The UK-Vietnam Free Trade Agreement (UKVFTA), which became effective on January 1, is expected to create a strong motivation pushing Vietnam forwards on the path of economic development and international integration.
Hanoi (VNA) - The UK-Vietnam Free Trade Agreement(UKVFTA), which became effective on January 1, is expected to create a strongmotivation pushing Vietnam forwards on the path of economic development and internationalintegration.
According to Kenneth Atkinson, head of the British Business Group in Vietnam(Britcham), the deal will help strengthen trade and support employment, whilepromoting growth in both countries.
The erasing of 65 percent of the total tariff immediatelyafter the deal takes effects and 99 percent of the tariff in 6-7 years willbring about practical benefits to British exporters of machineries, chemicals,and brandy, he held.
Along with the reduction of legal barriers as well as burdenin administrative procedures in the two markets, the official said,highlighting that the UKVFTA will help observe the regulations and commitmentsthat the two Governments and business communities have agreed on.
Wood processing (Photo: VNA)
The deal will also ensure the increase in the trade by morethan 3,000 UK businesses engaged in export activities to Vietnam, while meetingthe demand for Vietnamese goods of UK customers, he said.
Atkinson asserted that the area of solar and wind power willreceive priorities from the business communities and governments of both sides.
Experts held that Vietnamese products account for only 1percent of the 700 billion USD import revenue of the UK, so Vietnam has highpotential to provide more products to the promising market, includingtelephones, accessories, garment and textile products, footwear, seafood, woodand furniture, computers, cashew, and peppercorn.
The UK is currently the third largest trade partner ofVietnam in Europe.
Hoang Quang Phong, Vice President of the Vietnam Chamber ofCommerce and Industry (VCCI), said that the UKVFTA not only facilitates thetrade of goods and services but also helps promote partnership in many otherareas, including green growth and sustainable development.
As the UK has officially left the EU, which means thepreferential policies that Vietnam enjoys thanks to the EU-Vietnam Free TradeAgreement (EVFTA) will not be applied in the UK anymore, the UKVFTA has easedconcern of the business community about the interruption of trade with theEuropean country, he added./.
Although the UK-Vietnam Free Trade Agreement (UKVFTA) inherits basic contents from the EU-Vietnam FTA (EVFTA), there remain differences between the two deals, said Vietnamese Trade Counsellor in the UK Nguyen Canh Cuong.
British Ambassador to Vietnam Gareth Ward has expressed his belief that the UK – Vietnam Free Trade Agreement (UKVFTA), which was officially signed in London on December 29, will bring many benefits to the two countries’ trading relationship in the future.
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Processing shrimp for export (Photo: VNA) 
Wood processing (Photo: VNA) 
