Vietnam-UK trade revenue hits $3.9 bln in 1H

Two-way trade between Vietnam and the UK reached over $3.9 billion in the first six months of the year, increasing 21.7% year-on-year, figures from the General Department of Vietnam Customs show.

Of which, Vietnam gained a trade surplus of over $3.2 billion, up 28.5% year-on-year.

Key export products recording high growth include computers, electronic products and components, 142.7%; rubber, 110%; fruits and vegetable, 55.5%; and footwear,  27.8%.

Vietnam has many opportunities to boost exports to the UK, according to the Vietnam Trade Office in the UK and Northern Ireland.

Vietnamese firms have enjoyed preferential tax when exporting to the UK since the UK-Vietnam Free Trade Agreement (UKVFTA) took effect in 2020. It is expected that more favorable conditions will be created when the UK becomes a full member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Many wood products of Vietnam have enjoyed a tax rate of zero percent within five years since the UKVFTA took effect.

Additionally, the UK has increased demand for importing many products from Vietnam, particularly rubber, phones and accessories, coffee, food, footwear, garment and textiles, seafood, rice and wood products.

The UK is also considered a large and diversified market with 68 million people.