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Citing data from Vietnam Customs, the Europe-America Market Department under the Ministry of Industry and Trade said export-import turnover between Vietnam and the U.K. in January reached over $657 million. Vietnam exported to the U.K. over $598 million worth of goods, an increase of 84.6 percent from January last year and 56.5 percent from December. This growth amid an ongoing Covid-19 pandemic showed the promise of Vietnam-U.K. Free Trade Agreement (UKVFTA), which came into effect on Dec. 31 last year, said the ministry. As per the agreement, the U.K. would remove import taxes on 99.2 percent of tariff lines within six years, equivalent to 99.7 percent of Vietnam’s export turnover to the country. The EU had already promised Vietnam a tariff rate quota (TRQ) with an import tax of 0 percent for some products, while export industries expected to benefit greatly from this agreement include seafood, rice, textiles, wood, vegetables and footwear. In January, the ministry said some … [Read more...] about Vietnam-UK trade turnover soars after post-Brexit free trade deal

Vietnam is waiting for the completion of import-export procedures with China, a stepping stone for the Southeast Asian country to officially tap into the high-demand Chinese market for bird’s nests, which offers a variety of opportunities and profits. China is the largest consumer of bird’s nests in the world, according to the Vietnam Farms and Agricultural Enterprises Association (VFAEA). China's statistics show that the official import of bird’s nests into China was 180 metric tons in 2019 and 220 metric tons in 2020 while it is estimated to reach 300 metric tons in 2021. From 2015 to 2017, bird’s nest trade on Chinese social networks multiplied by 30 times. In 2017, the online sales of bird’s nests on the platform China's Alibaba Group alone reached about US$2 billion. However, China currently applies very strict regulations on importing bird’s nests, with Malaysia, Indonesia, and Thailand being the only three Southeast Asian exporters. In Vietnam, the average yearly … [Read more...] about Official trade of bird’s nests to China promises Vietnam enormous export potential

HANOI -- Vietnam likely recorded a trade deficit of $800 million in February, government data released on Sunday showed, reversing a year-earlier surplus of $2.09 billion. Exports in February likely fell 4.7% from a year earlier to $20 billion, while imports were likely up 10.5% to $20.8 billion, the General Statistics Office (GSO) said in a statement. The GSO's trade data is traditionally released before the end of the reporting period and often subject to revision. For the January-February period, the Southeast Asian country's exports likely rose 23.2% to $48.55 billion, while imports were up 25.9% to $47.26 billion, translating into a trade surplus of $1.3 billion, the GSO said. According to the GSO, Vietnam's industrial output in the first two months of this year rose 7.4% from a year earlier and average consumer prices fell 0.14% on year. … [Read more...] about Vietnam Feb trade deficit likely $800 mln vs $2.09 bln surplus in Jan

In his interview granted to the press on the occasion of the European Council’s June 25 decision to entrust the European Commission to sign the two deals with Vietnam in Hanoi on June 30, the diplomat said that they are the first new-generation trade and investment deals that the EU has reached with a middle-income country. The deals, once signed and ratified, will bring about huge benefits to both sides, as their economic products do not compete, but complement each other. With 99 percent of tariff lines to be removed, the EVFTA will create favorable conditions for Vietnam’s goods to access the 512-million-consumer EU market. Two-way trade hit USD 55 billion in 2018 and will surely surge in the time ahead, Quang said, adding that European enterprises will also intensify investment in Vietnam, especially in the fields the EU has strength such as high technology, clean energy, finance-banking, transportation and logistics, thus helping Vietnam in economic restructuring and growth … [Read more...] about EU-Vietnam trade, investment deals – important to both sides: diplomat

As assessed by the European-American Market Department under the Ministry of Industry and Trade (MOIT), this is a really impressive growth rate in the context of many trading partners of Vietnam encountering difficulties due to the impact of the COVID-19 pandemic. Such an optimistic signal is even more meaningful in light of the fact that the Vietnam-UK Free Trade Agreement (UKVFTA) has been temporarily applied since January 1, 2021, promising to continue creating new motivation for bilateral economic-trade cooperation in the near future. In the structure of Vietnam’s export items to the UK, agricultural exports retained stable and positive growth, with seafood exports reaching US$19.72 million (up over 18% year-on-year) and fruit exports hitting more than US$1 million (up 148.6%). These are all commodity industries with many opportunities for increased export value through tariff preferences as prescribed by the UKVFTA. According to UKVFTA commitments, the import tax on most raw … [Read more...] about Vietnam sees breakthroughs in trade with the UK