Hanoi (VNA) –Despite suffering the impact of the COVID-19 pandemic, Vietnam-UK trade seepositive developments with two-way trade turnover reached more than 5.4 billionUSD in the first ten months of this year, representing a year-on-year rise of16 percent, Ta Hoang Linh, director of the Europe-America Market Departmentunder the Ministry of Industry and Trade (MoIT), has said.
He made the statement at awebinar on Vietnam-UK trade prospects, as well as opportunities and challengesin the post-Brexit context and the COVID-19 pandemic organised by the MoIT onDecember 15.
Vietnam’s total exportturnover to the UK increased by 14.5 percent to over 4.73 billion USD fromJanuary to October this year, a decline of 14.5 percent compared to last year’sfigure, Linh said, adding that most of Vietnam’s export items enjoy highgrowth.
The UK ranked 9th among Vietnam’skey export markets while the country is the UK’s top trading partner in the Associationof Southeast Nations (ASEAN).
Addressing the event, IanGiboons, chief executive UK-ASEAN Business Council said bilateral trade betweenVietnam and the UK in 2019 tripled to more than 6 billion USD compared to thatof 2010.
Given the COVID-19 outbreakwhich caused disruption to the global trading system, Vietnam's export value tothe UK still reached nearly 5 billion USD last year, he said.
Gibbons held that the enforcementof the UK-Vietnam free trade agreement (UKVFTA) was a driving force behind thepromotion of economic cooperation in the two countries' strategic partnership. He went on saying that thereis great potential for stronger collaboration between the two countries in thefields of trade, clean and renewable energy, and the digital economy.
Nguyen Canh Cuong, TradeCounselor of the Vietnamese Embassy in the UK, said that after Brexit, the newtrade relationship between the UK and the EU is no longer as favourable as in acommon market. Therefore, British businesses must stay active in finding newsources of supply and new markets, including Vietnam - one of the emergingeconomies in Southeast Asia and the second country to sign a free tradeagreement with the UK.
The UK Government is carryingout a more open trade policy toward faster liberalisation, encouraging Britishbusinesses to boost exports in countries with dynamic economic development,including Vietnam. This is viewed as an opportunity for the two sides topromote trade and business cooperation in future, Cuong said.
Dario Miraglia, Trading Manager at VesteyFoods International Ltd, suggested that enterprises exporting to the UKmarket should carefully study market demand and then seek business partnersthrough different channels. Meanwhile, Thuy Ngo, head ofsales and global trade at HSBC Vietnam, recommended that before signing acontract, Vietnamese enterprises need to look for more information about the business situation ofpartners and their payment capability to prevent risk, adding that local banksusually have very good networks to support this activity./.
