Vietnam, UK should exploit untapped potential of UKVFTA: Top official

30 Nov '22

1 min read

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Vietnam and the United Kingdom should exploit the untapped potential of the UK-Vietnam Free Trade Agreement (UKVFTA) to expand bilateral trade ties, according to Ngo Chung Khanh, deputy director general of the multilateral trade policy department under the Vietnamese ministry of industry and trade (MoIT).

The United Kingdom is turning a supplier of high-value raw materials and technology for Vietnamese businesses, helping them fully tap the benefits of the UKVFTA, Khanh said.

Despite problems induced by the pandemic, two-way trade has grown in double digits. Vietnam's export to the UK market increased by 15.4 per cent, which is an evidence of the benefits the UKVFTA brings to both sides, Khanh was quoted as saying by a Vietnamese media report.

Key products Vietnam exports to the United Kingdom include textiles, footwear, coffee, pepper, rubber and vegetables, and export of these items has shown remarkable growth, with the figure for some items even rising by nearly 100 per cent.

For example, the increase in fabric import turnover from the United Kingdom shows that some Vietnamese enterprises have used imported fabric to produce items meeting rules of origin.

Fibre2Fashion News Desk (DS)

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