A garment factory in Vietnam (Photo: VNA) Hanoi (VNA) – The UK-Vietnam Free Trade Agreement (UKVFTA), which officially took effect on May 1, is believed to herald a new era for Vietnamese goods to gain a foothold in a market with strong purchasing power, according to the Dau tu (Vietnam Investment Review) newspaper. Vietnam's exports to the UK rose nearly 27.4 percent year-on-year in the opening four months of 2021, to 1.94 billion USD, data from the General Department of Vietnam Customs shows, which is considered an impressive result amid COVID-19's impact on global trade. The UKVFTA , which temporarily came into force on January 1 this year, is hoped to create more favourable conditions for exports to the UK now it is officially in effect. During the first five months of this year, exports to the UK grew more than 20 percent year-on-year to about 2.4 billion USD. The UK is currently Vietnam's third-largest trade partner in Europe. Data from Vietnam Customs also shows that bilateral trade reached 6.6 billion USD in 2019, including 5.76 billion USD worth of exports from Vietnam, placing the UK ninth among the country's main export destinations. Trade revenue fell slightly last year to… Read full this story
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