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UKVFTA brings about positive outcomes for both sides: official

01/07/2022    107

The UK-Vietnam Free Trade Agreement (UKVFTA), which took effect in early 2021, has so far brought about positive outcomes for both countries, Deputy Director General Ngo Chung Khanh of the Ministry of Industry and Trade’s Multilateral Trade Policy Department has affirmed.

At a virtual conference on promoting firms’ UKVFTA-induced advantages in Hanoi on June 29, Khanh noted the exports from Vietnam to the UK have grown by 17% and from the UK to Vietnam, by 23%.

Phan Thi Thanh Xuan, Vice Chairwoman of the Vietnam Leather, Footwear and Handbag Association (LEFASO), said the pact has helped Vietnam’s footwear shipments to the UK bounce back from a serious reduction due to Brexit.

As of May 2022, Vietnam’s export of the product to the UK raked in 330 million USD or half the target set for the year.

Xuan said footwear exporters to the market face strict requirements in terms of safety, production, and environmental protection.

Therefore, the capacity of enterprises needs to be greatly improved to be able to meet such requirements, the expert added.

In 2021, despite the impact of the COVID-19 pandemic, trade between the countries reached 6.6 billion USD, equaling that of 2019 and increasing by 17% annually.

According to the data of the General Department of Vietnam Customs, in the first five months of 2022, Vietnam exported to the UK 2.38 billion USD worth of goods and spent more than 304 million USD on products from the market./.

Source: Vietnam Plus