UKVFTA boosts Vietnam and UK bilateral trade

QNN |

The UK-Vietnam Free Trade Agreement (UKVFTA), which came into force on January 1, 2021, is considered to be very significant. It is expected to provide a solid foundation for further trade and investment relations between Vietnam and the UK.

Deputy Minister Dang Hoang An and UK Ambassador to Vietnam Gareth Ward (left).
Deputy Minister Dang Hoang An and UK Ambassador to Vietnam Gareth Ward (left).
 

Deputy Minister of Industry and Trade Dang Hoang An has recently had a working session with UK Ambassador to Vietnam Gareth Ward to discuss bilateral cooperation in trade and energy.

At the working session, both parties talked about the significance of the UKVFTA. The export of 60 tons of fragrant rice to the UK in early January of 2021 under the UKVFTA was considered as an exciting opening for businesses in both nations.

Despite the bad impact of Covid-19 in 2020, bilateral trade hit USD 5.6 billion, USD 4.95 billion of which was Vietnam’s export. The UK was still the third biggest export market of Vietnam in Europe. The UKVFTA came into effect will further improve bilateral trade between Vietnam and the UK.

In terms of the 12th meeting of the Vietnam – UK Joint Economic and Trade Committee (JETCO 12) in the UK, both parties gave a priority for a face-to-face meeting in the UK if the Covid-19 pandemic is under control. Besides, different online meetings, seminars and dialogues will be held to deal with difficulties in specific areas.

As scheduled, JETCO co-chairs Deputy Minister Dang Hoang An and UK Minister of State for Trade Policy Greg Hands will have an online working session in mid-March to discuss JETCO 12 and bilateral cooperation plan for the future.

Regarding the problem of energy, the UK wished to have virtual dialogues with the Ministry of Industry and Trade to discuss renewable energy development.

Deputy Minister Dang Hoang An highly appreciated the UK’s commitment in hosting the 2021 United Nations Climate Change Conference to take place in early November in Glasgow, Scotland. At the same time, he also emphasized the Vietnam’s strategy for renewable energy development to 2030, with a vision to 2045.

The meeting came to an end with an approval to the development cooperation in renewable energy between two parties.