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UK-Vietnam trade is expected to be worth $10 billion in the next one or two years due to strong support from the Vietnam-UK Free Trade Agreement (UKVFTA), which took effect in May 2021. Bilateral import-export turnover in 2021 reached $6.6 billion, a 17.2 per cent year-on-year rise and four times higher than the period before establishing the partnership.
In 2009, turnover was $2.65 billion.
UK-Vietnam trade is expected to be worth $10 billion in the next one or two years due to strong support from the Vietnam-UK Free Trade Agreement (UKVFTA), which took effect in May 2021. Bilateral import-export turnover in 2021 reached $6.6 billion, a 17.2 per cent year-on-year rise and four times higher than the period before establishing the partnership.
Export and import revenues were $5.76 billion and $849 million respectively last year, rising by 16.4 per cent and 23.6 per cent, according to the department of the Europe-America market under the ministry of industry and trade.
Rise in demand for consumer goods in the United Kingdom has created more opportunities for Vietnamese exporters. The United Kingdom is the third largest trading partner of Vietnam in Europe after Germany and the Netherlands.
Total UK direct investment capital into Vietnam by 2021 was $4.15 billion, double the amount before establishing the strategic partnership, according to a Vietnamese media report. In 2009, the figure was a mere $2 billion.
Fibre2Fashion News Desk (DS)
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