Vietnam emerges as major agricultural supplier to UK following UKVFTA
(VOVWORLD) - Vietnam has emerged as a major Southeast Asian supplier of farm produce and aquaculture products to the UK thanks to the UK-Vietnam Free Trade Agreement (UKVFTA) which took effect in May last year, according to a conference on Thursday.
 Vietnam and the UK achieve bilateral trade of 6.6 billion USD last year, up 17.2% from the previous year. (Illustration/VNA) |
Speaking at “UK Market: Unlocking great potential by leveraging advantages of the UKVFTA”, Oliver Todd, British consul general in HCM City, said Vietnam can replace other countries such as India and Indonesia as a major supplier of agricultural and aquaculture products to his country.
Chris Milliken, vice president of the British Chamber of Commerce in Vietnam said there is ample scope to grow bilateral trade. The UK recently developed an offshore wind project in the country, which will generate enough electricity for 1.6 million homes, he said.
Although the UKVFTA took effect at a tough time due largely to the COVID-19 pandemic, the two countries were able to achieve bilateral trade of 6.6 billion USD last year, up more than 17% from the previous year, according to Vietnam Customs.
As of May, more than 460 UK direct investment projects with a total registered capital of over 4.1 billion USD had been approved in Vietnam.