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UKVFTA ushers in new opportunities for Vietnam-UK trade The conclusion of the UK-Vietnam Free Trade Agreement (UKVFTA) demonstrates the importance of Vietnam as a market and its heightened position in the eyes of the UK, Vietnamese Ambassador to the UK Tran Ngoc An told the Vietnam News Agency after the finalisation of the bilateral trade deal in Hanoi on December 11.
Based on the terms of the EU-Vietnam Free Trade Agreement (EVFTA), the UKVTFA is a new-generation, high-quality bilateral agreement that reduces tariffs to zero and eliminates non-tariff barriers on most goods from both countries under a short roadmap, An said. It also contains important provisions on intellectual property rights, investment liberalisation, and sustainable development, and commitments to meet the standards of the International Labour Organisation (ILO) and the UN Framework Convention on Climate Change.