British drug companies will make up to £250 million more over the next five years after Vietnam changed its laws to help UK firms sell medicines there, according to a press release from the Government of United Kingdom.
Trade between the UK and Vietnam jumped by £1.2 billion to £8.1 billion in 2024. This helps the UK economy. Trade Minister Douglas Alexander and Vietnamese Vice Minister Nguyen Hoang Long are meeting today to talk about trade and remove barriers in healthcare, finance, and clean energy. The UK launched its Trade Strategy to get faster deals in sectors that create growth.
Vietnam used to make it hard for foreign drug companies to sell medicines there. Now they streamlined the process. If the UK’s drug agency approved a medicine in the last five years, Vietnamese regulators will accept that approval. This cuts red tape that British companies faced before.
The changes make it cheaper and faster for British firms to sell products in Vietnam’s growing healthcare market. Companies don’t need lengthy local approval processes if they already have UK approval. This saves time and money. It’s a big win for the UK’s life sciences sector, which is part of the country’s Industrial Strategy.
Today’s meeting shows how the UK wants stronger ties with fast-growing Asian economies. The two countries are also working together on renewable energy projects, especially offshore wind. The UK’s offshore wind industry should support 100,000 jobs by 2030.
This breakthrough shows the UK’s Trade Strategy is working. By removing barriers and getting faster deals around the world, the UK helps key industries create jobs and boost growth for working people.
