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Exports to UK near US$5 bln in four months

VGP - Viet Nam gained more than US$4.8 billion from exporting goods to the United Kingdom (UK) in the first four months of 2022, official data shows.

Posts Hoang Ha

May 03, 2022 3:50 PM GMT+7
Exports to UK near US$5 bln in four months  - Ảnh 1.

Major currency earners include seafood, coffee, pepper, cashew nut, textile and garment, footwear, iron and steel, phones, computers, machinery, and toys and sports equipment.

Last year, the two-way trade reached nearly US$6.6 billion, up 17 percent from 2020, according to the Ministry of Industry and Trade.

Of the figure, Viet Nam's export value exceeded US$5.7 billion, up 16.4 percent year-on-year, the ministry said, attributing the increase to the UK-Viet Nam Free Trade Agreement (UKVFTA).

Sharp growth was seen in shipments of fruits and vegetables (67 percent), coffee (17 percent), pepper (49 percent), iron and steel (1,269 percent), and toys and sports equipment (19 percent).

Meanwhile, imports from the UK rose by 23.6 percent to nearly US$850 million.

The UKVFTA was signed on December 29, 2020 in the UK and became effective on May 1, 2021.

Under the UKFTA commitments, six years since the deal came into effect, the UK will remove tariffs for 99.2 percent of goods imported from Viet Nam, or 99.7 percent of Viet Nam's exports to the country.

Meanwhile, Viet Nam will immediately remove tariff for 48.5 percent of goods from the UK, or 64.5 percent of import volume. The figure is set to rise to 91.8 percent or 97.1 percent of UK exports to Viet Nam in six years.