Vietnamese and British representatives exchange diplomatic notes confirming the day the UKVFTA becomes effective (Photo: VNA)The Prime Minister has designated the general department as the coordinator for the implementation of the agreement’s Chapter IV- Customs and trade facilitation.
The customs authority is also assigned to join the CustomsCommittee, and be responsible for answering information related to customs andtrade facilitation.
Saigon Port. Illustrative image (Photo: VNA)The UKVFTA was officially signed on December 29, 2020 and becameeffective on May 1, 2021. The agreement is expected to help Vietnam and the UKmaintain preferential trade conditions and economic benefits through the marketopening commitments already in the EU-Vietnam Free Trade Agreement (EVFTA).
In order to carry out the UKVFTA, the Prime Minister issueda decision on May 18, 2021 approving a plan to implement the agreement, taskingthe Ministry of Finance, specifically the General Department of Vietnam Customs,to build a decree on Vietnam’s preferential export tariffs and specialpreferential import tariffs for the 2021-2022 period to implement the UKVFTA.
The decree was approved by the Government on May 21 andofficially took effect from the date of approval.
According to economists, the UKVFTA will help reduce importtax on goods imported from the UK into Vietnam. This agreement is also expectedto maintain the momentum of promoting trade and investment relations of the twosides in the coming years./.
VNA
