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Vietnam earned US$6.34 billion from exports to the UK last year, representing a notable increase of 4.6% year on year, despite the unfavourable impact of the recent global economic slowdown and high inflation.
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<h2 style="text-align:justify">VOV.VN - Vietnam earned US$6.34 billion from exports to the UK last year, representing a notable increase of 4.6% year on year, despite the unfavourable impact of the recent global economic slowdown and high inflation.</h2> <p style="text-align:justify"><img alt="vietnamese exports to uk surge by 4.6 despite global economic fallout picture 1" src="https://media-vov.emitech.vn/sites/default/files/styles/large/public/2024-01/trien-vong-ukvfta.jpg" title="vietnamese exports to uk surge by 4.6 despite global economic fallout picture 1" /></p> <p style="text-align:justify">The General Department of Customs reported that in December 2023, alone the export turnover of local goods heading to the UK market amounted to US$542.3 million.</p> <p style="text-align:justify">These figures showed that three years into the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA), trade between both sides has recorded positive results.</p> <p style="text-align:justify">The leading export items were phones and components that brought in more than US$1.31 billion, marking an increase of 15.9% compared to 2022 and accounting for 20.7% of all Vietnamese goods exported to this market.</p> <p style="text-align:justify">They were followed by machinery, equipment, tools and spare parts which fetched US$1.03 billion, up 21% year on year, and footwear valued at US$795.1 million, up 3.9% year on year.</p> <p style="text-align:justify">The UKFTA was put into effect in 2021, giving Vietnamese products a tariff advantage over other products.</p> <p style="text-align:justify">Vietnamese firms were duly advised to quickly seize upon the trade opportunity to expand their commercial presence in the UK.</p>
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