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

The FTA will maintain the benefits for Vietnam-UK commercial ties stated in the EU-Vietnam Free Trade Agreement (EVFTA). At the end of the tariff elimination roadmap, 99 percent of tariffs on goods traded between Vietnam and the UK will be cut. 

Minister of Industry and Trade Tran Tuan Anh said the FTA with the UK will be a  new driving force to boost bilateral trade relations, investment, and resilience to recover from the COVID-19 pandemic and achieve prosperity.

“The tariff reduction and preferential conditions the UK offers to Vietnam, including cutting tariff and quotas for 14 high priority items of Vietnam, will save about 3.5 trillion VND (150 million USD) per year for penetrating the UK market,” Minister Tuan Anh said.

UK Secretary of State for International Trade Elizabeth Truss said the agreement marks an important step forward in the context of the UK officially applying to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in early 2021.

She said the UK-Vietnam Free Trade Agreement is expected to take effect in early 2021.