Vietnam and the UK posted 1.32 billion GBP worth of trade revenue withinthe first five months of 2015, climbing seven percent from 2014according to the Vietnam Commercial Office at the Vietnamese Embassy inthe UK.
During the period, Vietnam shippedcommodities exceeding 1.2 billion GBP to the UK. Major export earnersincluded mobile phones , footwear, garment-textiles, furnishings,machines, plastics, coffee beans, fruit and children’s toys.
The Vietnam-UK bilateral trade revenue has increased three-fold in thelast ten years from more than 800 GBP in 2005 to almost 3 billion GBPin 2014, shared Nguyen Thi Hong Thuy, Commercial Counsellor at theembassy while talking with a Vietnam News Agency correspondent.
However, apart from apparel and footwear, British consumers are rarelyaware of other made-in-Vietnam products, Thuy noted, recommending thatdomestic enterprises carry out more regular market research in theEuropean country.
She pointed out recentinstances of Vietnamese businesses not fulfilling contracts with theirBritish partners in terms of quantity, quality or schedule.
The Commercial Counsellor said local agricultural produce constitutesa fraction of the UK market. The UK annually spends an average of over34 billion GBP on livestock and agricultural products, only 230 millionGBP of which is channelled into Vietnam.
The lowfigure is due largely to the low activity of Vietnamese enterprises inthe market than in the US and the EU and as such, greater efforts fromthose businesses to stimulate trade could help, Thuy said.
She continued to underscore the positive contribution of theVietnam-EU free trade agreement slated to be signed in 2015 to tradebetween Vietnam and the UK through the elimination of several tariffbarriers.
UK interest in the Vietnamese market hasbeen shown among local business communities and officials; UK PrimeMinister David Cameron is scheduled to visit Vietnam in July. InSeptember, the UK’s seventh richest billionaire Richard Branson willalso make a trip to the Southeast Asian country.-VNA
During the period, Vietnam shippedcommodities exceeding 1.2 billion GBP to the UK. Major export earnersincluded mobile phones , footwear, garment-textiles, furnishings,machines, plastics, coffee beans, fruit and children’s toys.
The Vietnam-UK bilateral trade revenue has increased three-fold in thelast ten years from more than 800 GBP in 2005 to almost 3 billion GBPin 2014, shared Nguyen Thi Hong Thuy, Commercial Counsellor at theembassy while talking with a Vietnam News Agency correspondent.
However, apart from apparel and footwear, British consumers are rarelyaware of other made-in-Vietnam products, Thuy noted, recommending thatdomestic enterprises carry out more regular market research in theEuropean country.
She pointed out recentinstances of Vietnamese businesses not fulfilling contracts with theirBritish partners in terms of quantity, quality or schedule.
The Commercial Counsellor said local agricultural produce constitutesa fraction of the UK market. The UK annually spends an average of over34 billion GBP on livestock and agricultural products, only 230 millionGBP of which is channelled into Vietnam.
The lowfigure is due largely to the low activity of Vietnamese enterprises inthe market than in the US and the EU and as such, greater efforts fromthose businesses to stimulate trade could help, Thuy said.
She continued to underscore the positive contribution of theVietnam-EU free trade agreement slated to be signed in 2015 to tradebetween Vietnam and the UK through the elimination of several tariffbarriers.
UK interest in the Vietnamese market hasbeen shown among local business communities and officials; UK PrimeMinister David Cameron is scheduled to visit Vietnam in July. InSeptember, the UK’s seventh richest billionaire Richard Branson willalso make a trip to the Southeast Asian country.-VNA
