According to the Ministry of Industry and Trade, one year after the temporary effect of UKVFTA, trade exchange between Vietnam and the UK has grown well. Specifically, data from the General Department of Customs shows that in 2021, the bilateral trade between Vietnam and the UK will reach US$6.61 billion, up 17.24%.
On the export side, the total export turnover of Vietnam to the UK reached 5.7 billion USD, up 14.5% over the same period last year. Imports from the UK were nearly 900 million USD, up 24.1% over the same period, the trade balance in favor of Vietnam had a trade surplus of more than 4.8 billion USD. Most of Vietnam’s exports to the UK have grown well.
Leading the growth rate are the following items: Iron and steel (1,183%); rubber (82.3%); agricultural products (70.8%); rattan, bamboo, sedge and carpet products (60.3%); pepper (48%); means of transport and spare parts (35.3%); ceramics (35.2%); other machinery, equipment, tools and spare parts (21%).
According to the Ministry of Industry and Trade, in the context of the Covid-19 pandemic causing market demand to decrease and the container crisis lasting from the beginning of 2021, the export results of Vietnamese enterprises for the whole year 2021 can be said to be: “Miracle”. In that miracle, the UKVFTA Agreement plays a solid leverage role, thanks to the reduction of import tax to 0% after January 1, 2021, many products have outstanding competitive advantages in the UK market compared to other products. similar products from China, Thailand, Malaysia, Indonesia and many other countries. The main reason is that these countries do not have a free trade agreement (FTA) with the UK.
The Ministry of Industry and Trade recommends that Vietnamese businesses quickly take advantage of opportunities brought by UKVFTA. In particular, enterprises must organize production according to British and European standards, and actively build and develop customer relationships with large distribution groups such as Tesco, Sainbury, Whole Foods, and Waitrosse. , Mark & Spencers, Liddle, Cosco, Aldi, Strada, Westmill.
In particular, must be proactive in technology to preserve and transport agricultural products by sea; make good use of preferential credit policies and credit assessment and verification services of British banks’ customers.
In 2022, the two countries’ trade is considered to have more prospects when taking advantage of great opportunities from the bilateral FTA, creating strong changes in investment cooperation in many fields.
According to Kinhtedothi.vn
