Vietnamese enterprises advised to take advantage of UKVFTA to boost exports to UK

The United Kingdom is the second largest economy in Europe, with a free trade policy and a large demand for agricultural imports so Vietnamese exporting firms, particularly coffee exporters, should make use of opportunities brought about by the UK-Vietnam Free Trade Agreement (UKVFTA) as well as issue a strategy to approach potential partners to push up exports to this market, according to Vietnamese Trade Office in the UK.

Vietnamese enterprises advised to take advantage of UKVFTA to boost exports to UK hinh anh 1

Illustrative image. (Photo: VNA)

The United Kingdom is the second largest economy in Europe, with a free trade policy and a large demand for agricultural imports so Vietnamese exporting firms, particularly coffee exporters, should make use of opportunities brought about by the UK-Vietnam Free Trade Agreement (UKVFTA) as well as issue a strategy to approach potential partners to push up exports to this market, according to Vietnamese Trade Office in the UK.

Following the signing of the agreement in 2020, Vietnamese agricultural products enjoy competitive edges in the UK market compared to similar products originating from other countries, it said.

The Agency of Foreign Trade (AFT) under the Ministry of Industry and Trade (MoIT) cited statistics from International Trade Centre that the UK’s coffee imports last year reached 203,380 tonnes, worth 945.56 million USD, down 12.7 percent in volume and 6.2 percent from the previous year.

Notably, last year, the UK imported 34,650 tonnes of coffee from Vietnam, worth 66.16 million USD , a year-on-year decrease of 35.5 percent in volume and 31.1 percent in value.

The Vietnamese share of the coffee market as part of the UK’s total imports decreased from 23.03 percent in 2020 to 17.04 percent last year.

UK coffee imports tended to decrease due to the impact of the COVID-19 pandemic in the past two years. However, the growth of agricultural products in general and its coffee, in particular, are forecast to bounce back in 2022 as the UK’s economy is recovering together with joint efforts of Vietnamese enterprises as well as support from trade promotion programmes.

Vietnamese enterprises advised to take advantage of UKVFTA to boost exports to UK hinh anh 2

Farmers harvest coffee beans. (Photo: VNA)

According to the AFT, currently, the UK Government has actively implemented the "Global Britain" trade strategy to promote exports.

The UK is also ready to open the domestic market in a "reciprocal" manner with foreign partners through free trade agreements (FTAs). It is promoting the negotiation of FTAs with 19 nations or alliance of countries which give priority to major trading partners such as the European Union, the US, Japan and India.

In particular, the UK is also determined to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Thus, Vietnamese businesses need to quickly take advantage of the opportunities brought about by the agreement while being proactive in developing relationships with large distribution corporations, the AFT said.

The UK is also a very competitive market, with imports from many countries, so Vietnamese coffee enterprises must meet the increasingly strict requirements in the market to keep exports stable and ensure that products are suitable with consumer tastes in the UK.

Regarding coffee products, experts suggested that the UK is also a very competitive market, with imports from many countries, so Vietnamese coffee enterprises must meet the strict requirements in the market to keep exports stable and ensure that products are suitable with consumer tastes in the UK set by this demanding market./.

Source: VNA
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