A garment factory in Vietnam (Photo: VNA)Vietnam’s exports to the UK rose nearly 27.4percent year-on-year in the opening four months of 2021, to 1.94 billion USD, datafrom the General Department of Vietnam Customs shows, which is considered an impressiveresult amid COVID-19’s impact on global trade.
The UKVFTA, which temporarily came into force onJanuary 1 this year, is hoped to create more favourable conditions for exports tothe UK now it is officially in effect.
During the first five months of this year,exports to the UK grew more than 20 percent year-on-year to about 2.4 billionUSD.
The UK is currently Vietnam’s third-largesttrade partner in Europe.
Data from Vietnam Customs also shows thatbilateral trade reached 6.6 billion USD in 2019, including 5.76 billion USDworth of exports from Vietnam, placing the UK ninth among the country’s mainexport destinations.
Trade revenue fell slightly last year to 5.642billion USD, due to COVID-19.
Vietnamese goods currently make up no more than 1percent of the UK’s total annual imports of over 700 billion USD, the newspaperpointed out.
For example, although Vietnam supplies thelargest volume of coffee to the UK, the value accounts for just 10.9percent of the UK’s total imports, ranking Vietnam fourth after France, Germany, andBrazil.
Dau tu cited Nguyen Canh Cuong, Trade Counsellorof Vietnam to the UK, as recommending that businesses further tap into the marketsince Vietnamese coffee will become more competitive thanks to the UKVFTA,under which most coffee products from the country will benefit from an importtariff of zero percent.
Meanwhile, the UK imported over 1.6 billion USDworth of fruit and vegetables in 2019, with only some 10 million USD coming fromVietnam.
Under the new trade pact, fruit and vegetablesfrom Vietnam will receive a considerable advantage, as 94 percent of the 547tariff lines on fruit, vegetables, and related products will be slashed to zeropercent.
Cuong said that to expand their market share,fruit and vegetable exporters should sustainably meet the UK’s legalregulations on food safety, plant quarantine, and origin traceability.
Anh Dao Carrick, a trade specialist in the UK,suggested Vietnamese enterprises join hands with British distributors todevelop their own brands and access the market, work to meet importers’ stricttechnical and quality requirements, and pay due regard to labelling issues./.
VNA
