Illustrative image (Source: VNA) Vietnam is among the very few countries that have signed a free trade agreement (FTA) with the UK, Nguyen Canh Cuong, Trade Counsellor at the Vietnamese Embassy in the UK, told the Vietnam News Agency (VNA), adding that Singapore and Vietnam are the only Southeast Asian nations to reach such deal.
The official pointed to tax incentives for Vietnam under the UK-Vietnam Free Trade Agreement (UKVFTA), and noted that the Southeast Asian country’s increasing national brand values have created positive effects among British businesses and consumers.
Cuong highlighted other advantages like hard-working people, dynamic young Vietnamese entrepreneurs and high-quality products - factors commended by the British side.
Next year, the UK may join the Comprehensive and Progressive Agreement 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-door commitments to many Vietnamese products, he said.
Trade between Vietnam and the UK topped 5.22 billion USD in the first nine months of this year, of which Vietnam ran a trade surplus 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 continue rising in the remaining months, especially rice that will grow sharply in 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 this year, focusing on wood and agricultural products, clothes and education products, especially those which Vietnam can benefit under the UKVFTA and the UK has strong demand for.
Asked about challenges in the market, he said the long geographical distance and surging fuel prices have pushed up transportation costs.
Differences in business methods and practices also remain an obstacle, he said, suggesting Vietnamese enterprises study and adjust theirs to raise trust among British partners./.
VNA
