UK holds untapped potential for exports

Hanoi (VNA) - There is untapped potential for Vietnamese enterprises to export to the United Kingdom, Vietnamese Ambassador Nguyen Van Thao told a business conference held on November 16 in Hanoi.

The UK, one of the biggest markets in the European Union and the world, imports more than 1 trillion USD worth of goods each year. However, Vietnam's exports to the market were expected to hit about 5 billion USD or accounting for a modest 0.5 percent of the UK's import turnover, Thao said.

In order to effectively utilise trade and investment opportunities available in the market, domestic enterprises need to foster their understanding about preferential tariffs to be offered by the Vietnam - EU Free Trade Agreement and meet the standards of the British market.

Chairman of Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said bilateral relations still lagged behind the demands of the two nations. Loc emphasised the importance of providing British firms with updated information about Vietnam's market and establishing channels to solve difficulties that British companies encounter to doing business in Vietnam and vice verse.

On his speech, the Duke of York, Prince Andrew said that Vietnam needed to continue to remove barriers for business while assisting start-ups.

According to VCCI, Vietnam's exports to the UK have experienced a yearly growth of 17 percent over past years with major items including footwear, textile and garment, tea, coffee, rice and seafood.-VNA