President Vo Van Thuong and his entourage arrived in Ho Chi Minh City on May 7, concluding their trip to London to attend the coronation of King Charles III at the invitation of the Royal Family of the UK.

The implementation of free trade agreements (FTAs) will continue to prove fruitful for Vietnam in 2023, said Minister of Industry and Trade Nguyen Hong Dien.

The rate of using preferential tariffs from the UK-Vietnam Free Trade Agreement (UKVFTA) is not low, but there is still room for growth.

The UK-Vietnam Free Trade Agreement (UKVFTA) has promoted the export of Vietnamese goods to the UK market, with the trade balance continuously recording a trade surplus exceeding billions of US$.

The free trade agreement index (FTA Index) was expected to create an impetus for localities to create a favourable environment for enterprises and enable them to take advantage of free trade deals.

Prime Minister Pham Minh Chinh reaffirmed that the Vietnam’s economy would exceed expectations this year with an increase in GDP of 8 percent, in a speech at the National Assembly last month.

Thanks to the UK-Vietnam Free Trade Agreement (UKVFTA), Vietnam’s agro-forestry-fishery exports to the European nation now enjoy many advantages which, however, also come with several challenges.

There remains potential for Vietnam and the UK to tap the UK-Vietnam Free Trade Agreement (UKVFTA) and expand bilateral trade ties.

Vietnamese goods enjoy many advantages in the UK market, but Mr. Nguyen Canh Cuong, Commercial Counselor, Vietnam Trade Office in the UK said that this competitive advantage does not last forever.

Vietnam is having advantages in the British market, and Vietnamese exporters know how to utilise them, a diplomat has said.