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Vietnam’s agro-forestry-fishery exports face UKVFTA-related opportunities, challenges

Thanks to the UK-Vietnam Free Trade Agreement (UKVFTA), Vietnam’s agro-forestry-fishery exports to the European nation now enjoy many advantages which, however, also come with several challenges.
Vietnam’s agro-forestry-fishery exports face UKVFTA-related opportunities, challenges ảnh 1Illustrative photo (Source: vneconomy.vn)
Hanoi (VNA) – Thanks to the UK-Vietnam FreeTrade Agreement (UKVFTA), Vietnam’s agro-forestry-fishery exports to the Europeannation now enjoy many advantages which, however, also come with several challenges.

In full effect, the trade pact will slash 94% of the 547 tarifflines the UK imposed on Vietnamese farm produce. As a result, import tariffsfor most shrimp and some wooden products from Vietnam will be 0% within thenext five years. The UK is currently among Vietnam’s top five export markets of aquatic goods and top three of wooden products.

At a recent workshop on tapping the UK market and the UKVFTA, British Consul General in Ho Chi Minh City Oliver Todd lauded Vietnam’sposition as a trade partner in the Southeast Asian region.

The diplomat expressed his belief that the country canreplace others like India and Indonesia to become a new agro-fishery-forestrysupplier of the UK.

However, the European market has strict requirements thatVietnamese exporters have to make significant efforts to meet. Meanwhile,the UK is about to sign FTAs with 19 nations and join the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP), meaning Vietnam’sadvantages will be narrowed.

Nguyen Canh Cuong, Vietnamese Trade Consular in the UK, saidthe market faces supply shortage but requires imports to have highquality and low cost, which is a barrier for Vietnamese firms.

The Vietnamese Trade Office in the UK has launched aseries of activities to promote the export of Vietnamese products to and expandtheir market share in the UK.

Cuong said similar works are planned for the time to come,particularly in aid of Vietnam’s agro-forestry-fishery sector./.
VNA
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