Vietnam-UK trade deal to officially take effect from May
Vietnam will announce to the UK side its ratification of the UK-Vietnam Free Trade Agreement (UKVFTA) this month, so the deal can officially come into force from May 1.
Representatives of Vietnam and the UK hand over notes confirming the date when the UKVFTA comes into force. (Photo: VNA)
Hanoi (VNA) - Vietnam will announce to the UK side its ratification of the UK-VietnamFree Trade Agreement (UKVFTA) this month, so the deal can officially come intoforce from May 1.
According to theEuropean-American Market Department under the Ministry of Industry and Trade(MoIT), the ministry has promptly and closely coordinated with the UK in thesigning and completion of necessary procedures in order to put the pact in placeas soon as possible.
The VietnameseGovernment’s recent adoption of a resolution ratifying the UKVFTA will see thedeal, which temporarily took effect from January 1, become officially effective.
Figures releasedby the General Department of Vietnam Customs show that in the first two monthsof this year, trade between Vietnam and the UK reached over 1.02 billion USD,up 20.05 percent year-on-year.
The figurereflects the momentum created by the UKVFTA to recover bilateral trade.
Economic and tradecooperation will continue to be a bright spot in the relationship between thetwo sides, given the UK has rolled out mass COVID-19 vaccinations and has a positiveeconomic outlook according to international institutions.
After Vietnam andthe UK signed the UKVFTA in London on December 29, 2020, the two sides completeddomestic procedures to temporarily put the pact in place from January 1(Vietnamese time).
The MoIT willcontinue to coordinate with other relevant ministries and agencies to complete animplementation plan to bring into full play the opportunities generated by theagreement./.
After the UK-Vietnam Free Trade Agreement (UKVFTA) took effect on December 31, 2020, both sides saw impressive growth in their two-way trade though exports faced formidable challenges caused by the COVID-19 pandemic.
Two-way trade between Vietnam and the UK in the first two months of the year surged 29.2 percent year-on-year, hitting 1.1 billion USD, according to the Ministry of Industry and Trade.
The Vietnamese Government has issued a Resolution approving the UK-Vietnam Free Trade Agreement (UKVFTA) and will complete procedures this month to officially bring it into force on May 1, Deputy Minister of Industry and Trade Dang Hoang An has said.
Deputy Minister of Foreign Affairs To Anh Dung on March 26 chaired a ceremony to exchange official notes between Vietnam and the UK confirming the effective date of the UK-Vietnam Free Trade Agreement (UKVFTA).
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Representatives of Vietnam and the UK hand over notes confirming the date when the UKVFTA comes into force. (Photo: VNA) 
