UKVFTA brings positive results to bilateral trade: Vietnamese ministry

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The UK-Vietnam Free Trade Agreement (UKVFTA) has led to positive outcomes though it took effect recently, according to Luong Hoang Thai, head of the multilateral trade policy department at the Vietnamese ministry of industry and trade (MoIT).

He told a recent seminar that the scope for Vietnam-UK cooperation is huge as Vietnam’s shipments to the United Kingdom accounted for only 0.88 per cent of its total imports while the UK’s exports to Vietnam remain modest.

The seminar, co-hosted by the MoIT and the British Embassy in Hanoi, focused its discussion on e-commerce in the UKVFTA, according to Vietnamese media reports.

The recently effective UK-Vietnam FTA has led to positive outcomes, said Luong Hoang Thai, multilateral trade policy head at the Vietnamese ministry of industry and trade. The scope for Vietnam-UK cooperation is huge Vietnam’s shipments to the UK accounted for 0.88 per cent of its total imports while the UK’s exports to Vietnam are modest, he said.

British Consul General in Ho Chi Minh City and Director for UK Trade in Vietnam Oliver Todd said the pandemic pushed Vietnam’s e-commerce market to a growth of 53 percent compared to 2020, making it an optimal choice for businesses and people.

Vietnamese firms have successfully built the global trademark ‘Made in Vietnam’ on Amazon.com.

Head of the international cooperation office under the MoIT’s e-commerce and digital economy agency Bui Thanh Hang suggested the government should continue refining the legal framework and partner with the United Kingdom to offer capacity improvement programmes for businesses. 

Fibre2Fashion News Desk (DS)



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