Significant potential Under the UKVFTA, the UK will first eliminate 65 percent of tariffs, moving up to 99 percent within seven years. Vietnam will first remove 48.5 percent of tariffs from UK imports, which will rise to about 92 or 98 percent after six years. In recent years, the UK has been Vietnam's third largest trade partner in Europe after Germany and the Netherlands. According to the General Department of Vietnam Customs, two-way trade reached US$6.6 billion in 2019. However, the volume of made-in-Vietnam products consumed in the UK is greater because a significant amount of Vietnamese goods are shipped through major seaports in the Netherlands, Belgium, Germany, France and the Czech Republic before reaching the UK. Vietnam mainly exports garments and textiles, footwear, wood and wood products, and seafood to the UK, while importing pharmaceuticals, machinery and equipment. Minister of Industry and Trade Tran Tuan Anh affirmed that with high commitments and standards, the UKVFTA will be a new driving force to promote bilateral trade and investment relations. Vietnam's sectors likely to be major beneficiaries of the trade deal will be fishery, rice, garment and textile, wood, fruit and vegetable, and leather and footwear. Vietnam's garment and textile exports… Read full this story
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