Trade turnover between Vietnam and the UK rises 78.57% in January. (Photo: VNA)

Of this, Vietnam’s exports to the UK were valued at 598 million USD, up 84.61% year on year. This is an impressive growth rate in the context of exports to many partners meeting difficulties due to impacts of the COVID-19 pandemic.

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According to the Ministry of Industry and Trade, the optimistic signal is even more meaningful as the Vietnam – UK Free Trade Agreement (UKVFTA) took effect from January 1, 2021.

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In the structure of Vietnam’s export products to the UK, export turnover of agricultural products remained stable and positive in the first month of 2021, with seafood export earning 19.72 million USD (up 18.1%) and vegetables and fruits 1.04 million USD, up 148.6%. These are the items that have opportunity to increase export value and market share through tariff preferences in UKVFTA.

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The items of the processing and manufacturing industry also gained impressive growth in January; such as phones and accessories of all kinds (up 371.6% year on year); machinery, equipment and spare parts (up 109.9%); computers and electronic products (up 91%); and iron and steel of all kinds (up 11%).

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Vietnam continued to enjoy trade surplus to the UK, with a surplus of 598 million USD, a year-on-year increase of 113.7%./.

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BTA

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