Vietnamese agricultural products have great opportunities in the UK market

Vietnamese agricultural products have great opportunities in the UK market 0
Vietnamese agricultural products have great opportunities in the UK market 0

(Dan Tri) – British Trade Commissioner for Asia and the Pacific Martin Kent said that UK – Vietnam trade relations are growing strongly, especially in the agricultural sector.

British Trade Commissioner for Asia and the Pacific Martin Kent (Photo: British Embassy in Vietnam).

On the occasion of the visit of British Trade Commissioner for Asia and the Pacific Martin Kent to Vietnam, Dan Tri reporter had an interview about trade cooperation between the United Kingdom and Vietnam and important highlights of the cooperation.

How has the UK-Vietnam Free Trade Agreement (UKVFTA) created momentum for bilateral trade?

The UK-Vietnam Free Trade Agreement (UKVFTA) has emerged as a platform to strengthen bilateral trade between the UK and Vietnam, ushering in a new era of economic cooperation and opportunity.

This landmark agreement, effective from January 1, 2021, has begun to deliver tangible benefits, providing a significant boost to bilateral trade through mechanisms and regulations

Over the years, bilateral trade between the UK and Vietnam has seen significant growth and with bilateral trade reaching an all-time high, Vietnam has become one of the world’s leading trading partners.

Bilateral trade has doubled in the past ten years from £3 billion in 2013 to around £6 billion in 2023. This is partly thanks to the UKVFTA, which has laid the foundations for economic cooperation.

To continue to take advantage of this growth momentum, both countries are focusing on promoting trade and investment through increased cooperation in key areas, leveraging digital technology to facilitate trade.

Additionally, efforts to raise awareness of the benefits of UKVFTA among businesses and stakeholders in both countries will be vital to maximize its potential impact.

The ASEAN – UK Economic Integration Program (EIP) was launched last April.

The launch of the £25 million ASEAN-UK Economic Integration Program underlines our commitment to working with ASEAN towards a more cohesive regional economy.

We look forward to bringing UK expertise in regulatory reform, financial services and trade policy to ASEAN for shared prosperity.

Vietnam is the UK’s key market in ASEAN with rapid economic growth and free trade policy.

Can you tell us what joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) means for the UK and UK-Vietnam trade cooperation?

The Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) is a broad free trade agreement that includes some of the world’s most dynamic and fastest-growing economies across the Asia region –

The CPTPP Act also recently received Her Majesty’s assent in the UK Parliament, meaning we are one step closer to coming into force later this year.

CPTPP is an economic gateway to the Indo-Pacific region and the Americas, bringing new opportunities to British businesses in a region that accounts for the majority of global growth and half of the upper middle class consumers.

Joining this high-standards and forward-thinking trade alliance allows us to work with Vietnam and other CPTPP members to shape future trading systems, for example in the areas of

Therefore, CPTPP will give us the opportunity to receive preferential trade with Vietnam and promote the potential of the UK-Vietnam Free Trade Agreement (UKVFTA) taking effect in 2021.

As a rapidly growing economy in the heart of the Asia-Pacific region with growth of more than 5% last year and forecast to grow about 6% this year, we consider Vietnam a

An important area of cooperation between the UK and Vietnam is agricultural trade.

I am pleased to see our bilateral agricultural trade relationship growing from strength to strength, with agricultural trade exports to Vietnam increasing by 97% from 2019 to 2023.

The UK has demonstrated its deep commitment to this relationship, with the UK government posting an Agriculture Attaché to our Embassy in Hanoi and making a number of trips.

Vietnam has always had a strong presence in the Food and Drink sector in the UK, with British consumers regularly enjoying Vietnamese seafood, fruit and coffee, among many other products.

Last month, the UK’s post-exit import requirements from the European Union (EU) came into force.

This relationship is expected to be further improved by our accession to CPTPP, which will bring many new tariff benefits in addition to the existing UK-Vietnam Free Trade Agreement (UKVFTA)

What are your expectations for the future of agricultural trade between the UK and Vietnam, sir?

British products are popular throughout Vietnam.

Scotch Whiskey benefits from being a regional product, its production is legally protected (including in Vietnam) and can only be produced according to specific methods

I see huge opportunities for Vietnam to follow a similar path for iconic regional products, like Phu Quoc pepper and Cao Phong oranges.

Scottish salmon is the UK’s largest food export and there are many opportunities for this premium product to be consumed in high-end food service outlets in Vietnam.

This is an important moment in our agricultural trade relationship as it is the first meat and poultry products to be exported from the UK.

British meat is produced to world leading standards for animal health, welfare and food safety, for example growth hormones are banned, only vets can prescribe antibiotics

I hope the next time I come to Vietnam, I can enjoy bun cha made from British pork!

Thank you Sir!

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By Samuel

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