Vietnam-UK Trade Reduces by 18 per cent in 2005
Vietnam-UK trade turnover in 2005 was severely reduced by 18.12 per cent on-year standing at US$1.2 billion, said the Ministry of Trade recently.
Of the figure, Vietnam exported US$1 billion and imported merely US$200 million.
Economic experts said although the Southeast Asian country continues to enjoy access to the Generalized System of Preferences (GSP) regulations of the EU, including the UK, it faced fierce competition in low-cost goods from neighboring giant China in the UK market.
Besides, the EU is threatening to impose a high-tax on footwear products from Vietnam and it has already imposed an anti-dumping tax on bicycles from Vietnam ranging from 16.8-34.5 per cent.
Vietnam established diplomatic relation with the UK in September 1973.
Recent years the UK annually provides Vietnam with almost US$100 million in non-refundable aid, making it one of the biggest providers of non-refundable aid to the country. The two-way trade between the two countries reached US$1.2 billion in 2003.
The UK is also one of the largest European investors in Vietnam with total investment capital of US$2.2 billion.
Vietnam Economic Times, MoFA
Vietnamese
