Minister of Industry and Trade Tran Tuan Anh and UK Secretary of State for International Trade Liz Truss sign the agreed minutes on the conclusion of negotiations over the UK-Vietnam Free Trade Agreement on December 11. (Photo: VNA)

In the first 6 years after it takes effect, the UK-Vietnam Free Trade Agreement will eliminate tariffs on 99.2% of tariff lines Commitments concerning Vietnam’s imports from the UK under the EVFTA will continue to be honored once the UKVFTA takes effect. Vietnam will immediately remove tariffs on 48.5% of goods from the UK.

Minister of Industry and Trade Tran Tuan Anh said that along with the EVFTA, the UKVFTA will boost bilateral trade and investment. Mitigate the economic impact of the COVID-19 pandemic and expand development and prosperity for the UK and Vietnam.

“The tariff reduction and preferential conditions for 14 high priority items will save Vietnam about 150 million USD per year in penetrating the UK market.  Consumer goods, food, and other spearhead products of the UK will find large markets in Vietnam and Vietnamese people will benefit from the UK’s high-quality products,” said Minister Anh.

Commitments under the agreement will boost Vietnam’s export of key items like fish, rice, garments, textiles, wood products, vegetables and footwear. Especially, Vietnam’s garment and textile industry will become less dependent on certain markets thanks to material resources expanded under the deal.