Uk trading standards

Double digit export growth According to the Hanoi People’s Committee, the export turnover of goods in June 2022 reached about US$1.517 billion, up 6.8 percent from May 2022 and 17.5 percent from June 2021. In the first half of this year, the commodity exports turnover reached US$8.3 billion, up 17.1 percent over the first half of 2021. Some key items with increased export turnover in this period included textile and garment, reaching US$1.22 billion, up 29.6 percent; computer components and peripherals, US$1.072 billion, up 20.2 percent. The total import turnover of goods hit US$3.675 billion in June and US$20.5 billion in the first six months of 2022, the latter of which is 24.5 percent higher than the same period in 2021. Among the items of highest value were machinery, equipment and spare parts reaching US$2.996 billion, down 5.6 percent; petroleum US$2.934 billion, 2.8 times higher than the same period in 2021; computers, electronic goods and components at US$1.535 … [Read more...] about Hanoi helps firms implement trade deals

MDF production line at Thanh Thanh Dat MDF JSC's factory in Ha Tinh Province. — VNA/VNS Photo While many products exported to the UK enjoyed strong increases thanks to the UK-Viet Nam Free Trade Agreement (UKVFTA), Viet Nam’s timber industry is facing difficulties in expanding in this market, requiring manufacturers and exporters to change their business strategies. In fact, Viet Nam’s wood industry is seeing declining sales overseas. The export value in July was estimated at US$1.41 billion, down 5.5 per cent against June and 1.6 per cent year-on-year, according to a report of the General Department of Forestry under the Ministry of Agriculture and Rural Development (MARD). This was the second month that the export of wood and timber products decelerated. Earlier, figures from the General Department of Customs showed the export turnover of wood and wood products reached $1.4 billion in June, down nearly 11 per cent year-on-year. Ending July, wood and wood products were … [Read more...] about Viet Nam’s timber industry urged to seek new opportunities in the UK

The UK-Viet Nam Free Trade Agreement (UKVFTA), which officially took effect on May 1, 2021, has helped not only boost the bilateral trade between the two markets but also bring the door wide open for the investment of UK companies in Viet Nam. Viet Nam News talks to CEO of HSBC Viet Nam Tim Evans and Nitin Kapoor, Chairman and General Director of AstraZeneca Vietnam and Asia Area Frontier Markets, about their plans for business in Viet Nam. How is your company doing business in Viet Nam? How will the UKVFTA help expand your business here? Tim Evans, CEO of HSBC Vietnam Evans : HSBC has been the leading international bank operating in Viet Nam for more than 150 years. As a bank with trade finance in our DNA, our mission has always been to be a bridge between local companies looking to transact internationally and international companies looking to transact locally. We are a full-service bank that deals with domestic and international companies, financial institutions … [Read more...] about UKVFTA opens doors for UK businesses in Viet Nam

Nguyen Canh Cuong, trade counsellor at the Vietnamese Embassy to the United Kingdom, told VIR that from January 1, 2023, all Vietnamese exporters of industrial goods to Great Britain will have to have the UK Conformity Assessed (UKCA) marking on their products instead of the EU’s Conformité Européenne (CE) mark, which requires the manufacturer or importer to affirms the goods’ conformity with European health, safety, and environmental protection standards. “The UKCA is important to those who are exporting manufactured products to the UK and to those who are in charge of the manufacturing industry as well as of exporting its products in competent authorities,” Cuong said. “You have to get the CE mark on your products if you want to export your products to markets of the EU member states.” Cuong noted that the CE mark is still accepted in the UK, but will not be for long because the UK government has decided to implement its own regulation on conformity. “Can you discard this new … [Read more...] about Transition period sets path for UK export prospects

As ASEAN is increasingly growing in international prestige and economic strength, the bloc has been attracting the attention of many organisations, countries, territories, and partners including the United Kingdom, with many meetings and dialogues organised. Since the UK left the European Union, it has actively been working with partners to expand relations, with a focus laid on trade and investment in a bid to create more added value to its economy and generate more employment for British people. British-based groups like Standard Chartered have made a mark in Vietnam for decades, Photo: Le Toan On August 4, both sides issued the first plan of action to implement the ASEAN-United Kingdom Dialogue Partnership from 2022 to 2026, underlining bilateral cooperation in politics and security, trade, investment, finance, energy, culture, the environment, and climate change, among many others. Both sides have committed to explore opportunities to build on two-way trade and … [Read more...] about UK ramps up Global Britain agenda with new dialogues

Exporters are allowed to self-certify the origin of export and import shipments with a value of less than EUR6,000 On June 11, 2021, the Ministry of Industry and Trade issued Circular 02/2021/TT-BCT guiding the implementation of UKVFTA rules of origin. The circular took effect on July 26, 2021. Accordingly, for export value exceeding EUR6,000, exporters must obtain a certificate of origin authorized by the Ministry of Industry and Trade. Exporters are allowed to self-certify the origin of export and import shipments valued at less than EUR6,000 between the UK and Vietnam. For imports worth more than EUR6,000 into Vietnam, exporters registered in an electronic database authorized by the UK customs authorities are allowed to self-certify. Proof of origin must be submitted to Vietnamese customs within two years of imports. Customs authorities may require a translation if not in English. Certificates of origin are valid for 12 months and must be submitted to customs authorities of … [Read more...] about UK tariff preferences benefit Vietnam