Great potential for trade expansion with the UK
(VOV) - The UK market imports more than US$1,000 billion of goods annually and consignments from companies operating in Vietnam account for just a tiny fraction of that total, said Vietnam Ambassador to the UK Nguyen Van Thao.
Ambassador Thao made the comment on November 16 in a speech at a seminar in Hanoi addressing the vast potential for expanded commercial and services trade between the two nations.
“The nation’s businesses ship only around US$5 billion of commercial goods to the UK market on average, which translates to huge untapped potential for future trade,” Ambassador Thao said.
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The positive news, Thao said, is that the trajectory of exports to the UK has been on the fast track hovering around 17% annually, but the reality is that it should have been much higher years ago.
He emphasized the nation’s domestic businesses need to emulate their counterparts from the UK to increase their competitiveness and, most importantly, stay abreast of the changing marketplace in the fast past environment of globalization and integration.