Vietnam’s exports to the UK have increased sustainably since the UK-Vietnam Free Trade Agreement (UKVFTA) became effective three years ago, according to experts at a conference in Hanoi on October 30.

Two-way trade has expanded 8.9% per year in the past three years, of which Vietnam's exports to the UK grew by an average of 9.4% annually.

Vietnam's trade surplus with the UK in the past nine months of this year also surged 24% to $5.1 billion compared to the same period last year.

Key products exported to the UK include pepper, cashew nuts, footwear, coffee, seafood and garment and textile.

However, Vietnam’s market share in the UK market is still limited, accounted for nearly 1% of the total imports of the UK.

Mr. Nguyen Canh Cuong, former Minister Counsellor to the UK said that businesses need support from authorities in order to improve the effectiveness of the market approach strategy as well as increase business access to market information.

Mr. Vu Viet Thanh from the Department of European-American Market under the Ministry of Industry and Trade, meanwhile, suggested businesses to study the market more carefully, improve product competitiveness, increase the application of technology in production and processing and boost sustainable development and green production in order to tap opportunities from the free trade agreement.

Source: VnEconomy