Although the UK-Vietnam Free Trade Agreement (UKVFTA) inherits basic contents from the EU-Vietnam FTA (EVFTA), there remain differences between the two deals, said Vietnamese Trade Counsellor in the UK Nguyen Canh Cuong.
Vietnamese Ambassador to the UK Tran Ngoc An and UK Ambassador to Vietnam Gareth Edward Ward sign UKVFTA (Source: VNA)
Hanoi (VNA) – Although the UK-Vietnam Free Trade Agreement(UKVFTA) inherits basic contents from the EU-Vietnam FTA (EVFTA), there remaindifferences between the two deals, said Vietnamese Trade Counsellor in the UKNguyen Canh Cuong.
Cuong, who participated in negotiation processes of the twoagreements, said that commitments to reducing import taxes following theroadmap in the EVFTA and UKVFTA are the same.
However, the UK’s commitments to tariff exemption underquotas on 12 Vietnamese agricultural products are different from those of theEU.
Vietnamese negotiators made efforts and reached tariff quotasfor fragrant rice, which are expected to help Vietnamese rice have acompetitive advantage and expand the market share in the UK.
In addition, Vietnam’s commitment to opening the servicemarket for British businesses is not as similar as in EVFTA because UKenterprises’ strength and demand to access the Vietnamese market is not thesame as that of EU enterprises.
Cuong said that the UKVFTA is a significant gift that thetwo governments present to the business communities amid the challenging winter.
The deal not only helps remove tariff and non-tariffbarriers for two-way trade, but also is the Governments’ guarantee makingbusinesses secured in selecting markets and partners for strategic investment,production and distribution plans.
The agreement will contribute to developing and modernisingthe economy, creating more jobs, increasing labourers’ incomes, and promotingsocial progress and environmental protection, he stated.
To take advantage of opportunities brought by the agreement,Vietnamese enterprises should speed up digital transformation, the applicationof advanced technology, and learn about the UK’s laws and business methods./.
The UK-Vietnam Free Trade Agreement (UKVFTA), expected to come into force in the beginning of 2021, is promising several export opportunities to the European market for Vietnamese garment-textile and footwear enterprises.
Representatives from Vietnam and the United Kingdom signed a free trade agreement between the two countries in London on December 29 evening (Vietnam time).
“I am hugely excited that the two ambassadors are finalising this trade agreement by signing it today (December 29), cementing our historic ties and ushering in a bright future. I can’t wait to visit again”, Heather Wheeler, MP and Prime Minister’s Trade Envoy for Cambodia, Laos, Vietnam said in an interview with Vietnam News Agency correspondents.
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Vietnamese Ambassador to the UK Tran Ngoc An and UK Ambassador to Vietnam Gareth Edward Ward sign UKVFTA (Source: VNA) 
