Thai Tran, Managing Director of TT Meridian (Photo courtesy of Thai Tran)

According to the business leader, despite the COVID-19 pandemic and the global recession, trade exchange between countries has grown rapidly in recent times.

Data from the U.K. Department for Business and Trade showed that Vietnam's export turnover of goods and services to the U.K. reached 5.9 billion EUR (6.33 billion USD) in 2022, an annual increase of 30.3 %. Vietnam is currently the U.K.'s second-largest trading partner in Southeast Asia and the 40th largest in the world, accounting for 0.4% of the U.K.'s total trade value.

Thai Tran said these encouraging figures have yet to reflect the sides’ true potential, meaning that Vietnam needs to capitalize on market opportunities available in the U.K. and the current period of the nations’ fruitful relationship.

He made a number of recommendations for Vietnamese firms to boost their exports to the U.K. market, and suggested they offer more competitive prices, obtain environmental, social, and governance (ESG)-related certificates, and apply technologies for improved information transparency, document standardization, and cost reduction.

Source: VNA