UK International Trade Secretary Liz Truss and Vietnam Minister of Industry and Trade Tran Tuan Anh (left) at the signing of the bilateral deal in 2020
HANOI: After more than two years of implementation, the UK-Vietnam Free Trade Agreement (UKVFTA) has had positive effects on trade cooperation among Britain and Vietnam’s five central cities.
Last year, the trade turnover among Britain and Ho Chi Minh City, Hanoi, Hai Phong, Da Nang and Can Tho, reached over US$2.63mil.
Of this, exports hit U$1.59mil, up 3.5% year-on-year while imports saw a yearly decrease of 1.3% to US$1.04mil.
The five cities’ major export items to Britain included textiles and garments, footwear, bags, metalwork, minerals and handicrafts.
Meanwhile, these cities mainly imported metallurgy, animal feed and raw materials, electronic and computer components, chemicals, and pharmaceuticals from the United Kingdom.
Reports from the five cities showed that the free trade agreements, including the UKVFTA, have contributed to promoting the socio-economic development of these cities.
In the future, the world situation will continue to evolve rapidly and unpredictably. Sustainable development has become an overarching trend in the world.
At the same time, digital economy, circular economy, and green growth are development models chosen by many countries.
To exploit opportunities from the UKVFTA, the five cities said they will promote the dissemination of export-market information and support exporting businesses.
They will facilitate administrative reform in the fields of investment, construction, land, taxes, customs and import-export in accordance with commitments to international economic integration.
At the same time, they will also consider forming large raw material areas to meet production needs, limit imports of raw materials, and meet conditions of origin traceability to take advantage of incentives. — Viet Nam News/ANN
