Vietnam has advantages in the UK market and Vietnamese exporters are making good use of them, said Nguyen Canh Cuong, trade adviser at the Vietnam Trade Office in the UK.
>> To better exploit the UK market
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|Vietnam is one of two ASEAN member countries to have signed a free trade agreement with the UK, the other being Singapore.|
Vietnam is one of two ASEAN member countries to have signed a free trade agreement with the UK, the other being Singapore. With reductions and exemptions from tariffs, this free trade agreement is a great advantage for Vietnam.
According to Nguyên Canh Cuong, Vietnam’s national brand value has increased significantly in recent years due to its outstanding socio-economic performance, as well as its political stability and control of COVID-19, creating very positive effects on UK businesses and consumers.
The UK could join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in 2023, and in doing so, the UK has expressed its willingness to have more commitments on its market access for certain Vietnamese products. Vietnam’s exports to the UK should therefore increase in the coming years, Nguyên Canh Cuong said.
From January to September 2022, Vietnam-UK trade reached more than 5.22 billion USD, a trade surplus of 4.07 billion from Vietnam.