The Ministry of Industry and Trade said that on December 11, the final minutes of the negotiation of the Vietnam - UK Free Trade Agreement (UKVFTA) will be signed.
Explaining this, the Ministry of Industry and Trade affirmed that the FTA between Vietnam and the EU, which took effect on August 1, will no longer apply to the UK after December 31, 2020. At the same time, both sides wish to soon complete this agreement to promote economic recovery in the post-Covid-19 period.
Most of the terms of the FTA between Vietnam and the UK will be the same as the Vietnam-EU FTA, so it won't take long for both countries to negotiate. According to the General Department of Customs, by the end of 2019, the total import-export turnover between Vietnam and the UK reached 6.6 billion USD. The UK is also the third largest trading partner of Vietnam in Europe (after Germany and the Netherlands) in recent years.
However, "made in Vietnam" products consumed in the UK are much larger than the statistics, due to a significant amount of Vietnamese goods being imported through major ports in the Netherlands, Belgium, Germany, and France. Czech Republic before entering England.
According to the Ministry of Industry and Trade, the import-export structure of Vietnam compared to the UK is complementary rather than competitive. Typically, Vietnam exports mainly textiles, footwear, wood and wood products, seafood, ... and imports from the UK such items as: pharmaceuticals, machinery and equipment. Therefore, in the coming time, trade exchanges between the two countries still have a lot of room for development.
Recently, the Covid-19 pandemic has had a negative impact on the global supply chain, leading to a decrease in two-way trade turnover between Vietnam and the UK by the end of October 2020 by about 15%, reaching $ 4.7 billion. . Some of the biggest losers are non-essential items including: furniture, garments, shoes, handicrafts, interior decorations, travel goods, vehicles and accessories. spare.
The Ministry of Industry and Trade has negotiated the law, the signing of an FTA between Vietnam and the UK will have more competitive advantages over other countries such as China, India, Thailand, Malaysia, Indonesia, the Philippines and Myanmar.
Besides, Vietnam will have more opportunities for investment cooperation and transfer of technology, modern management skills from British businesses; an opportunity to attract British tourists after the end of the Covid-19 pandemic. Finally, UKVFTA will promote other bilateral cooperation with the UK in the areas of development assistance, defense, security, culture, education and training, ...
