UKVFTA helps Vietnamese agricultural products promote their competitive advantage and conquer the UK market

Published Mar 7, 2024

Tridge summary

Vietnam's exports to the UK, particularly agricultural products, have surged by over 57% in early 2024, thanks to the Vietnam-UK Free Trade Agreement (UKVFTA) that came into effect in May 2021. The agreement has given Vietnamese products a competitive edge, with the business community, ministries, and professional associations playing a key role in this success. However, the ongoing Red Sea conflict could pose challenges by extending shipping times and increasing freight rates. Additionally, a decrease in UK market demand is anticipated due to economic recession, high inflation, and increased cost of living.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Source: baoquocte.vn According to the UKVFTA Agreement, 94% of the total 547 tax lines on fruits, vegetables and fruit and vegetable products will be immediately eliminated. (Source: Industry and Trade Newspaper) Vietnam's exports to the UK in early 2024 recorded encouraging results with export value in January increasing by more than 57% over the same period last year. For nearly 3 years, Vietnam's export of goods to the UK, especially agricultural products, has continuously maintained growth momentum, including in 2023 when the country's economy suffers from high inflation and slow growth. This is the result of the efforts of businesses and authorities, and reflects the benefits of the Vietnam-UK Free Trade Agreement (UKVFTA) since this agreement took effect in May/ 2021. Vietnamese agricultural products are popular According to preliminary statistics from the General Department of Customs, in January 2024, the export value of Vietnamese goods to the UK reached nearly 780.5 ...

Source: AgroInfo.vn