Vietnamese export businesses need to prepare for the United Kingdom (UK)’s carbon border adjustment mechanism (CBAM), which will take effect from 2027.

Together with the UK - Vietnam Free Trade Agreement (UKVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will create new opportunities for companies and consumers in the UK and Vietnam, affirmed British Ambassador to Vietnam Iain Frew.

Vietnam’s garment and textile industry needs to develop a closed-loop supply chain with a focus on obtaining self-sufficiency in raw materials in order to meet the rules of origin under the UK – Vietnam Free Trade Agreement (UKVFTA) for expanding exports to this market.

Vietnam earned US$6.4 billion from exports to the UK in the first 10 months of this year, marking a year-on-year rise of 22%, reported the General Department of Vietnam Customs.

The Vietnam Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) on November 18 organised a seminar on trade promotion in the European market, focusing on potential for expanding exports to the European market via official channels.

The UK-Vietnam Free Trade Agreement (UKVFTA), signed into law three years ago, has clearly benefited trade cooperation between the two countries, particularly in the context of Vietnam’s exports to most other major markets declining due to geopolitical tensions and headwinds in the global economy, said experts at a conference in Hanoi on October 30.

VOV.VN - Vietnamese tuna is enjoying several advantages in the UK market thanks to tariff incentives from the UK-Vietnam Free Trade Agreement (UKVFTA).

VOV.VN - In the first half of this year, the total trade turnover between Vietnam and the UK reached more than US$3.9 billion, an increase of 21.7% over the same period from 2023, with Vietnam recording a trade surplus of more than US$3.2 billion, up 28.5% on-year, according to preliminary statistics compiled by the General Department of Customs.

The UK’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to provide more opportunities for Vietnamese firms to expand export markets and create momentum for economic development, according to experts.

VOV.VN - The benefits of free trade agreements (FTAs) have exerted a positive impact on the socio-economic development of localities across the country, especially in terms of accelerating trade growth and market expansion, according to insiders.