Regarding the impact of the UK-Vietnam Free Trade Agreement (UKVFTA) on goods exports as well as production and business activities of enterprises, Minister of Industry and Trade Tran Tuan Anh said the agreement would bring businesses more opportunities to export to the UK. The value of import tax that Vietnam can save when exporting goods to the UK is estimated at VND3,500 billion each year.

The conclusion of the UK-Vietnam Free Trade Agreement (UKVFTA) on December 11 holds a practical meaning to both nations as the pact is expected to help the two countries boost their post-pandemic recovery.

Vietnam has emerged as the sixth largest wooden furniture exporter to the UK, grossing an export value of approximately US$422 million last year to make up 3.6% of the import market share, according to the Ministry of Industry and Trade.

Incentives brought about by the implementation of the impending UK-Vietnam Free Trade Agreement (UKVFTA) are expected to assist Vietnamese rice exporters in increasing their market share in the UK, according to experts.

Vietnam and the UK should sign a bilateral free trade agreement (FTA) as soon as possible to further boost two-way trade, Prime Minister Nguyen Xuan Phuc said when hosting UK Secretary of State for International Trade Elizabeth Truss in Hanoi on December 11.

Minister of Industry and Trade Tran Tuan Anh and UK Secretary of State for International Trade Liz Truss signed the agreed minutes on the conclusion of negotiations over the UK-Vietnam Free Trade Agreement (UKVFTA).