UKVFTA and CPTPP create great momentum for Vietnam's trade

UKVFTA and CPTPP have been creating great growth momentum in bilateral relations, opening up new development space in potential fields between Vietnam and the UK.

UKVFTA and CPTPP create great momentum for Vietnam - UK trade

UKVFTA and CPTPP have been creating great growth momentum in bilateral relations, opening up new development space in potential fields between Vietnam and the UK.

The Ministry of Industry and Trade and the British Ambassador to Vietnam signed a Memorandum of Understanding on cooperation in preventing counterfeit goods and intellectual property infringement in accordance with the commitments in the CPTPP Agreement.

The Ministry of Industry and Trade in collaboration with the British Embassy in Vietnam organized the Workshop: "The UK joins CPTPP - Implications for businesses".

The workshop aims to provide UK and Vietnamese businesses with information and strategic guidance on the UK’s accession to the CPTPP; opportunities to boost bilateral trade, reshape global supply chains...

According to the British Ambassador to Vietnam, Iain Frew, in recent years, the relationship between the two countries has developed in both breadth and depth. In particular, trade cooperation is an important pillar in the bilateral relationship between Vietnam and the UK.

"Most recently, the UK joined the CPTPP with strong support from Vietnam, marking a historic milestone for the UK, demonstrating its strong commitment to integration and market opening. With the CPTPP, many Vietnamese products exported to the UK will be exempted from tariffs, which will greatly contribute to promoting bilateral trade relations between the two countries," said Ambassador Iain Frew.

According to the British Ambassador to Vietnam, Iain Frew, trade is an important pillar in the Vietnam-UK bilateral relationship.

Since 2015, bilateral trade between the two sides has grown strongly, marked by the Vietnam-United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) coming into effect in 2021, and most recently the UK joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The implementation of the bilateral FTA has helped bilateral trade grow rapidly. In 2024, trade between Vietnam and the UK will reach 8.4 billion USD, an increase of 18% compared to 2023, of which, Vietnam's goods exports to the UK recorded a record growth of nearly 19% compared to the previous year's performance, reaching 7.55 billion USD.

The export level of 7.55 billion USD last year is also a record for Vietnamese goods in this demanding market.

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized that Vietnam - UK economic and trade relations are greatly supported by the implementation of the UKVFTA and CPTPP, bringing bilateral trade to over 8 billion USD, but there is still a lot of room for increasing exports and imports.

Because the proportion of import and export turnover with the UK only accounts for about 6.8% of Vietnam's total import and export turnover to the world; meanwhile, Vietnam only accounts for 0.4% of the UK's total import turnover with its partners.

"This shows that there are many opportunities for businesses from the two countries to invest in each other's areas of strength," said Mr. Tan.

With CPTPP and UKVFTA, Vietnamese enterprises have great opportunities to expand markets and accelerate exports, but it is important to understand and take advantage of tariff incentives from these Agreements by ensuring the rules of origin of goods according to commitments.

Specifically analyzing the economic benefits for Vietnam from the UK joining the CPTPP, Mr. Luong Hoang Thai, Director of the Department of Multilateral Trade Policy (Ministry of Industry and Trade), said that the UK joining the CPTPP will promote Vietnam's strong export products to the UK, helping Vietnam access high-quality and high-tech products from the UK.

Simultaneous implementation of both FTAs ​​also helps domestic enterprises have the opportunity to learn in technology industries such as AI, clean energy, etc. Along with that, it promotes attracting investment from UK enterprises to Vietnam, especially in the fields of high technology and renewable energy.

The biggest benefit of CPTPP is the regional rules of origin. UK businesses can take advantage of this and Vietnamese businesses can take advantage of it to increase exports to each other's markets.

The simultaneous implementation of the UKVFTA and CPTPP is creating great growth momentum in the Vietnam - UK bilateral relationship, while opening up new development space in potential fields.

Source: https://baodautu.vn/ukvfta-va-cptpp-tao-dong-luc-lon-cho-thuong-mai-viet-nam---vuong-quoc-anh-d248062.html