Britain will increase its investment in Vietnam to $3 billion in the near future, it was agreed during a meeting between Prince Andrew and Prime Minister Nguyen Tan Dung in Hanoi on Monday.

At the meeting the two countries also agreed to raise their trade volume from over $2 billion at the moment to $3 billion, and Prince Andrew reiterated Britain’s support for Vietnam in strengthening all-round cooperation with the Europe Union.

Britain has also proposed that the European Commission not extend the imposition of anti-dumping tax on Vietnam’s leather shoe exports, Prince Andrew said.

He said Britain was committed to continuing the official development assistance (ODA) it provides to Vietnam for efforts to combat climate change.

As part of his two-day trip to Vietnam, Prince Andrew, Britain’s Special Representative for International Trade and Investment, joined the third meeting of the UK-Vietnam Joint Economic and Trade Committee (JETCO).

Established in September, 2007, JETCO works to improve trade ties between the two countries.

Reported by Huong Giang