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Pictorial image (Photo: VNA)Hanoi (VNA) – For Vietnam and the UK, the UK-Vietnam Free Trade Agreement (UKVFTA) and bilateral areas Trade relationssaid Ngo Chung Khanh, Deputy Director General of the Multilateral Trade Policy Division of the Ministry of Industry and Trade (MoIT).
Despite difficulties caused by the Covid-19 pandemic, two-way trade between Vietnam and the UK has grown by double digits, particularly Vietnamese exports. UK market An increase of 15.4%.
This is clear evidence of the benefits that the UKVFTA brings to both parties, Khan said.
The growth of UK exports to Vietnam is higher than that of Vietnam to the UK, which helps Vietnamese businesses to use more raw materials, technology and products from the UK to improve their production capacity.
Most of Vietnam’s main products exported to the UK, such as coffee, pepper, rubber, vegetables, textiles and footwear, have seen significant increases, some by nearly 100%.
For example, the increase in fabric import turnover from the UK shows that some Vietnamese enterprises have used imported fabric to make items that meet the original regulations.
The UK is becoming a supplier of high-value raw materials and technology to Vietnamese businesses, helping them fully utilize the benefits of the UKVFTA, Khanh said.
Another advantage is that the UK is a large market with strong purchasing power, so it is a potential A market for Vietnamese companies to expand their exports.
According to Nguyen Anh Duong, head of the General Research Department of the Central Institute for Economic Management, both Vietnam and the UK have used each other’s advantages to expand trade.
Ngo Si Hoi, vice president and secretary general of the Vietnam Timber and Forest Products Association, said Vietnamese businesses should create a turning point to export higher added value by using less labor and materials and investing more in corporate governance and modern accounting software.
Trade between Vietnam and the UK peaked at USD 5.22 billion in the first nine months of this year, of which Vietnam had a trade surplus of USD 4.07 billion with total export revenue of USD 4.65 billion, up 8.1% year-on-year.
Vietnam’s exports to the UK are expected to continue to grow in the remaining months, particularly rice which will grow faster in the last quarter and in the first two months of 2023./.
VNA
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