Accordingly, trade between Vietnam and the U.K. reached 6.6 billion USD in 2021, an increase of 17% on the year and equivalent to the pre-pandemic period.
While Vietnamese export to the U.K. rose 16.4% year-on-year to 5.7 billion USD, U.K.’s export to Vietnam also witnessed a gain of 23.6% to nearly 850 million USD.
    |
 |
|
At the webinar on “Promoting the strengths of businesses - Utilizing opportunities from the UKVFTA” (Photo: VGP) |
In 2021, products imported from the U.K. with the highest growth rate respectively were common metals (426%), phones and components (219%), textile, garment and footwear materials (24.7%), pharmaceuticals (35.4%), and cars (28%), according to data from the General Department of Vietnam Customs.
Vietnamese products with a sharp growth in shipments to the U.K. market were fruits and vegetables (67%), coffee (17%), pepper (49%), iron and steel (1,269%), and toys and sports equipment (19%).
“The results showed that the UKVFTA is like a two-way high-speed train, helping us to boost exports to the U.K. and vice versa, the U.K. also increases exports to Vietnam,” Ngo Chung Khanh, deputy head of Multilateral Trade Policy Department, at a webinar on “Promoting the strengths of businesses - Utilizing opportunities from the UKVFTA.”
This helped equalize the trade balance between the two countries, he added.
Data from the General Department of Vietnam Customs showed that in the first half of 2022, the country exported 2.9 billion USD of commodities to the U.K. while importing more than 372.5 million USD.
This shows the activeness and initiative of enterprises in exploiting new opportunities from the agreement.
Source: VNA