Vietnamese exports to the UK totalled US$1.6 billion, consisting principally of mobile phones (accounting for 40%), garments and textile (12.5%), interior decoration accessories (9%), machinery and components (7%), plastic products (3%), coffee, tea, spices (2.5%), seafood (2%), and fruits (1%).
Major imports of Vietnam included turbine, machinery and equipment (24%), pharmaceutical products (11%), mobile phone accessories & recording equipment (9%), chemicals (7.5%), healthcare equipment (6%), plastic products (5%), iron and steel (4%), cattle feed (4%), molluscs and aquatic invertebrates (3%), and ink, dyes, detergents, and paint (2.5%).
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Vietnamese Trade Counsellor Nguyen Thi Hong Thuy noted though trade ties between the two countries are enjoying fruitful development, Vietnamese enterprises are still confronted with a number of difficulties competing with Europe, India, China, and Brazil.
A series of trade and investment promotional activities are being organised in the UK and Vietnam including conferences, seminars, and cultural exchanges to address these shortcomings in hopes of increasing Vietnamese competitiveness in the UK market, she said.
Thuy revealed that the UK has spent GBP8 billion (US$13.6 billion) in recent times on investment and trade promotions, aiming to boost exports and investment in highly prospective markets, including Vietnam.
However, differences in development levels and business culture are a big obstacle to increasing Vietnamese exports to the UK.
She pointed out the fact that most Vietnamese businesses are small and medium-sized in terms of financial and management capacity, finding it hard to market their products in the UK.
That’s why Vietnamese businesses need more time to carefully explore, penetrate and find a firm foothold in a well-organised distribution network in the UK.
