UKVFTA - Key to boosting export growth to UK market

(VOVWORLD) -The UK-Vietnam Free Trade Agreement (UKVFTA) has enabled bilateral trade to reach more than 6 billion USD although it has only been enforced in just eight months.
UKVFTA - Key to boosting export growth to UK market - ảnh 1Luong Hoang Thai - Director General of Multilateral Trade Policy Department (Ministry of Industry and Trade) speaks at the workshop. (Photo: Uyen Huong/BNEWS/VNA)

Import and export turnover of both sides increased in double digits. Exports of Vietnam to the UK increased 16.4% and exports of the UK to Vietnam increased 23.6% compared to the time before the Agreement took effect.

Speaking at the seminar "E-commerce in UKVFTA - The key to promoting growth in Vietnam and the UK" organized by the Ministry of Industry and Trade in collaboration with the British Embassy on Tuesday in Hanoi, Mr. Luong Hoang Thai, Director of the Multilateral Trade Policy Department at the Ministry of Industry and Trade, said there remain much cooperation potential between Vietnam and the UK because Vietnamese goods exported to the UK only account for 0.88% of total imports to the UK. On the other hand, British exports also account for a small portion of Vietnam's total imports.

The UK-Vietnam Free Trade Agreement, which officially took effect early May last year, was expected to provide a fresh impetus for economic and trade cooperation between the two countries.

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