energy in Asia.

He added Enterprize Energy stands ready to aid Vietnam in realizing its commitments made at COP26 for sustainable development.

Chairman Hue said Vietnam has set a road map in promoting renewable energies and called for the company to transfer technologies for clean energy development in the country.