Vietnam accelerates trade promotion in the UK
Vietnam has been accelerating trade promotion in the United Kingdom – the world's fifth-largest economy with US$700 billion worth of import demand per year in the context of Vietnamese goods having more competitors.
Lately, in September, the Vietnamese Trade Office in the UK supported five Vietnamese businesses to introduce food and beverage products at the Specialty and Fine Food Fair 2023 in London.
During the fair, these firms advertised specialties from three regions such as Phu Tho green tea, San Tuyet tea, cinnamon, anise, Shiitake mushrooms, Seng Cu and Ong Cua ST25 rice, dried-toasted coconut rice, and frozen seafood.
They were also assisted by the Ministry of Industry and Trade (MoIT)'s Vietnam Trade Promotion Agency and the Vietnam Trade Office in the UK in exploring new business opportunities in the market and finding new trade partners.
Since 2021, the MoIT has coordinated with other parties to better introduce Vietnam's major commodities such as pepper, cashew, and coconut besides other goods with geographical indication certification such as Tan Cuong tea, Thanh Ha litchi, and Binh Thuan dragon fruit to businesses and customers in international markets, including those in the UK.
Ta Hoang Lan, deputy head of the Trade Promotion Capacity Development Department under the Vietnam Trade Promotion Agency, said that her agency would increase promotion activities in the UK to seek trade cooperation opportunities, provide market information to enterprises, and connect businesses between the two sides.
Promotions would also be enhanced for developing national brands and brands of products of Vietnam’s strength, she said.
Meanwhile, to support businesses in promoting trade and effectively exploiting the UK-Vietnam Free Trade Agreement (UKVFTA), the Vietnam Trade Office in the UK has been building networks with the British business community and Vietnamese businesses in the UK so that it could introduce partners for Vietnamese businesses.
The office has been finding out and providing Vietnamese businesses with updated information on product quality standards and import regulations into the UK.
Bilateral trade between Vietnam and the UK reached US$6.8 billion in 2022. Of which, Vietnam's exports to the market hit US$6.1 billion while its imports topped US$700 million.
Over the past eight months of 2023, two-way trade fetched US$4.62 billion with nearly US$4.1 billion from Vietnamese exports.
Vietnam ranked 23rd among the largest exporters to the UK in the past three years since UKVFTA took effect. Typically, Vietnamese exports of industrial goods excluding iron, steel, and metals to the market accounted for over 40 per cent of its total turnover.
