Ukvfta

Illustrative photo In full effect, the trade pact will slash 94 percent of the 547 tariff lines the UK imposed on Vietnamese farm produce. As a result, import tariffs for most shrimp and some wooden products from Vietnam will be 0% within the next five years. The UK is currently among Vietnam’s top five export markets of aquatic goods and top three of wooden products. At a recent workshop on tapping the UK market and the UKVFTA, British Consul General in Ho Chi Minh City Oliver Todd lauded Vietnam’s position as a trade partner in the Southeast Asian region. The diplomat expressed his belief that the country can replace others like India and Indonesia to become a new agro-fishery-forestry supplier of the UK. However, the European market has strict requirements that Vietnamese exporters have to make significant efforts to meet. Meanwhile, the UK is about to sign FTAs with 19 nations and join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), … [Read more...] about Vietnam’s agro-forestry-fishery exports see UKVFTA-related opportunities

Illustrative photo (Source: vneconomy.vn) Hanoi (VNA) – Thanks to the UK-Vietnam Free Trade Agreement (UKVFTA), Vietnam’s agro-forestry-fishery exports to the European nation now enjoy many advantages which, however, also come with several challenges. In full effect, the trade pact will slash 94% of the 547 tariff lines the UK imposed on Vietnamese farm produce . As a result, import tariffs for most shrimp and some wooden products from Vietnam will be 0% within the next five years. The UK is currently among Vietnam’s top five export markets of aquatic goods and top three of wooden products. At a recent workshop on tapping the UK market and the UKVFTA , British Consul General in Ho Chi Minh City Oliver Todd lauded Vietnam’s position as a trade partner in the Southeast Asian region. The diplomat expressed his belief that the country can replace others like India and Indonesia to become a new agro-fishery-forestry supplier of the UK. However, the European market … [Read more...] about Vietnam’s agro-forestry-fishery exports face UKVFTA-related opportunities, challenges

At the seminar. (Photo: SGGP) According to the Ministry of Industry and Trade, up to now, Vietnam has been participating in the negotiation and signing of 17 free trade agreements. Of these, three new-generation FTAs, namely the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam - EU Free Trade Agreement (EVFTA), and the UK-Vietnam Free Trade Agreement (UKVFTA), have a broader scope. Besides commitments on trade, services, and investment, they also include legal and institutional arrangements. The implemented FTAs have had a strong impact on economic development as well as on the export of goods of Vietnam. Specifically, for the CPTPP, after three years of implementation, Vietnamese businesses have taken advantage and relatively effectively exploit the benefits brought from the agreement. Vietnam's export turnover to this market in 2021 reached US$45.7 billion, up 18.1 percent compared to 2020. In the first ten months of 2022, it reached … [Read more...] about Seminar seeks solutions for sustainable export of Vietnamese enterprises

Illustrative image (Photo: VNA) Hanoi (VNA) - There remains potential for Vietnam and the UK to tap the UK-Vietnam Free Trade Agreement ( UKVFTA ) and expand bilateral trade ties , said Ngo Chung Khanh, Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Multilateral Trade Policy Department. Despite difficulties caused by the COVID-19 pandemic, two-way trade between Vietnam and the UK has grown in double digits, especially Vietnam's export to the UK market increasing by 15.4%. This is the clearest proof of the benefits the UKVFTA brings to both sides, Khanh said. The growth of UK export to Vietnam is higher than that of Vietnam's to UK, helping Vietnamese businesses make more use of raw materials, technologies and products from the UK to improve their production capacity. The majority of Vietnam’s key products exported to the UK such as coffee, pepper, rubber, vegetables, textiles and footwear have grown remarkably, with some items even … [Read more...] about Vietnam, UK yet to tap potential of trade deal

Seafood processing for export at a company. (Photo: SGGP) Many industries post double-digit growth According to the Ministry of Industry and Trade, up to now, Vietnam has been participating in the negotiation and signing of 17 free trade agreements. Of these, three new-generation FTAs are the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnam - EU Free Trade Agreement (EVFTA), and the UK-Vietnam Free Trade Agreement (UKVFTA). The implemented FTAs have had a strong impact on economic development as well as on the export of goods of Vietnam. For instance, with the CPTPP, after three years of implementation, export turnover in 2021 increased by 18.1 percent compared to 2020, and in the first ten months of 2022, it rose by 21.1 percent compared to the same period in 2021. Or with the EVFTA, the growth rates are also 14.2 percent and 23.5 percent, respectively. Explaining this result, Ms. To Thi Tuong An, Deputy General Secretary of the … [Read more...] about Vietnamese enterprises should take advantage of FTAs to boost exports

Viet Nam's goods are exported mainly via the Hai Yen Km3+4 temporary pontoon bridge in Mong Cai City at present. — VNA/VNS Photo Quang Ninh is strengthening mechanisms and policies and exploiting the strength of the expressway to ensure sustainable import-export development. Vice chairman of Quang Ninh Provincial People's Committee Bui Van Khang said that Quang Ninh Department of Industry and Trade together with border localities will establish e-commerce trading floors in border gate areas; and speed up the research to build a digital border gate platform for customs clearance of import and export goods. At the same time, the department will guide businesses to implement stable and sustainable export activities, as well as follow regulations on the origin and standards of goods. They will also improve the business environment, and have policies to encourage the private sector to develop logistics services and a warehouse system associated with port planning. The vice … [Read more...] about Quang Ninh targets sustainable development of import-export sector