VietNamNet Bridge – In a report on future markets of the UK Trade and Investment Agency (UKTI), Vietnam is regarded as the most attractive newly-emerged market, even more so than Brazil, Russia, India and China (BRICs).

HSBC, the first foreign bank licensed in Vietnam.

The report says that in the past decade, Vietnam’s economic growth ranked only behind China. The country has not been greatly affected by the recent global crisis thanks to its young and low-level integrated finance sector.

The second meeting of the Joint Economic and Trade Committee of Vietnam and the UK (JETCO) was held recently in London, chaired by the General Director of the UKTI, Andrew Cahn. The Vietnamese delegation was led by Deputy Minister of Industry and Trade Le Danh Vinh.

The two sides discussed methods to help UK trade representatives get visas to Vietnam more easily, transparency in financial information, imposing natural resource taxes on mining and mine leasing, import taxes on wine, the market mechanism and the UK’s assistance in anti-dumping efforts, etc.

Established in September 2007, JETCO is a tool to promote and develop trade, identify trade barriers and create a better business environment between the two countries. The committee also helps convey the messages of businesses to the government of the host country.

The Vietnamese delegation paid visits to some UK companies which are interested in the Vietnamese market and learned about the UK’s experience in implementing the Law on Competition.

After the first JETCO meeting, HSBC and Standard Chartered Bank became the two first foreign banks licenced in Vietnam in September 2008. Vietnam also cut the tax rate on brandy from 60% to 45%.