Minister of State Greg Hands of the UK Department for International Trade arrived in Hanoi on February 1 for high-level trade talks on how the UK joining of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will boost the economic firepower of the world’s most dynamic trade bloc, according to the British Embassy.
Vietnamese firms are urged to use online platforms to expand their market reach in the UK now that the UK-Vietnam Free Trade Agreement (UKVFTA) has come into effect, experts said.
Vietnamese businesses are advised to better exploit the UK-Vietnam Free Trade Agreement (UKVFTA) to build and develop brands and expand their presence in the UK market amid stiffer competition driven by the “Global Britain” policy.
A webinar was held on August 4 to update Vietnamese exporters on the UK Conformity Assessed (UKCA) mark, which is mandatory for most of industrial products circulated and used in the UK from next year.
Trade revenue between Vietnam and the UK is expected to reach 10 billion USD in the next one or two years thanks to strong support from the Vietnam-UK Free Trade Agreement (UKVFTA).
Vietnam is willing to create all favourable conditions for investors of the UK to operate in the Southeast Asian country, National Assembly (NA) Chairman Vuong Dinh Hue told UK Secretary of State for International Trade Anne – Marie Trevelyan during their meeting on June 29 (local time).
Vietnam has emerged as a major Southeast Asian supplier of farm produce and aquaculture products to the UK following the UK-Vietnam Free Trade Agreement (UKVFTA) they signed, speakers said at a conference on June 23.
A conference will be co-held on June 23 by the Ministry of Industry and Trade (MoIT), the British Embassy in Vietnam and the British Chamber of Commerce Vietnam (BritCham) to support Vietnamese enterprises to join the supply chain of British enterprises.
After being heavily impacted by COVID-19 for two years, trade between Vietnam and the United Kingdom (UK) has recovered, reaching nearly 6.6 billion USD at the end of 2021, up 17 percent from the previous year, according to the Ministry of Industry and Trade.
As the COVID-19 pandemic has been reducing the market demand and the container crisis lasting from the beginning of 2021, the export result of Vietnamese enterprises last year can be considered a miracle.
Despite suffering the impact of the COVID-19 pandemic, Vietnam-UK trade see positive developments with two-way trade turnover reached more than 5.4 billion USD in the first ten months of this year, representing a year-on-year rise of 16 percent, Ta Hoang Linh, director of the Europe-America Market Department under the Ministry of Industry and Trade (MoIT), has said.
A Vietnam – UK economy and trade forum took place in Hanoi on October 21, discussing the nations’ economic, trade and investment ties as well as the issues of climate change and low-carbon economy.
Vietnam will announce to the UK side its ratification of the UK-Vietnam Free Trade Agreement (UKVFTA) this month, so the deal can officially come into force from May 1.
Two-way trade between Vietnam and the UK in the first two months of the year surged 29.2 percent year-on-year, hitting 1.1 billion USD, according to the Ministry of Industry and Trade.
After the UK-Vietnam Free Trade Agreement (UKVFTA) took effect on December 31, 2020, both sides saw impressive growth in their two-way trade though exports faced formidable challenges caused by the COVID-19 pandemic.
The conclusion of the UK-Vietnam Free Trade Agreement (UKVFTA) demonstrates the importance of Vietnam as a market and its heightened position in the eyes of the UK, Vietnamese Ambassador to the UK Tran Ngoc An told the Vietnam News Agency after the finalisation of the bilateral trade deal in Hanoi on December 11.
Trade and investment relations between the UK and Vietnam will differ post-Brexit. A number of dialogue forums on policies and markets have been organised by the two countries, helping their businesses gain a clearer and more thorough understanding of the opportunities and challenges to come.
Vietnam and the United Kingdom have enjoyed good growth in bilateral trade, increasing 3.5 times over the last decade. In 2017, bilateral trade hit 6.2 billion USD.
Trade and investment relations between Vietnam and the UK are to benefit from the EU-Vietnam Free Trade Agreement (EVFTA), according to Trade Counsellor at the Vietnamese Embassy in the UK Nguyen Canh Cuong.
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