Việt Nam accelerates trade promotion to the UK
Việt Nam accelerates trade promotion to the UK
Việt Nam has been accelerating trade promotion in the United Kingdom – the world's fifth-largest economy with US$700 billion worth of import demand per year in the context of Vietnamese goods having more competitors.
A garment factory in HCM City. Garments are one of Việt Nam's key export commodities to the UK.— VNA/VNS Photo |
Lately, in September, the Vietnamese Trade Office in the UK supported five Vietnamese businesses to introduce food and beverage products at the Specialty and Fine Food Fair 2023 in London.
During the fair, these firms advertised specialties from three regions such as Phú Thọ green tea, San Tuyết tea, cinnamon, anise, Shiitake mushrooms, Séng Cù and Ông Cua ST25 rice, dried-toasted coconut rice, and frozen seafood.
They were also assisted by the Ministry of Industry and Trade (MoIT)'s Việt Nam Trade Promotion Agency and the Việt Nam Trade Office in the UK in exploring new business opportunities in the market and finding new trade partners.
Since 2021, the MoIT has coordinated with other parties to better introduce Việt Nam's major commodities such as pepper, cashew, and coconut besides other goods with geographical indication certification such as Tân Cương tea, Thanh Hà litchi, and Bình Thuận dragon fruit to businesses and customers in international markets, including those in the UK.
Tạ Hoàng Lan, deputy head of the Trade Promotion Capacity Development Department under the Việt Nam Trade Promotion Agency, said that her agency would increase promotion activities in the UK to seek trade cooperation opportunities, provide market information to enterprises, and connect businesses between the two sides.
Promotions would also be enhanced for developing national brands and brands of products of Việt Nam’s strength, she said.
Meanwhile, to support businesses in promoting trade and effectively exploiting the UK-Việt Nam Free Trade Agreement (UKVFTA), the Việt Nam Trade Office in the UK has been building networks with the British business community and Vietnamese businesses in the UK so that it could introduce partners for Vietnamese businesses.
The office has been finding out and providing Vietnamese businesses with updated information on product quality standards and import regulations into the UK.
Bilateral trade between Việt Nam and the UK reached $6.8 billion in 2022. Of which, Việt Nam's exports to the market hit $6.1 billion while its imports topped $700 million.
Over the past eight months of 2023, two-way trade fetched $4.62 billion with nearly $4.1 billion from Vietnamese exports.
Việt Nam ranked 23rd among the largest exporters to the UK in the past three years since UKVFTA took effect. Typically, Vietnamese exports of industrial goods excluding iron, steel, and metals to the market accounted for over 40 per cent of its total turnover.
