UK-VIET NAM FREE TRADE AGREEMENT OFFICIALLY INKED

The United Kingdom-Viet Nam Free Trade Agreement (UKVFTA) was officially inked in London, the UK on December 29.

Earlier on December 11, Minister of Industry and Trade Tran Tuan Anh and UK Secretary of State for International Trade Elizabeth Truss signed the agreed minutes on the conclusion of negotiations over the UKVFTA.

The two countries’ Ambassadors were authorized to ink the deal due to the spreading of the Covid-19 pandemic.

According to the representative of the Ministry of Industry and Trade, the UKVFTA was negotiated based on principles that were inherited from commitments in the EU-Viet Nam Free Trade Agreement (EVFTA) and were amended in accordance with the bilateral trade framework between Viet Nam and the UK.

Currently, the two sides are rushing to complete domestic procedures in accordance with the laws of each party so as to ensure the agreement can be implemented from 23:00 on December 31.

The UK-Viet Nam Free Trade Agreement will create a comprehensive, long-term and stable economic-trade cooperation framework between the two countries, thus contributing to deepening their multifaceted cooperation, especially when the two sides just extended the maintenance of bilateral relations at the strategic partnership level.

Thanks to the UKVFTA, interests in the bilateral trade ties within the EVFTA will be maintained. The agreement begins a new period in the two nations’ relationship, particularly in key trade sectors.

The Agreement not only liberalizes trade, commodity and services but also integrates other crucial factors, such as heading to green growth and sustainable development.

Due to Covid-19 impacts, two-way trade value between Viet Nam and the UK went down 15% in the first 10 months of 2020 falling to US$4.7 billion. Viet Nam’s export to the UK declined by 14.9% to a bit more than US$4.1 billion compared to one year ago.

At the end of the tariff elimination roadmap, 99% of tariffs on goods traded between Viet Nam and the UK will be cut.

This means that Viet Nam will save about £114 million on exports to the UK, while the figure for the UK will be £36 million.

Source: VGP

Related News

MEMBER CORNER / PROMOTIONS

SAFETY IS LIFE – DISCIPLINE IS STRENGTH

At Phuc Vuong, we believe that no project is more important than human life. To us, safety is not just a slogan; it is a vital principle with no exceptions. All these efforts serve one simple goal: to ensure every colleague can work with peace of mind, and every worker returns home safe and sound after every shift. This is our highest commitment and the sustainable foundation that Phuc Vuong always upholds.

Apr 21, 2026

MEMBER CORNER / PROMOTIONS

DOING BUSINESS WITH CHINA 2.0

As China continues to evolve into a global powerhouse in innovation, technology, and advanced manufacturing, understanding how to effectively engage with this market has never been more critical. Doing Business with China 2.0 is a flagship executive programme designed to equip business leaders with practical insights, strategic perspectives, and first-hand exposure to navigate China’s rapidly changing landscape.

Apr 17, 2026

HOSPITALITY / TOURISM / ENTERTAINMENT

VNAT EYES 25 MILLION FOREIGN VISITORS IN 2026

In the first quarter of the year, international arrivals amounted to 6.7 million, up 12.4% from a year earlier and the highest level on record. Domestic travel reached an estimated 37 million trips, with total tourism revenue at around VND267 trillion. Global developments pose risks. Geopolitical tensions in the Middle East have driven up fuel prices, increasing transport and tourism service costs.

Apr 16, 2026

BANKING / FINANCE / INSURANCE / TAX

VIETNAM’S CREDIT TOPS VND19.18 QUADRILLION, FLOWS INTO PRODUCTION SECTORS

Total outstanding loans in Vietnam’s banking system had reached over VND19.18 quadrillion in the year to March 31, up 3.18% against the end of 2025, with lending largely directed toward production and priority sectors, according to the State Bank of Vietnam. Data released at the central bank’s first-quarter press briefing on April 14 showed that several Government-backed lending programs have recorded notable disbursement progress. A credit package for the forestry and fisheries sectors has been expanded sharply, from VND15 trillion to VND185 trillion.

Apr 16, 2026

INFRASTRUCTURE / CONSTRUCTION / LOGISTIC / PORT

VIETNAM GETS US$2.64 BILLION FROM SEAFOOD EXPORTS IN Q1

Vietnam’s seafood sector booked around US$927 million in export revenue in March, bringing the total in the first quarter of this year to US$2.64 billion, showed data from the Vietnam Association of Seafood Exporters and Producers (VASEP). China was the primary export market in Q1. Other markets such as the U.S., Japan and South Korea imported less due to weakened consumer spending and stringent technical barriers.

Apr 16, 2026

INFRASTRUCTURE / CONSTRUCTION / LOGISTIC / PORT

HCMC SET TO START WORK ON SEVEN MAJOR INFRASTRUCTURE PROJECTS

Ho Chi Minh City plans to simultaneously break ground on seven major infrastructure projects worth a combined VND380 trillion on the occasion of Vietnam’s Reunification Day (April 30). The projects are highly expected to unlock public investment and fuel economic growth. To prepare for the simultaneous launch, relevant departments and authorities have worked to streamline administrative procedures while maintaining legal compliance, with the goal of meeting conditions for groundbreaking on the occasion of the national holiday.

Apr 16, 2026