THE SOCIALIST REPUBLIC OF VIET NAM
Government News
Viet Nam’s exports to UK up 22% in 10 months
VGP - Viet Nam gained US$6.4 billion from exporting goods to the United Kingdom (UK) in the first 10 months of this year, a year-on-year increase of 22 percent, reported the General Department of Customs.
The above figure raises the two-way trade to over US$7 billion in January-October period.
Viet Nam's top exports to the UK includes machinery, equipment and spare parts, with a turnover of US$1.14 billion, up 39.7 percent year-on-year and accounting for 17.9 percent of total exports.
It was followed by mobile phones and components with over US$1.03 billion, down 12.9 percent.
Vietnamese enterprises have exploited market opportunities and take full advantage of the UK-Viet Nam Free Trade Agreement (UKVFTA), which came into effect since May 1, 2021.
The trade deal has created a strong boost for bilateral trade, from US$6.6 billion in 2021 to 7.14 billion in 2023 and about US$8.5-8.7 billion this year.
Besides trade, investment from UK businesses to Viet Nam also witnessed improvement after the implementation of the UKVFTA. As of October 2024, the UK had more than 580 projects in Viet Nam, with a total registered investment capital of over US$4.4 billion, ranking 15th out of approximately 150 countries and territories investing in the Southeast Asian nation.
These figures show the effectiveness of the UKVFTA on export and investment activities between the two countries./.