31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam, UK eye trade deal signing by year-end
Nguyen Tung - Tu Anh 14:14, 2020/12/04
Such a deal would ensure a more comprehensive bilateral cooperation in various spheres, especially economy and trade, stated the Spokesperson of Vietnam’s Ministry of Foreign Affairs Le Thi Thu Hang.

Vietnam and the UK are accelerating negotiations on a free trade agreement (FTA), with a view to signing the deal by year-end, according to Spokesperson of the Ministry of Foreign Affairs Le Thi Thu Hang.

 Spokesperson of the Ministry of Foreign Affairs Le Thi Thu Hang. Photo: VNA. 

“Such a deal would ensure a more comprehensive bilateral cooperation in various spheres, especially economy and trade,” said Mrs. Hang at a press conference on December 3.

The spokesperson stated that Vietnam will give top priority to cooperative relations with the UK, especially as this year marks 10th anniversary of the UK – Vietnam strategic partnership.

UK Foreign Secretary Dominic Raab previously visited Vietnam from September 29  - 30 with the trade deal at the top of the agenda.

Though the EU–Vietnam Free Trade Agreement (EVFTA) came into effect in August, the UK will, however, not be part of the deal as the transition period for its departure from the EU is coming to an end.

Without a new bilateral trade deal with Vietnam, imports from the UK would face higher tariffs from January 2021.

Vietnam is also hopeful of such an FTA with the UK as Covid-19 weighs on its export-driven economy. For this year, the country is aiming for economic growth of 2.5 – 3%, significantly lower than the previous forecast of 5% in May before a resurgence of the virus in July.

In 2019, bilateral trade turnover stood at US$6.6 billion while British investment in Vietnam reached US$3.7 billion.

RELATED NEWS
TAG: Vietnam UK EVFTA trade deal strategic partnership MOFA trade economy
Other news
13:17, 2022/17/06
Vietnam’s economy stands firm in rapid recovery path: AMRO
The country’s economy is predicted to be among the fastest-growing in the region.
20:12, 2022/12/05
Macro stability considered key for Vietnam’s growth in remaining months: Gov’t
Stability is essential for Vietnam to mantain growth amid growing global uncertainties.
13:17, 2022/17/04
Solid macroeconomic fundamentals shield Vietnam from external shocks: IMF
The IMF forecasts Vietnam’s GDP growth in 2022 at 7-7.5%, and inflation below the 4% target set by the Government, lower than the global and regional average.
15:06, 2022/06/03
Hanoi's GRDP growth surges 9.69% in nine months
Strong economic recovery has sparked bright sentiment among the business community toward the remainder of the year.
18:08, 2022/08/30
Vietnam ensures steady rice supply for Cuba
Rice remains the key product that Vietnam has sometimes offered Cuba for free over the past years while transferring farming techniques to the country of brotherhood.
15:37, 2022/37/30
Trade cooperation: Highlight of Vietnam-EU relations
Vietnam's trade relations with most European markets have experienced positive growth, not only with Germany, the Netherlands and France, but also other markets in northern, central and southern Europe.