(VOVWORLD) - The UK-Vietnam Free Trade Agreement (UKVFTA) will open up new opportunities for Vietnamese businesses that want to penetrate the UK market, according to Thursday’s online conference hosted by the Ministry of Industry and Trade.
 (Photo: doanhnghiepvn.vn) |
The meeting discussed challenges, opportunities, and ways for Vietnamese businesses to resolve problems when using the UKVFTA, which took effect in May, to export to the UK and Northern Ireland.
Last year, Vietnam earned 5 billion USD from exports to the UK including rice, vegetables, cashew nuts, coffee, and pepper.
According to the Ministry of Industry and Trade, Vietnamese exporters need to understand the UKVFTA, particularly tax regulations and legal procedures for trade disputes.
Mr. Nguyen Canh Cuong, Vietnamese Trade Counselor in the UK, said: “Vietnam enjoys some advantages from the agreement. For example, during the COVID-19 period, there is a great demand for medical gloves in the UK market. Many Vietnamese businesses are seeking new markets for their agricultural products, and the UK is a large potential market. Businesses need to position their products and work out a negotiation strategy”.