Trade and investment relations between Vietnam and the UK are to benefit from the EU-Vietnam Free Trade Agreement (EVFTA), according to Trade Counsellor at the Vietnamese Embassy in the UK Nguyen Canh Cuong.
Workers process frog for export to the EU at a factory in southern Long An province (Photo: VNA)
London (VNA) - Trade and investment relationsbetween Vietnam and the UK are to benefit from the EU-Vietnam Free TradeAgreement (EVFTA), according to Trade Counsellor at the Vietnamese Embassy in theUK Nguyen Canh Cuong.
Developing trade and investment tieswith Vietnam is a priority for many UK businesses, and once the deal takeseffect they will have a range of investment opportunities and are likely toshift existing investment to Vietnam.
He said the EU-Vietnam InvestmentProtection Agreement (EVIPA) is waiting for ratification from parliaments in someEU member nations, which along with the EVFTA has created trust among EUinvestors.
Vietnam holds advantages in trade andinvestment relations with the EU and other countries in the region thanks tothe two agreements, as within ASEAN, only Singapore has signed an FTA with theEU. Vietnam, with nearly 100 million consumers, will be a more attractivemarket for European investors.
COVID-19 is also changing trade practices in the UK,with dependence on Chinese suppliers being lessened. The UK is likely toestablish new trade channels with businesses from countries it has signed FTAswith and those parties to the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CPTPP).
Cuong added that the EVFTA will help raise the competitivenessof many Vietnamese products over equivalents from countries without an FTA withthe UK, such as China, India, Thailand, Malaysia, Indonesia, the Philippines,Myanmar, and Brazil.
Trade between Vietnam and the UK increased by an averageof 17.8 percent per year in the 2010-2019 period, with Vietnam posting a surplusfor many years.
Vietnam has exported nearly 7 billion USD worth of goodsto the UK in the last three years, primarily mobile phones and spare parts,garments and textiles, footwear, fisheries, wood and wooden products, computersand components, cashew nuts, coffee, and pepper.
Bilateral trade was just over 1.5billion USD in the first four months of 2020, a year-on-year decline of 17.8percent due to COVID-19./.
Vietnamese Deputy Minister of Foreign Affairs To Anh Dung on April 16 held phone talks with Minister of State at the UK Foreign and Commonwealth Office Nigel Adams to discuss cooperation in the fight against the COVID-19 pandemic and promote bilateral ties.
Close to 150 businesspeople active in agricultural products, food processing, paper making, functional foods, logistics, and banking came together at a seminar in Hanoi on June 17 to seek opportunities from the EU-Vietnam Free Trade Agreement (EVFTA) amid the COVID-19 pandemic.
Diplomatic notes informing about Vietnam’s ratification of the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA) were presented to the EU Delegation to Vietnam on June 18.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
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The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Workers process frog for export to the EU at a factory in southern Long An province (Photo: VNA) 
