The UK and Việt Nam already have a separate free trade agreement – the UKVFTA – in place but CPTPP will add benefits to bilateral trade and investment.

Vietnamese firms should foster their imports of raw materials from the United Kingdom (UK) to enjoy preferential tariffs brought by the UK-Vietnam Free Trade Agreement (UKVFTA), trade experts have suggested.

Many said that one of the reasons for this situation is that human resources, especially FTA implementation experts, are still very limited and do not really meet the requirements.

Despite cheap labour costs, and abundant personnel resources, Việt Nam should rely on new factors including an attractive and transparent investment environment, simplified and digitalised administrative procedures, and infrastructure development.

Obtaining certificates and assessments that adhere to market standards and criteria will be the main focus for companies and OCOP goods.

Việt Nam exported nearly 1.2 million tonnes of coffee over the past eight months of this year, earning nearly $3 billion, down 5.7 per cent in volume but up 32.3 per cent in value thanks to increased selling prices.

To support businesses in promoting trade and effectively exploiting the UK-Việt Nam Free Trade Agreement (UKVFTA), the Việt Nam Trade Office in the UK has been building networks with the British business community and Vietnamese businesses in the UK so that it could introduce partners for Vietnamese businesses.

Vietnam has capitalised on the free trade agreements (FTAs) it has signed to bolster exports amidst weakening demand, high input costs, and inflation pressure across the globe, Minister of Industry and Trade Nguyen Hong Dien said on November 7.

Emily Hamblin, the British consul general in HCM City, said the United Kingdom – Vietnam Free Trade Agreement (UKVFTA) has ushered in a new era of collaboration, fostering economic growth and unlocking numerous opportunities.

The export turnover in October is expected to reach 32.3 billion USD, up 5.3 month-on-month, showing a positive signal given the 6.3% decrease recorded in the previous month.