UKVFTA right action at right time for both Vietnam and UK
In the difficult time of Covid-19 pandemic, Vietnam and UK have just brought new opportunities for importers and exporters at both countries with recent agreement – UKVFTA which is nearly immediately effective (from Jan 1st, 2021) after few days of signing.
After Brexit, Vietnam importers and exporters have new chance to promote in other countries outside EU which Vietnam has had EVFTA already. UK has been Vietnam 3rd biggest market in EU so far, and accounted nearly 1% of 700 billion USD worth of UK import demand. Vietnam enjoys tax reduction for nearly 70% products exported to UK, and vise versa, UK gets reduction on 65% products.
To UK, Vietnam have advantages of some products like mobile phones, electronics accessories, garment and textile, footwear, seafood, wood furniture, computer, cashew nut, coffee, black pepper; Therefore, the new agreement give Vietnam very promising of development in coming years if enterprises can capture the chance with long term commitment of quality products.
With the supports of Vietnam Ministry of Industry and Trade, enterprises should well prepared promotion plan to introduce more quality products to UK consumers via expo, forum and trade affairs.