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VN-UK trade value up over 78% in January

VGP – The bilateral trade value between Viet Nam and the United Kingdom (UK) soared 78.57% to US$657.35 million in January, according to the Ministry of Industry and Trade.

February 28, 2021 4:33 PM GMT+7

Of the above figure, Viet Nam’s exports to the UK hit nearly US$600 million, up 84.61% and 56.51% against January and December 2020, respectively.

The positive signal was recorded one month after the UK-Viet Nam Free Trade Agreement (UKVFTA) became effective.

Viet Nam’s farm produce exported to the UK witnessed high growths, including aquatic products (US$19.72 million, up 18.1%) and vegetables and fruits (US$1.04 million, up 148.6%).

Other major export items included phones and accessories (US$ 252.59 million, up 371.6%), machines, equipment and tools (US$74.58 million, up 109.9%), computers and spare parts (US$31.82 million, up 91%) and iron and steel (US$15.96 million, up 11%).

The UK’s exports to Viet Nam in January also increased by 34.3% in comparison with the same period last year, reaching more than US$59 million.

Viet Nam enjoyed trade surplus of US$598 million with the UK in January, up 113.7%.

Last year, the bilateral trade value hit US$5.64 billion and Viet Nam announced the excess of exports over imports of US$4.27 billion. The UK remained the third largest trade partner of Viet Nam in the Europe, after Germany and the Netherlands.

As of December 2020, the UK poured US$3.84 billion in 411 projects in Viet Nam, ranking 15th among 139 investors in the country.

By Thuy Dung