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Vietnam-UK trade expected to reach 10 billion USD

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-UK trade expected to reach 10 billion USD ảnh 1Illustrative image (Photo: VNA)

Hanoi (VNS/VNA) - Trade revenue between Vietnam and theUK is expected to reach 10 billion USD in the next one or two years thanksto strong support from the Vietnam-UK Free Trade Agreement (UKVFTA).

According to the Department of the Europe-America Market under theMinistry of Industry and Trade, last year, import-export turnover between thetwo countries reached 6.6 billion USD, a 17.2% year-on-year increase andfour times higher than the period before establishing the strategic partnership.In 2009, turnover was 2.65 billion USD.

Export and import revenues were 5.76 billion USD and 849 millionUSD, 16.4% and 23.6% increases, respectively. Trade between Vietnam andthe UK has surged mainly thanks to the UKVFTA, which took effect inMay 2021.

The UK economy is expected to recover after the COVID-19pandemic and the British Government lifts travel restrictions from March 18,2022. Increasing demand for consumer goods in the UK has created moreopportunities for Vietnamese exporters. In particular, the UK is the third largesttrading partner of Vietnam in Europe, following Germany and the Netherlands.

Total UK direct investment capital into Vietnam by 2021 was 4.15billion USD, double the amount before establishing the strategicpartnership (in 2009, total investment capital of the UK in Vietnam onlyreached 2 billion USD).

Deputy Minister of Industry and Trade Tran Quoc Khanh, said UKVFTAhas become a great lever for Vietnam-UK trade and investment co-operation. Inaddition, co-operation in the field of energy, especially renewable energy,between Vietnam and the UK has potential to yield results.

At the COP26 Conference held in November 2021, Vietnam made astatement on the goal of achieving net zero emissions by 2050. This statementclearly demonstrated Vietnam's determination to move from traditional fossilfuels to greener and cleaner energy sources, thereby contributing toa reduction of greenhouse gas emissions globally.

Khanh said the ministry and Vietnamese agencies have beenactively reviewing and adjusting the National Electricity Development Plan forthe period of 2021-30, with a vision to 2045 (Power Plan VIII) with afocus on prioritising the development of clean, environmentally friendly powersources such as onshore and offshore wind power.

To achieve the above goals, Vietnam is studying and proposing tolegislate the development of renewable energy, creating a favourable legalcorridor to attract investment from the private sector. Vietnam needs thesupport of international partners and donors in technology as well aspreferential capital. This is an opportunity for Vietnam and the UK to strengthenco-operation, he added./.

VNA
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