Vietnamese exports to UK surge by 10.8% over 10 months
VOV.VN - Vietnam earned US$7 billion from exports to the UK in the first 10 months of this year, marking a year-on-year rise of 10.8%, according to Vietnam Customs.
Leading the export list were phones and components, generating US$1.21 billion (up 17.3%), followed by computers, electronic products, and components at US$1.06 billion (up 56.6%). Other items with significant growth included toys and sporting equipment (up 50.7%), coffee (up 65%), cashew nuts (up 36.1%), fruit and vegetables (up 51.2%), and pepper (up 74.6%).
Trade between Vietnam and the UK has surged in recent years, particularly since the UK–Vietnam Free Trade Agreement (UKVFTA) came into effect in 2021. Vietnamese goods such as textiles, footwear, machinery, and seafood now hold market shares of 12–19%, benefiting from tariff reductions that boost their competitiveness.
According to the Ministry of Industry and Trade, Vietnam’s average annual export growth to the UK reached around 10% in the first four years of the UKVFTA, while two-way trade expanded by 9.8% per year, outpacing Vietnam’s average growth with the EU27.
In 2024, bilateral trade between Vietnam and the UK exceeded US$8.4 billion, up 18% from 2023. Vietnam’s exports hit more than US$7.5 billion, rising 18.9%, while imports stood at US$881.1 million, up 10.8%. As a result, Vietnam recorded a trade surplus of over US$6.6 billion, an increase of 21.4%.
With its 2024 trade volume, the UK remains Vietnam’s third-largest export market in Europe, after the Netherlands (US$13.8 billion) and Germany (US$11.7 billion).
Beyond vibrant trade activity, the implementation of the UKVFTA has also significantly boosted investment. Prior to the agreement’s enforcement, the UK ranked 20th among countries and territories investing in Vietnam, with 434 valid projects totaling US$3.98 billion. To date, the UK has more than 580 active FDI projects in the country, with registered capital surpassing US$4.4 billion, raising its position to 15th among nearly 150 countries and territories with direct investment in Vietnam.
Vietnam, UK boost clean energy and trade cooperation
VOV.VN - Deputy Minister of Industry and Trade Nguyen Hoang Long on October 30 held a working session with the Minister for Industry at the Department for Energy Security and Net Zero (DESNZ) and the Department for Business and Trade (DBT), within the framework of Party General Secretary To Lam’s official visit to the UK.
