Following UKVFTA, UK exports to Vietnam increased by over 23%

Accordingly, trade between Vietnam and the United Kingdom reached 6.6 billion USD in 2021, representing a year-on-year increase of 17 percent and returning to levels comparable to those seen prior to the pandemic.

While Vietnamese exports to the United Kingdom increased 16.4% year-over-year to reach $5.7 billion, UK exports to Vietnam increased 23.6% to reach nearly $850 million.

Housewares from the British brand Joseph Joseph displayed on a shelf at Wundertute in Aeon Mall Ha Dong.

According to data from the General Department of Vietnam Customs, the products imported from the UK with the highest growth rates in 2021 were, in order, common metals (426%), phones and components (219%), textile, garment, and footwear materials (24.7%), pharmaceuticals (35.4%), and cars (28%) respectively.

Fruits and vegetables (67 %), coffee (17 %), pepper (49 %), iron and steel (1,269 %), and toys and sports equipment (100 %) were among the Vietnamese goods whose exports to the United Kingdom grew dramatically (19 percent ).

Ngo Chung Khanh, Deputy Head of Multilateral Trade Policy Department, stated during a webinar titled "Promoting the strengths of businesses - Utilizing opportunities from the UKVFTA" that, the UKVFTA is like a two-way high-speed train, helping Vietnam to increase exports to the UK and vice versa, the UK also increases exports to Vietnam. He added that this helped equalize the trade balance between the two nations.

According to data from the General Department of Vietnam Customs, the country exported more than $2.9 billion worth of goods to the United Kingdom in the first half of 2022, while importing more than $372,500,000.

This demonstrates the enterprise's initiative and initiative in exploiting the agreement's new opportunities.