Vietnam-UK trade hit 5.8 billion USD in past 10 months
(VOVWORLD) - Two-way trade between Vietnam and the UK rose 1.6% to more than 5.8 billion USD in the past 10 months despite falling trade between Vietnam and key European markets due to geopolitical tensions and global economic downturn, according to a Ministry of Industry and Trade official.
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(Source: Ministry of Industry and Trade)
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Ta Hoang Linh, Director of the European-American Market Department told the UK-Vietnam Business Forum 2023 in Hanoi on Friday that exports of many key items to the UK such as rubber, electric wires, mobile phones, and machinery enjoyed growth of between 15% and 66%.
However, Vietnamese exporters should take into account the EU’s Carbon Border Adjustment Mechanism (CBAM), which is also applied in the UK, said former Trade Counselor Nguyen Canh Cuong.
“The UK is a pioneer in environment friendly production and consumption. As environmental protection has a profound influence on the UK’s economy and consumers, Vietnamese producers should stick to this trend if they want to gain a foothold there,” he said.
According to the European-American Market Department, since the UK-Vietnam Free Trade Agreement took effect in 2021, the UK has had the most newly licensed projects among foreign investors in Vietnam. The UK has invested 360 million USD in 129 projects over the past two and a half years, it said.