Vietnam, UK conclude bilateral FTA negotiations

An agreement on concluding negotiations of the Vietnam-UK Free Trade Agreement (UKVFTA) will be signed on December 11, according to the Ministry of Industry and Trade (MoIT).

The deal is significant for both countries in the current context as it meets the demands of the two sides.

According to the MoIT, the FTA between the EU and Vietnam (EVFTA), which has been effective from August 1, will not be applied on the UK after December 31, 2020.

The UKVFTA is expected to help boost tourism cooperation between the two countries, while encouraging partnership in other fields such as development cooperation, defence, security, culture, and education and training.

The UK has been the third largest trade partner of Vietnam in Europe after Germany and the Netherlands in recent years.

Vietnam mainly exports garment and textiles, footwear, wood and wooden furniture and seafood to the UK, while importing pharmaceuticals, machineries and equipment from the UK.

The UKVFTA is expected to bring about more investment and cooperation opportunities for the two sides, supporting them in post-pandemic recovery.

Areas which the UK is strong in and Vietnam needs include renewable energy, consumer goods production, and greenhouse gas emission mitigation.

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