Vietnam-UK trade volume at record highs
(VOV) - Two-way trade between Vietnam and the UK has gathered steam after a period of stagnation, hitting more than US$2.13 billion in the first six months of the year.
The Ministry of Industry and Trade (MoIT) reports that key Vietnamese exports were garment and textiles (US$246 million), footwear (US$265 million), mobile phones and spare parts (US$670 million) and wood products (US$134 million).
The country’s principal imports were machinery and spare parts (US$110 million) and pharmaceuticals (US$60 million).
However, the Vietnamese trade office in the UK said Vietnamese products find it difficult to enter this market due to disparities in development levels and business culture.
The UK market has a close-knit distribution network, forcing businesses to spend more time exploring and penetrating it, said the office.
In addition, it said, Vietnamese exports to the UK are facing high competitiveness from India, China and Brazil, as well as other countries in Europe.
To increase their market share in the UK, experts suggested Vietnamese businesses should study the market and develop proper strategies, use e-commerce services, and maintain good business relationships along with steps to increase product quality.