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Vietnam-UK trade grows 22% in 10 months
Vietnam earned 6.4 billion USD from exports to the UK in the first 10 months of this year, marking a year-on-year rise of 22%, reported the General Department of Vietnam Customs.
In October alone, the country’s export turnover to the UK hit 687.2 million USD, up more than 13% from the previous month.
The 10-month growth has been driven by some key export items with large turnover such as machinery, equipment, spare parts, computers, electronics, footwear and textiles.
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An electronics production factory in the northern province of Thai Nguyen. The category of machinery, equipment and spare parts led Vietnam's exports to the UK in October. |
The leading export category in the last 10 months was machinery, equipment and spare parts, with a turnover of 1.14 billion USD, up 39.7% year-on-year and accounting for 17.9% of total exports.
Next was mobile phones and components with over 1.03 billion USD in turnover, down 12.9% compared to the same period last year and accounting for 16.3% of total exports so far.
Some other categories saw significant growth in exports compared to 2023.
Computers, electronics, and components increased by 30.7%. Handbags, suitcases and umbrellas rose by 18%. Seafood increased by nearly 10%.
Base metals grew by 30.2%, wood and wood products by 15.5%, steel products by 34%, and transportation means and spare parts by 35.7%.
The Vietnam–UK Free Trade Agreement (UKVFTA), which has been in effect since 2021, has been a key driver of this growth. For three consecutive years since the agreement's implementation, Vietnam’s exports to the UK have seen significant improvement, with large trade surpluses.
In 2021, two-way trade between the two countries was 6.6 billion USD, up 17.2% from 2020, with a trade surplus of 4.8 billion USD.
In 2022, due to global challenges and economic difficulties in the UK, two-way trade decreased, but Vietnam’s exports to the UK still grew by about 1.9%.
In 2023, while Vietnam’s exports to several markets declined, with some dropping to 30%, exports to the UK still grew by 11%.
Vietnam-UK trade this year was forecast to reach 8.5-8.7 billion USD.
Vietnam and the United Arab Emirates have signed a Comprehensive Economic Partnership Agreement with the aim of increasing bilateral trade to US$10 billion.
The value of trade flows through the Huu Nghi international border gate in the northeastern province of Lang Son surpassed 2.5 billion USD as of the end of October, up 13% year-on-year.
Prime Minister Pham Minh Chinh met with UAE Minister of Economy Abdulla Bin Touq Al Marri in Abu Dhabi on Monday, urging both nations to implement bilateral agreements to achieve a two-way trade target of $10 billion soon.
Nearly 100 Vietnamese exhibitors are promoting Vietnamese agricultural products at SIAL Paris 2024, an international food trade show underway in Paris, France from October 19 to 23.
Vietnam’s import-export value is likely to touch the 800 billion USD mark by year-end, far exceeding a record of 732 billion USD seen in 2022, economic expert Dinh Trong Thinh has said.
Vietnam is participating in the Hong Kong Electronics Fair and International Exhibition on Electronic Components and Production Technology at the Hong Kong (China) Convention and Exhibition Centre.
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