After 2 years of being affected by the Covid-19 epidemic, In 2021 bilateral trade between Vietnam and the UK has recovered to nearly 6.00%.,6 billion USD; in there, Vietnam exports more than 5,7 billion USD, increased 16,4% compared to 2020. Product groups with high growth turnover include vegetables, results increased by 67%, Coffee increased by 17%, pepper increased by 49%, rattan products, three, sedge, carpets increased by 56%, Raw iron and steel increased by 1,269%, Steel products increased by 100%, toys and sports equipment increased by 19%.After the Joint Declaration between the two countries, December 29, 2020,

Vietnam Free Trade Agreement – United Kingdom (UKVFTA) signed in London, United Kingdom and officially takes effect from May 1, 2021. The UKVFTA Agreement gives Vietnam the opportunity to cooperate with the UK in construction cooperation, supplying in many important fields such as industry, energy. UK is a strong country, pharmaceutical capacity, high-tech industries (renewable energy technology, wind power, solar power), save energy. Vietnamese businesses have great opportunities for cooperation, attract investment, Technology transfer from UK. Simultaneously, Vietnamese businesses can participate in the industry supply chain, UK energy, as well as exporting industrial products to the UK to take advantage of UKVFTA.

With commitments from the UKVFTA Agreement, UK and Vietnamese exporters both benefit. Currently, 85,6% of tariff lines are eliminated for Vietnamese goods exported to the UK. By 2027, This number will increase to 99,2%, equivalent to 99,7% of Vietnam's export turnover goes to the UK.

In June 2022, Export turnover of Vietnamese goods to the UK market reached 536,3 million USD, increase 20,4% compared to the previous month. Total for the first 6 months of 2022, Exports to this market reached 2,91 billion USD, increase 1,1% over the same period in 2021. Leading the export turnover in the first 6 months of the year to the UK is the group of all kinds of phones and components reaching 492,8 million USD, decrease 26,8% (compared to the same period in 2021), accounts for 16,9% of total export turnover. Next is textile products, in the first 6 months of 2022 reached 378,3 million USD, increased by 39%, accounts for 12,9%. Next is footwear of all kinds reaching 357,2 million USD, increase 10,9%, accounts for 12,2%. Other products with good growth rates include:: Coffee increased by 138,8%; confectionery and grain products increased by 31,5%; pepper increased by 26,7%; electrical wires and cables increased by 98,9%.

According to the latest data from the General Department of Customs, The first 7 months of 2022, Vietnam - UK import-export turnover reached more than 3,9 billion USD, slight increase 1,5% over the same period last year. In there, Vietnam's trade surplus is more than 3 billion USD.

Only July 2022, The total export value to the UK reached more than 569 million USD. In there, machines, device, Other tools and spare parts account for the largest proportion with 20,14%, Right behind are phones of all types and components, accounting for 19th place,3%.

Vietnam's agricultural, forestry and fishery products have an advantage when exporting to the UK thanks to benefits from the UKVFTA Agreement with 94% of the total 547 tax lines of agricultural products enjoying 0% tax incentives., according to the Department of International Cooperation (Ministry of Agriculture and Rural Development).

5 items with the highest export value to the UK in July 2022
(Data from the General Department of Customs)

In the opposite direction, The total import value from the UK reached more than 61 million USD in last July. Making up the majority are other types of goods with a value of 17,8 million USD and machinery, device, tool, Other spare parts approximately 16,3 million USD.