Vietnam-UK Trade Deal to Officially Take Effect from May

10:36:33 AM | 31/3/2021

Vietnam will announce to the UK side its ratification of the UK-Vietnam Free Trade Agreement (UKVFTA) this month, so the deal can officially come into force from May 1.

According to the European-American Market Department under the Ministry of Industry and Trade (MoIT), the ministry has promptly and closely coordinated with the UK in the signing and completion of necessary procedures in order to put the pact in place as soon as possible.

The Vietnamese Government’s recent adoption of a resolution ratifying the UKVFTA will see the deal, which temporarily took effect from January 1, become officially effective.

Figures released by the General Department of Vietnam Customs show that in the first two months of this year, trade between Vietnam and the UK reached over US$1.02 billion, up 20.05% year-on-year.

The figure reflects the momentum created by the UKVFTA to recover bilateral trade.

Economic and trade cooperation will continue to be a bright spot in the relationship between the two sides, given the UK has rolled out mass COVID-19 vaccinations and has a positive economic outlook according to international institutions.

After Vietnam and the UK signed the UKVFTA in London on December 29, 2020, the two sides completed domestic procedures to temporarily put the pact in place from January 1 (Vietnamese time).

The MoIT will continue to coordinate with other relevant ministries and agencies to complete an implementation plan to bring into full play the opportunities generated by the agreement.

Source: NDO/VNA