Vietnamese businesses benefit from UKVFTA
(VOVWORLD) - The UK-Vietnam Free Trade Agreement (UKVFTA) was signed in London on December 29, 2020 with its temporary application starting from January 1, 2021 (Vietnam time).
 Illustrative photo: baodautu.vn |
According to the Ministry of Industry and Trade, this is Vietnam’s 3rd “new generation” free trade deal. The deal is expected to further enhance Vietnam’s economic and trade cooperation with the UK, one of Vietnam’s largest and most important partners.
This deal will help Vietnam continue to enjoy preferential trade conditions and economic interests through market-opening commitments already existed in the EU-Vietnam Free Trade Agreement (EVFTA). Besides, the deal also promotes the protection of intellectual property rights, geographical indication, green growth, and sustainable development. The deal will officially come into effect on May 1, 2021, and is expected to boost Vietnam’s exports to the UK market.