Viet Nam, UK enjoy impressive trade growth
VGP - The total trade in goods and services between the United Kingdom (UK) and Viet Nam during the four quarters leading up to the end of the first quarter of 2023 reached GBP 6.7 billion (US$8.14 billion), a year-on-year increase of 16.6 percent.
Of the UK's exports to Viet Nam during this period, goods accounted for GBP 797 million (77.5 percent), while services amounted to GBP 231 million (22.5 percent).
The exports of goods to Viet Nam surged by 33.3 percent, while exports of services experienced a slight decrease of 8 percent compared to the same period in 2022.
On the other hand, the UK's imports from Viet Nam during the reviewed period reached GBP 5.7 billion, up 15.8 percent year-on-year. Of these imports, goods constituted GBP 5.4 billion (94.6 percent), while services accounted for GBP 306 million (5.4 percent).
Imports of goods from Viet Nam experienced a growth of 12.6 percent, whereas imports of services surged by 137.2 percent year-on-year.
The flourishing trade relationship between Viet Nam and the UK can be attributed to their robust economic ties and collaborative efforts, notably following the implementation of the UK-Viet Nam Free Trade Agreement (UKVFTA) on May 1, 2021.
Additionally, the UK's recent official signing of an agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on July 16, 2023 further strengthens their trade cooperation with the bloc members, including Viet Nam./.
