Vietnam: 2019 Asian Games; Opportunities for UK Business

British Embassy Hanoi

Summary

In 2019 Hanoi will host the Asian Games, the second largest multi-sport event after the Olympics – a huge challenge for this emerging economy, bringing major opportunities for the UK which we are pursuing. Minister Grant Shapps signed a Host2Host MOU during his visit on 7 January, opening the door for UK companies.

Detail

In just over five years, Hanoi will host the 18th Asian Games, the second-largest multi-sport event after the Olympics with 12,000 athletes and officials from 45 competing nations. This will require extensive planning and investment, bringing with it substantial opportunities for UK companies.

Preparations are still at a relatively early stage. Fourteen months after Hanoi won the bid in November 2012, the formal structures have not yet been established, the master plan has not been approved by the Prime Minister and there are still many issues to be clarified on funding.. Nonetheless, we are working to ensure that UK companies are well placed to compete for contracts once preparations begin in earnest. The Host2Host Agreement signed by Mr Shapps gives us a strong foundation. The success and economic legacy of London 2012 still resonates here and the Vietnamese want to learn from our experience.

Action so far

 Since the Asian Games were chosen as a high value opportunity in March 2013, we have consolidated our relationships with the Ministry of Culture Sports and Tourism (MOCST) and the National Olympic Committee. In June last year we partnered with MOCST to hold a workshop on the Asian Games, co chaired by Lord Green, which gave the opportunity for UK companies to promote their 2012 credentials. UK Export Finance has conveyed readiness to consider provision of finance support for projects relating to the 2019 Games. A number of UK companies have registered their interest in the HVO and are developing plans with our support.

Some preparations have already begun. We have established a relationship with the Korean/Vietnamese joint venture that is developing a $500m velodrome project and some UK companies are already involved.

Next Steps

 

As part of our campaign plan to maximise opportunities, we intend to:

  • Engage intensively with the Steering and Organising Committees as soon as they are established;

  • Hold a webinar on 19 February, with presentations from UKTI and the Vietnamese authorities (for which interested companies can register here);

  • Support a trade mission for Q1 in the new financial year to bring UK companies here for a Games-focused programme;

  • Explore how we can work with the Prime Minister’s Trade Envoy to develop this agenda

Comment

Hanoi hosted the South East Asia Games in 2003, but the Asian Games will bring new and greater challenges including capacity and funding. Proposals submitted to the Prime Minister’s Office recommend refurbishing existing infrastructure where possible.

Disclaimer

The purpose of the FCO Country Update(s) for Business (”the Report”) prepared by UK Trade & Investment (UKTI) is to provide information and related comment to help recipients form their own judgments about making business decisions as to whether to invest or operate in a particular country. The Report’s contents were believed (at the time that the Report was prepared) to be reliable, but no representations or warranties, express or implied, are made or given by UKTI or its parent Departments (the Foreign and Commonwealth Office (FCO) and the Department for Business, Innovation and Skills (BIS)) as to the accuracy of the Report, its completeness or its suitability for any purpose. In particular, none of the Report’s contents should be construed as advice or solicitation to purchase or sell securities, commodities or any other form of financial instrument. No liability is accepted by UKTI, the FCO or BIS for any loss or damage (whether consequential or otherwise) which may arise out of or in connection with the Report.

Countries: Vietnam
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