The initial results of the UK-Vietnam Free Trade Agreement promise to continue creating new impetus for economic and trade cooperation between the two countries in the coming time.
Since the UK-Vietnam Free Trade Agreement (UKVFTA) took effect on January 1, the bilateral trade turnover between the two countries has recorded a spectacular rise in the context of exports disruption due to the Covid-19 pandemic, according to the Ministry of Industry and Trade.
Vietnamese rice exports to EU. Photo: Vinaseed |
According to the General Department of Vietnam Customs, in January, the total trade turnover between Vietnam and the UK reached US$657.3 million, up 78.6% over the same period last year.
Vietnam's exports to the UK reached US$598 million worth of goods, up 84.6% compared to last January and 56.5% to last December.
Among Vietnam's exports to the UK, farm produce attained stable and positive growth in January, with seafood reaching US$19.7 million, representing a rise of 18.1% over the same period last year, and vegetables and fruits with US$1 million, increasing 148.6%.
Chart: Phi Nhat |
Vietnamese shipments to the UK get opportunities to rise drastically and expand market share thanks to many tariff preferential treatment under the agreement, according to the MoIT.
Under the trade deal, more than 94% of the total 547 tariff lines of vegetable and fruit will be reduced to zero. Many Vietnamese key products such as litchi, longan, rambutan, dragon fruit, pineapple and melon will have more market access advantages over tropical fruits originating from rivals such as Brazil, Thailand and Malaysia, the countries that have not signed an FTA with the UK.
Chart: Phi Nhat |
Shipments of the group of processing and manufacturing industries to the UK achieved an impressive growth in January such as phones and components (up 371.6% over the same period last year), followed by machinery, equipment and spare parts (109.9%), computers and electronic components (91%); iron and steel of all kinds (11%).
In 2020, the bilateral trade reached US$5.64 billion in value, in which Vietnam exported goods worth US$4.95 billion to the UK and enjoyed a trade surplus of US$4.27 billion. The UK continued to be the third largest trading partner of Vietnam in Europe, behind Germany and the Netherlands.
Other News
- FDI in Vietnam on the rise in Q1
- Vietnam takes strong actions to attract semiconductor investment
- Vietnam's favorable factors hold promise for real estate growth
- US urged to recognize Vietnam as a market economy
- MICE tourism: Vietnam's lucrative “golden market” unveiled
- Vietnamese data center market to hit $1.26 billion by 2030
- Vietnam seeks IAEA assistance in training skilled workforce in nuclear energy industry
- Hanoi hosts National Quality Award 2024
- Foreign investors to develop $2 billion chip manufacturing project in Vietnam
- Vietnam receives US$51.5 million from World Bank for forest emission reduction
Related News
Trending
-
World Bank looks forward to stronger ties with Vietnam: country director
-
Vietnam news in brief - March 29
-
Hanoi kicks off communication contest on Dien Bien Phu victory
-
French education group Odyssey keen on strengthening cooperation with Hanoi
-
Hanoi, Shanghai strengthen investment cooperation
-
UOB Painting of the Year Award opens doors to the world for Vietnamese artists
-
Grapefruit blossom perfume Hanoi's air
-
MICE tourism: Vietnam's lucrative “golden market” unveiled
-
Vietnam: Sleep Tourism on the rise