UKVFTA greatly benefits Vietnam-UK trade: Experts

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.
Gemalink international port in southern Ba Ria-Vung Tau province. (Photo: VNA)

Gemalink international port in southern Ba Ria-Vung Tau province. (Photo: VNA)

Vu Viet Thanh from the Department of European-American Market under the Ministry of Industry and Trade said that the UKVFTA has become an important driving force for promoting economic, trade and investment cooperation between the two sides. Vietnam's increasing exports to the UK is clear evidence, he said.

Thanh noted that two-way trade has expanded 8.9% per year in the past three years, of which Vietnam's exports to the UK grew by an average of 9.4% per year. Vietnam's trade surplus with the UK in the past nine months also rose 24% year on year to 5.1 billion USD.

Meanwhile, the UKVFTA with its comprehensive tariff removal also contributes significantly to increasing the market share of some of Vietnam's strong product groups in the UK market.

According to data from ITC's Trade Map, some important export products of Vietnam are holding the top position in the UK market, including pepper, shelled cashew nuts, footwear, and coffee. Meanwhile, Vietnamese seafood is fifth place and garment in sixth place in terms of market share.

Last year, many additional agricultural products of Vietnam were allowed to officially sold in the UK, such as orange, pomelo, lychee and durian. Nguyen Hoai Nam, Deputy Secretary General of the Vietnam Association of Seafood Exporters and Producers (VASEP) said that thanks to preferential tax rate in the British market, so far, shrimp products account for 70% of the total turnover of Vietnamese seafood exported to the UK, followed by tra fish products at 20%.

Nguyen Canh Cuong, former Minister Counsellor to the UK said that businesses need support from authorities in order to improve the effectiveness of the market approach strategy as well as increase business access to market information.

Thanh affirmed that in the coming time, his department will continue to increase the provision of market information, while working to raise awareness of sustainable development, green production and trademark building.

It will continue to work with trade partners to remove trade barriers, and strengthen trade promotion to bring more Vietnamese products to distribution chains and world's leading purchasing groups./.

Source: VNA
en.vietnamplus.vn

Related News

Latest News

Coconut is expected to become a billion-dollar export item

Coconut is expected to become a billion-dollar export item

VCN - Talking to the press at the ceremony to launch the first train carrying fresh coconuts to China, Mr. Luu Van Phi, Director of the Department of Industry and Trade of Tien Giang province, said that Vietnam's agricultural export potential, especially fresh coconuts, is expanding with the appearance of international railway transportation from Song Than station.
Plastic exporters interested in converting to recycling technology

Plastic exporters interested in converting to recycling technology

VCN - The Vietnamese plastics industry is facing major challenges in terms of plastic waste and recycling needs. Secretary General of the Vietnam Plastics Association Huynh Thi My (pictured) shared important information about the transformation in production of plastics enterprises to meet increasing export demands.
Logistics sector must embrace innovative trends to stay competitive

Logistics sector must embrace innovative trends to stay competitive

The Vietnamese logistics industry must adapt to new trends and enhance infrastructure to remain globally competitive, speakers said at an event in Ho Chi Minh City on October 31.
Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports are likely to achieve a record high of 62 billion USD in 2024, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.

More News

Agricultural exports likely to exceed 60 billion USD amid challenges

Agricultural exports likely to exceed 60 billion USD amid challenges

With swift production recovery and continued growth, Vietnam's agricultural sector could potentially surpass the 60 billion USD export target, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnam-Philippines trade likely to exceed 8 billion USD for first time

Vietnam-Philippines trade likely to exceed 8 billion USD for first time

With the current rising trend, trade between Vietnam and the Philippines is likely to exceed 8 billion USD for the first time to hit about 8.5 billion USD in 2024, with Vietnam’s surplus of more than 3 billion USD, according to the Vietnamese Trade Office in the Philippines.
A bitter nut

A bitter nut's surprisingly sweet export success

VCN - The latest statistics from the General Department of Vietnam Customs show that in the first 15 days of October (October 1-15), Vietnam's coffee exports reached 21,489 tons, with a turnover of US$125.8 million.
Vietnam

Vietnam's daily import expenditure surpasses VND25,000 billion

VCN - From the beginning of the year to mid-October, on average, Vietnam spent more than USUS$1 billion (equivalent to more than VND25,000 billion) each day importing goods.
Opportunities for accelerating Vietnam

Opportunities for accelerating Vietnam's seafood exports

VCN - Seafood is one of the key industries contributing significantly to Vietnam's export turnover. In the first nine months of the year, seafood exports brought in US$7.16 billion, an 8.5% increase compared to the same period in 2023. Among the factors driving this success, aside from favorable market conditions, the effective utilization of Free Trade Agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has played a crucial role. However, along with achievements, the industry also faces challenges, including market competition and trade defense lawsuits. Nguyen Hoai Nam, Deputy Secretary-General of the Vietnam Association of Seafood Exporters and Producers (VASEP), shared insights on these issues.
Steel industry proactively “coexists” with trade defense lawsuits

Steel industry proactively “coexists” with trade defense lawsuits

VCN - Having regularly to respond to trade defense lawsuits is a big challenge for the Vietnamese steel industry, but this is an opportunity for steel enterprises to improve their competitiveness and integrate more deeply into the global steel market.
Vietnam - UAE trade grows to billions of dollars

Vietnam - UAE trade grows to billions of dollars

VCN - Updated by the General Department of Customs by the end of September 2024, bilateral trade between Vietnam and the United Arab Emirates (UAE) sees a year-on-year increase of more than US$1.4 billion to nearly US$5 billion
Nine coconut growing areas in Tra Vinh qualified to export to China

Nine coconut growing areas in Tra Vinh qualified to export to China

The Mekong Delta province of Tra Vinh has nine coconut growing areas with a total area of over 1,240 hectares and two packaging facilities that have qualified to export fresh coconuts to China, according to the provincial Department of Agriculture and Rural Development.
Vietnam national brands to be honoured in early November

Vietnam national brands to be honoured in early November

Vietnam national brands in 2024 will be honoured at a ceremony slated for November 4 in Hanoi, which will be broadcast live by Vietnam Television, the Trade Promotion Agency (VIETRADE) under the Ministry of Industry and Trade announced at a press conference on October 28.
Read More

Your care

Latest Most read
Coconut is expected to become a billion-dollar export item

Coconut is expected to become a billion-dollar export item

VCN - Talking to the press at the ceremony to launch the first train carrying fresh coconuts to China, Mr. Luu Van Phi, Director of the Department of Industry and Trade of Tien Giang province, said that Vietnam's agricultural export potential, especially
Plastic exporters interested in converting to recycling technology

Plastic exporters interested in converting to recycling technology

VCN - The Vietnamese plastics industry is facing major challenges in terms of plastic waste and recycling needs. Secretary General of the Vietnam Plastics Association Huynh Thi My (pictured) shared important information about the transformation in product
Logistics sector must embrace innovative trends to stay competitive

Logistics sector must embrace innovative trends to stay competitive

The Vietnamese logistics industry must adapt to new trends and enhance infrastructure to remain globally competitive, speakers said at an event in Ho Chi Minh City on October 31.
Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports likely to set new record

Vietnam’s agro-forestry-aquatic product exports are likely to achieve a record high of 62 billion USD in 2024, said Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
UKVFTA greatly benefits Vietnam-UK trade: Experts

UKVFTA greatly benefits Vietnam-UK trade: Experts

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.
Mobile Version