UK sees Vietnam as important trade partner

Visiting UK Secretary of State for International Trade Liam Fox stated that the UK considers Vietnam as an important and promising trade partner at a working session with Minister of Industry and Trade Tran Tuan Anh in Hanoi on February 23.

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Fox affirmed that the UK hopes to forge stronger multifaceted cooperation with Vietnam which ranks 38th out of the UK’s 241 trade partners in 2015.

Minister Anh said that Vietnam highly values the position and role of the UK in its bilateral relations, as well as important contributions of the UK as a political, economic, culture, science and technology centre of the world.

He expressed his belief that the UK and Vietnam will boost their ties in a sustainable, practical and intensive manner.

According to the Minister of Industry and Trade, the Vietnam-UK relationship has been growing with sound political-diplomatic ties.

Bilateral affiliation in economy and trade has progressed, especially after the two countries signed their strategic partnership. Vietnam is the 25th largest exporter among 233 to the UK. Vietnam ranks second in ASEAN after Thailand in export revenue in the UK as it accounts for 0.8% of total imports of the European country.

At the same time, the UK is the third largest EU country in terms of import-export revenue with Vietnam. 

In 2016, two-way trade value reached US$5.62 billion, a rise of 4.34% from a year ago, with Vietnam’s exports hitting US$4.9 billion and imports, US$717.2 million.

Major Vietnamese products shipped to the UK include footwear and accessories, seafood, electronics, apparels, and fabrics.
VNA