Last updated 11:59, Monday, 02 June 2008

FURNESS MP John Hutton today became the first UK Trade Secretary to visit Vietnam as he supports British firms trying to open up the Communist country’s emerging markets.

As he touched down in the country, he told the Evening Mail that it offered a great opportunity for UK companies.

During the two-day visit, the Barrow and Furness MP and Secretary of State for Business and Enterprise will meet the Vietnamese Prime Minister, attend the Ministry of Industry and Trade and meet British business people.

Mr Hutton said his visit highlighted his department’s commitment to opening up the emerging markets in Vietnam on behalf of British business.

Vietnam is witnessing rapid economic expansion which has seen GDP growth average at around eight per cent per annum.

The financial market is growing particularly fast. The UK is now one of the biggest EU investors in Vietnam – trade with Vietnam represents hundreds of millions of pounds per year and thousands of jobs across all sectors.

Mr Hutton said: “Our relationship with Vietnam has never been better with commitments to invest from major UK businesses such as Rolls Royce, Vodafone and GSK. Ladbrokes is also keen to work to develop a stable and well-regulated betting industry, while Prudential has already established itself in Vietnam, with a 41 per cent share of the life insurance market.

“Vietnam has seen an incredible economic transformation in recent years with consistently high levels of economic growth, a poverty rate reduced from 70 to 20 per cent and literacy rates at more than 90 per cent. They are now one of UK Trade and Investment’s seventeen priority high growth markets.”

Mr Hutton will hold discussions with the Vietnamese PM on securing visas on arrival for UK business people.

He said: “Vietnam offers great opportunities for UK businesses. Businesses from the UK’s financial services industry are the largest single international employer of Vietnamese nationals and, in partnership with Vietnamese shipbuilders, UK companies are leading on the design of the biggest ship ever built in Vietnam.

“I am working with Vietnamese authorities to further reduce barriers to bilateral trade, improve market access, achieve greater transparency and increase investor certainty for even greater success.

“I am determined to ensure every British business, with the ambition, has the access and support they need tosucceed here; and Vietnamese companies the chance and ability to prosper in the UK.”