The UK – Vietnam Free Trade Agreement (UKVFTA) is opening significant opportunities for enterprises from both sides to enhance cooperation in green energy transition and digital transformation as the Southeast Asian country strives to achieve net zero emissions by 2050 and embrace new drivers for economic growth.

Many British investors are seeking investment opportunities in Việt Nam in the hope of cashing in on free trade agreements (FTAs) that Việt Nam has signed with the UK and other economies worldwide.

Deputy Minister of Industry and Trade Nguyễn Sinh Nhật Tân also called on the UK to provide support to Việt Nam in technology transferring and working out appropriate management policies and models to promote industrial development in the era of digital transformation and Industry 4.0 and in the process of transition toward renewable energy.

With many similarities, the UK- Việt Nam Free Trade Agreement (UKVFTA) could be called a direct copy of the EU- Việt Nam Free Trade Agreement (EVFTA).

The UK-Việt Nam Free Trade Agreement (UKVFTA), which officially took effect on May 1, 2021, has helped not only boost the bilateral trade between the two markets but also bring the door wide open for the investment of UK companies in Việt Nam.

To provide a more favourable playground for enterprises to strengthen and access international markets, Việt Nam is on a path to boost institutional improvement. And it is believed that the United Kingdom-Vietnam Free Trade Agreement (UKVFTA) is accelerating the process, said experts.

While many products exported to the UK enjoyed strong increases owing to the UK-Việt Nam Free Trade Agreement (UKVFTA), Việt Nam’s timber industry is facing difficulty in expanding in this market that requires manufacturers and exporters to change their business strategies here.

The Ministry of Planning and Investment has issued two circulars specifying instructions for handling bidding packages under the UK-Việt Nam Free Trade Agreement.

Currently, Việt Nam ranks 15th among countries exporting rice to the UK, making up a modest 0.42 per cent of the total import turnover to this country. That means the door is wide open for Vietnamese rice in the market.

Trade revenue between Vietnam and the UK is expected to reach US$10 billion in the next one or two years thanks to strong support from the Vietnam-UK Free Trade Agreement (UKVFTA).