The total trade revenues between Vietnam and the UK in January 2021 surged by 78.57% year-on-year, reaching US$657.35 million. Vietnam exported more than US$598 million of products, up 56.51% from the previous month and representing an increase of 84.61% over the same period last year.
According to the assessment of the European and American Marketing Department of the Ministry of Industry and Trade (MOIT), this is indeed an impressive growth rate when many trading partners in Vietnam are affected by the COVID-19 pandemic. Given that the Vietnam-UK Free Trade Agreement (UKVFTA) is temporarily effective from January 1, 2021, and is expected to continue to create new impetus for bilateral economic and trade cooperation in the near future, this optimistic signal is even more meaningful. .
Vietnam’s agricultural exports retained stable and positive growth, with seafood exports reaching US$19.72 million (up over 18% year-on-year) and fruit exports hitting more than US$1 million (up 148.6%). These are all commodity industries with many opportunities for increased export value through tariff preferences as prescribed by the UKVFTA.