VIETNAM-UK TRADE OVERVIEW: Vietnam's exports to the UK enjoy impressive growth

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VIETNAM-UK TRADE OVERVIEW: Vietnam's exports to the UK enjoy impressive growth

06/07/2022

U&I Logistics - The General Department of Vietnam Customs has recently released a report on the import and export situation of Vietnam's goods in the first 5 months of 2022. Accordingly, Vietnam's export turnover to the UK reached $2.38 billion, up 0.8% over the same period in 2021.

1. Bilateral trade between Vietnam and the UK has grown positively

For Vietnam, the UK is currently the most important trading partner. This is not only the 13th largest export market among countries and territories in the world, but also the 5th among countries and territories in Europe and America.

In recent years, economic and trade relations between Vietnam and the UK have continuously grown. Despite being severely affected by the COVID-19 pandemic, two-way trade turnover in 2021 still reached $6.6 billion, up 17.2% compared to 2020.

In the first 5 months of 2022, it reached 2.68 billion USD, equivalent to the same period in 2021, of which, export reached 2.38 billion USD, up 0.8%, import reached 304.2 million USD, down 6.4 % over the same period.

Vietnamese goods enter the UK market impressively

2. Marking the prosperity of Vietnamese goods entering the UK market

Notably, most of Vietnam's exports to the UK grew well. Leading the growth rate are: Coffee (178%); electrical wires and cables (98%); precious stones, precious metals and products (68.3%); confectionery and cereal products (48%) textiles (43.9%); pepper (35.5%).

Based on the export growth figures to the UK, it further confirms the solid leverage role of UKVFTA. Specifically, thanks to the reduction of import tax to 0% after January 1, 2021, many products have outstanding competitive advantages in the UK market compared to similar products of China, Thailand, Malaysia, and Indonesia. and many other countries.

“The impressive export growth is marking a flourish for 2022 when the UK economy recovers with the efforts of Vietnamese businesses and the support and guidance of national trade promotion programs." - Deputy Minister Tran Quoc Khanh commented.

Top 5 main export goods of Vietnam to the UK

3. Conquer the fastidious UK market with quality

The UKVFTA agreement brings great advantages to Vietnamese businesses, helping the import-export turnover between Vietnam and the UK achieve many positive results. Thanks to the positive signals, Vietnam has set a goal to strive that by 2023, the import-export turnover between the two countries will reach over 10 billion USD.

To conquer this goal, nothing but improving the quality of goods, ensuring regulations and technology standards, investing in increasing product value and focusing on branding.

In particular, businesses must change and adapt flexibly to consumer trends and export procedures to the UK to bring Vietnamese goods deeper into the UK market.

4. Export customs clearance service at U&I Logistics

With many years of experience in import-export field, U&I Logistics is a leading customs brokerage agency in Vietnam.

Customs clearance services at U&I Logistics include:

Customs clearance procedure: meet all types of businesses from export-import business, export production to processing,...
C/O procedure: all C/O forms are fully and accurately met in a short time.
Freight forwarding: professionally performed under the responsibility of experienced, careful and thorough staff.
Import-export tax fee consultancy: assisting businesses in import and export taxes by many leading consultants, fully equipped with solid knowledge and experience on import and export taxes.