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VietNamNews

Viet Nam boosts trade with UK

Update: October, 05/2013 - 10:39
Viet Nam exported over US$2.47 billion worth of goods to the UK in the first eight months of 2013, up 34 per cent year-on-year.— Photo vinatex

HA NOI (VNS)  — Viet Nam exported over US$2.47 billion worth of goods to the UK in the first eight months of 2013, up 34 per cent year-on-year.

In August alone, exports to the market hit $384.3 million, according to statistics from the General Department of Customs.

During the reviewed period, telephones and components experienced the highest turnover of $871.3 million, accounting for 30 per cent of Viet Nam's total export turnover to the UK.

They were followed by footwear at $358.5 million, marking a yearly rise of 8 per cent, and textiles and garments at $307.8 million, up 3 per cent.

UK launches HCMC business chamber

HCM CITY — The UK Government has announced the launch of a business chamber in HCM City and introduction of a priority visa service for business, investor, and work applicants.

The business chamber is meant to make official the existing British Business Group Viet Nam and offer more support for British businesses in Viet Nam, Douglas Barnes, the UK consulate in the city, said.

Viet Nam is one of 20 countries with whom Britain wants to intensify trade and investment, he said.

Lord Puttnam of Queensgate, the British trade envoy to Viet Nam, Laos, and Cambodia, said: "The UK is open for business and the British Government is working to ensure we have the right services to encourage growth and support those who we want to attract to the UK." — VNS

Despite ranking seventh in terms of value, transport means and components posted the strongest growth of 160 per cent.

Other items that recorded encouraging turnover growth including wood and wooden products, coffee, computers, electronics, seafood and pottery.

Viet Nam earned a total of $3.9 billion from exports to the UK in 2012, up 44.3 per cent from 2011.

Nguyen Thi Hong Thuy from the UK and Northern Ireland Trade Office at the Vietnamese Embassy said that poor language skills and a lack of knowledge about trade, laws, culture and international business customs were the major obstacles for Vietnamese exporters.

In order to expand trade relations sustainably, she urged Vietnamese businesses to focus on improving awareness in these areas, while intensifying trade promotion activities.

Experts have branded the UK a demanding market as its consumers were conscious of health and environmental issues.

They added that Vietnamese businesses would make higher profits if they could meet the UK's strict standards. — VNS

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