The signing ceremony of the UK-Vietnam Free Trade Agreement (UKVFTA)(Photo: VNA)
Hanoi (VNA) – Vietnam and the UKconcluded necessary procedures for the temporary application of thebilateral free trade agreement from 6am of January 1, 2021 (Vietnam time) followingthe signing of the deal on December 29, 2020.
According to the Ministry of Industry andtrade, in the context that the UK had officially left the European Union andthe transitional period concluded on December 31, the temporary effectiveness ofthe UK-Vietnam Free Trade Agreement (UKVFTA) ensures bilateral tradeactivities are not interrupted when the transitional period ends, enabling thetwo sides to complete domestic procedures for the deal in line with the regulationsof each country.
In the time to come, the ministry willcoordinate with relevant ministries, sectors and agencies to issue detailed guiding documents for the temporary enforcement of the deal, while buildinga plan for the implementation to optimise opportunities from the UKVFTA, thusbenefiting people and businesses of Vietnam, it said.
Meanwhile, the ministry also informed that Vietnam is still on the list of countries enjoying Generalised System of Preferences(GSP) of the UK.
This means Vietnamese products exported to the UK will enjoy GSPas exporters showing the certificate of origins (C/O) form A.
The UK will only accept the C/O in line with the EU mechanism,allowing exporters to apply the Registered Exporter system (REX) on productsto be exported to the UK in 12 months since December 31, 2020.
The EU’s GSP removes import duties from products coming into the EU market from vulnerable developing countries. Thishelps developing countries to alleviate poverty and create jobs based oninternational values and principles, including labour and human rights./.
