Illustrative image (Source: VNA) Vietnam is among the very few countries that havesigned a free trade agreement (FTA) with the UK, Nguyen Canh Cuong, Trade Counsellorat the Vietnamese Embassy in the UK, told the Vietnam News Agency (VNA), addingthat Singapore and Vietnam are the only Southeast Asian nations to reach such deal.
The official pointed to tax incentives forVietnam under the UK-Vietnam Free Trade Agreement (UKVFTA), and noted that theSoutheast Asian country’s increasing national brand values have createdpositive effects among British businesses and consumers.
Cuong highlighted other advantages like hard-workingpeople, dynamic young Vietnamese entrepreneurs and high-quality products - factors commended by the British side.
Next year, the UK may join the Comprehensive and ProgressiveAgreement for Trans-Pacific (CPTPP), to which Vietnam has been already a member, and during the process the UK has shown its will to make more open-doorcommitments to many Vietnamese products, he said.
Trade between Vietnam and the UK topped 5.22billion USD in the first nine months of this year, of which Vietnam ran a tradesurplus of 4.07 billion USD with total export revenue of 4.65 billion, up 8.1%year-on-year.
Vietnam’s export to the UK is expected to continuerising in the remaining months, especially rice that will grow sharplyin the last quarter and even the first two months of 2023.
Cuong said apart from trade promotion activities, his office has coordinated to organise many consulting sessions so far thisyear, focusing on wood and agricultural products, clothes and educationproducts, especially those which Vietnam can benefit under the UKVFTA and theUK has strong demand for.
Asked about challenges in the market, he said the long geographical distance and surging fuel prices have pushed up transportationcosts.
Differences in business methods and practices also remainan obstacle, he said, suggesting Vietnamese enterprises study and adjust theirsto raise trust among British partners./.
VNA
