After the Vietnam-EU Free Trade Agreement (EVFTA) comes into effect, the UK’s import tariffs on Vietnamese footwear will be immediately reduced from an average tax rate of 6.7% to zero.
On May 4, according to the Vietnam News Agency in Hanoi:
The Vietnam-UK Free Trade Agreement (UKVFTA) officially comes into effect on May 1, 2021, which will create new impetus for economic and trade cooperation between the two parties.
However, in order for Vietnamese goods to penetrate deeply into the British market, trade experts believe that Vietnamese companies must carefully understand the local culture and learn more about payment methods and distribution channels.
The UKVFTA agreement clearly states that after the agreement takes effect, the import tax on Vietnamese textiles (mainly textile raw materials and their products) will be reduced from the previous 12% to zero. This is a good opportunity for Vietnamese export products to penetrate into the potential UK market.
In addition, footwear products also have great opportunities to enter this market. After the Vietnam-European Union Free Trade Agreement (EVFTA) comes into effect, the UK’s import tariffs on Vietnamese footwear will be immediately reduced from an average tax rate of 6.7% to zero.
At the same time, Vietnam’s fragrant rice varieties are also expected to rapidly expand their share of the British market in the near future.
Meanwhile: CPTPP agreement paves the way for Vietnamese goods to enter the Americas
In “Comprehensive and Progressive” Two years after the Agreement for Trans-Pacific Partnership (CPTPP) came into effect, Vietnam’s exports to CPTPP member countries have surged. At the same time, the CPTPP agreement has become a driving force for Vietnamese products to enter the markets of American countries with huge potential.
Do Sheng Hai, Vice Minister of the Ministry of Industry and Trade of Vietnam, held the “CPTPP-Vietnamese Goods to Europe and America” held by the European and American Market Department on April 27 in a combined online and offline format. Opportunities to open up markets” was stated at the seminar.
In 2020, despite the severe impact of the COVID-19 epidemic, the total import and export volume between Vietnam and the Americas reached nearly 111.5 billion U.S. dollars, an increase of 16% over 2019; among which, the export volume Reaching US$89.7 billion, an increase of 21.7%, accounting for 31.7% of Vietnam’s total exports.
After two years of implementation, Vietnam’s exports to Canada and Mexico, two countries that have ratified the CPTPP agreement, have grown strongly, reaching US$4.4 billion (an increase of 45%) and US$31.7 billion respectively. billion (up 41%).
In addition, Vietnam’s exports to other countries that have not yet ratified the agreement have also grown rapidly. For example, Vietnam’s exports to the Chilean market and Peru have increased by 30% and 21% year-on-year respectively. In the first three months of 2021, Vietnam’s exports to CPTPP member countries in the Americas also maintained good growth momentum. </p
