UK, Vietnam Finalize $337M Pharma Trade Deal, Expand Economic Ties

The UK and Vietnam have agreed to enhance pharmaceutical trade by streamlining the registration process for UK-made medicines and vaccines in Vietnam, recognizing approvals from the UK's Medicines and Healthcare products Regulatory Agency. This agreement, part of the UK's new trade strategy focusing on quick, industry-specific deals post-Brexit, is expected to boost the British pharmaceutical sector by approximately £250 million ($337 million) over five years. The UK-Vietnam Joint Economic and Trade Committee (JETCO), co-chaired by Trade Minister Douglas Alexander and Vietnam's Deputy Minister Nguyen Hoang Long, also discussed cooperation in sectors such as renewable energy, financial services, and education, aiming to strengthen bilateral economic ties and support Vietnam's energy transition goals. While the pharmaceutical sector benefits from eased barriers, the UK plans to impose stricter quotas on steel imports from Vietnam. Despite these advances, disputes over drug pricing remain a challenge within the UK's industrial strategy for life sciences. Both countries continue to emphasize collaboration to create a favorable business environment and expand trade relations, with trade between them exceeding $10.7 billion.