Date Time
UK-Viet Nam statement
The UK and Viet Nam have a strong and growing bilateral trade relationship and share a strategic commitment to global trade, the free flow of capital and investments. Today marks an important symbolic step in this partnership as the UK-Viet Nam Free Trade Agreement enters into force. Between 2011 and 2020, Viet Nam’s share of total UK trade doubled. The Free Trade Agreement covers £5.1bn in trade and provides a platform to grow trade and investment, as well as certainty to UK and Vietnamese businesses. Trade in goods ranging from clothing and footwear to seafood and pharmaceutical products can continue uninterrupted.
Buoyed by the EVFTA entering into effect last August, Vietnam s export value to the EU has increased 18 per cent on-year in the first three months this year.
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The business community has shown warm appreciation to the phased scheme to reopen regular international flights for Vietnamese nationals and foreigners from July.Â
The scheme was submitted by the Civil Aviation Authority of Vietnam (CAAV) last week to the Ministry of Transport, eliciting colourful responses.
Hong Sun, vice chairman of the Korea Chamber of Business in Vietnam, told VIR, âThis is good news for South Korean businesses in particular. Many have been planning to expand to and in Vietnam. And now they can realise these with the resumption of flights.â
Initial flights will be operated to certain markets between Vietnam and Japan; those between Vietnam and South Korea, and others with Taiwan with frequency of four flights a week each way for airlines of each side.
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Pic: photocritical / Shutterstock.com With the official coming into force of the UK-Vietnam free trade agreement (UKVFTA) on May 1, 2021, Vietnam s apparel exports to the UK are expected to improve significantly. The UKVFTA, signed on December 29 last year and temporarily applied since January 1, removes almost all customs duties between the two countries when fully implemented. Vietnam’s apparel exports to the UK were valued at $734.83 million in 2019 with monthly average of $61.24 million. It considerably dropped in 2020 by 31.01 per cent to $506.96 million due to the restrictions and lockdown imposed following the spread of COVID-19 pandemic. The monthly average apparel exports declined to $42.25 million in 2020.