Book on UK market launched to promote UKVFTA

Saturday, 2021-04-03 09:46:09
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Deputy Minister of Foreign Affairs To Anh Dung and British Ambassador to Vietnam Gareth Ward exchange notes confirming the effective date of UKVFTA. (Photo: VNA)
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NDO - The Vietnamese Embassy in the United Kingdom of Great Britain and Northern Ireland, in collaboration with the Vietnam-UK Friendship Network and the Vietnamese Association in the UK, held an online ceremony on April 1 to present a book entitled “The UK Market: Things to Know”.

The book is expected to help Vietnamese enterprises grasp the import demands of the UK market, export opportunities for Vietnamese products as well as rules regarding business in the UK, distribution channels, payment methods and trade dispute resolution procedures in the country.

The book is a collaboration between market experts from the Vietnamese Embassy in the UK, the Vietnam-UK Friendship Network and the Vietnamese Association in the UK.

Addressing the ceremony, Ambassador Tran Ngoc Anh said that Vietnam and the UK have exchanged official notes announcing the coming into full effect of the UK-Vietnam Free Trade Agreement (UKVFTA) from May 1, 2021 after the deal was signed by the two countries in late December 2020.

The UKVFTA is a significant milestone in the bilateral relationship, marking an important development in trade and investment between the two countries. In the first two months of 2021, bilateral trade revenue increased by 20% after the signing of the UKVFTA, Anh said.

However, Ambassador Tran Ngoc An said that the two countries still have room to strengthen bilateral trade cooperation as Vietnam's export revenue only accounts for about 1% of the UK’s imports.

He expressed his hope that the book will be useful, helping Vietnamese enterprises to better understand the UK market, and promoting the potential for trade cooperation between the two countries.

He also believes when the UKVFTA officially takes effect, it will create a strong driving force for economic-trade cooperation between the two countries in the future.