The General Department of Customs reported that in December 2023, alone the export turnover of local goods heading to the UK market amounted to US$542.3 million.

These figures showed that three years into the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA), trade between both sides has recorded positive results.

The leading export items were phones and components that brought in more than US$1.31 billion, marking an increase of 15.9% compared to 2022 and accounting for 20.7% of all Vietnamese goods exported to this market.

They were followed by machinery, equipment, tools and spare parts which fetched US$1.03 billion, up 21% year on year, and footwear valued at US$795.1 million, up 3.9% year on year.

The UKFTA was put into effect in 2021, giving Vietnamese products a tariff advantage over other products.

Vietnamese firms were duly advised to quickly seize upon the trade opportunity to expand their commercial presence in the UK.

VOV