UKVFTA stimulates growth in Việt Nam’s export-oriented industries

August 23, 2023

HCM CITY — The UK-Vietnam Free Trade Agreement (UKVFTA) has had a significant impact on Việt Nam’s export-oriented industries, driving growth and opening up new opportunities for both countries, experts said. According to a report by the Ministry of Industry and Trade, trade between Việt Nam and the UK reached US$6.8 billion in 2022, up 3.3 per cent year-on-year. On the other hand, Việt Nam’s imports from the UK slightly declined as Việt Nam focused on developing its own domestic industries and reducing reliance on imported goods. He called on UK investors to invest in Việt Nam’s many sectors such as green growth, digital transformation, start-ups and innovation, education and training, and pharmaceutical manufacturing. The agreement is expected to have a significant impact on the growth and competitiveness of Việt Nam’s export-oriented industries across various sectors such as textiles and garments, electronics and electrical equipment, agricultural and seafood products, automobiles and automobile parts, and others.

The source of this news is from Vietnam News

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