UKVFTA brings positive results to bilateral trade

The UK-Vietnam Free Trade Agreement (UKVFTA) has brought about positive results though it took effect recently, said head of the Ministry of Industry and Trade (MoIT)’s Multilateral Trade Policy Department Luong Hoang Thai at a seminar held in Hanoi on January 18.

The seminar, co-hosted by the MoIT and the British Embassy in Hanoi, focused its discussion on e-commerce in the UKFTA – key to Vietnam – UK growth.

Thai said room for Vietnam – UK cooperation remains huge as Vietnam’s shipments to the UK only accounted for 0.88 percent of its total imports while the UK’s exports to Vietnam remain modest.

British Consul General in Ho Chi Minh City and Director for UK Trade in Vietnam Oliver Todd said the pandemic pushed Vietnam’s e-commerce market to a growth of 53% compared to 2020, making it an optimal choice for businesses and people.

Nguyen Thi Minh Thuy, Director of the Vietnam Trade Promotion Agency’s Information Technology and Application Centre, said the UK is always among the top buyers on Alibaba.com, except farm produce.

Meanwhile, the Vietnamese firms successfully built the trademark “Made in Vietnam” on the world map on Amazon.com, leaving strong impression on the Vietnamese economy in international market and in the UK in particular, she added.

Head of the International Cooperation Office under the MoIT’s E-Commerce and Digital Economy Agency Bui Thanh Hang suggested the State continue refining legal framework and partner with the UK to offer capacity improvement programmes for businesses.