British pharmaceutical companies are set to gain up to £250 million over the next five years as part of a Vietnamese law change that makes it easier to sell UK-made medicines to the country.
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The announcement comes ahead of the latest Joint Economic and Trade Committee (JETCO) co-chaired by Trade Minister Douglas Alexander and Vice Minister Nguyen Hoang Long.
The meeting aims to deepen trade ties – which have risen to more than £8 billion - and remove barriers for UK businesses in key sectors like healthcare, finance, and clean energy - which will boost growth to deliver for working people as part of the Plan for Change.
It follows the launch of the UK’s landmark Trade Strategy which aims to secure more nimble deals while promoting sectors like financial services and renewable energy which drive the most economic growth.
Vietnam has changed its laws to streamline the registration of new medicines and vaccines, now recognising approvals from trusted international regulators such as the UK’s Medicines and Healthcare products Regulatory Agency (MHRA).
It opens to the door to more commercial opportunities for UK companies who can avoid time-consuming paperwork and expensive legal processes if their products have been approved in the last five years by the MHRA, making it cheaper, quicker and easier to sell products to Vietnam.
The JETCO will reflect the UK’s goal of deepening ties with fast-growing economies in Asia while supporting key sectors like life sciences, education, and green energy - core pillars of the UK’s Industrial Strategy.
Renewable energy will be on today’s agenda as both countries pledge to work together to support the development of Vietnam’s renewable energy sector, particularly around offshore wind, with the industry in the UK forecast to support 100,000 jobs by 2030.
Trade Minister Douglas Alexander said: “Vietnam is today a dynamic, fast-growing economy. The removal of pharmaceutical barriers with one of our closest trading partners in Asia is a boost for the UK pharmaceutical industry and proof our Industrial and Trade Strategies are already delivering.”
Discussions will also celebrate the news for the financial services sector as the government commits support for Vietnam to design its first International Finance Centre in Ho Chi Minh City which is expected to streamline regulations and encourage international investments, making it simpler for British firms to trade with Vietnam.