The UK-Vietnam Free Trade Agreement (UKVFTA), which became effective three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi.
Vu Viet Thanh from the Department of European-American Market under the Ministry of Industry and Trade said that the UKVFTA has become an important driving force for promoting economic, trade and investment cooperation between the two sides. Vietnam's increasing exports to the UK is clear evidence, he said.
Thanh noted that two-way trade has expanded 8.9 percent per year in the past three years, of which Vietnam's exports to the UK grew by an average of 9.4 percent per year. Vietnam's trade surplus with the UK in the past nine months also rose 24 percent year on year to USD 5.1 billion.
Meanwhile, the UKVFTA with its comprehensive tariff removal also contributes significantly to increasing the market share of some of Vietnam's strong product groups in the UK market.
According to data from ITC's Trade Map, some important export products of Vietnam are holding the top position in the UK market,including footwear, garment.
Thanh affirmed that in the coming time, his department will continue to increase the provision of market information, while working to raise awareness of sustainable development, green production and trademark building.
It will continue to work with trade partners to remove trade barriers, and strengthen trade promotion to bring more Vietnamese products to distribution chains and world's leading purchasing groups.