A training course organised by the Ministry of Industry and Trade to updates FTAs including UKVFTA in Hà Nội on December 2. — VNA/VNS Photo Đức Duy

HCM CITY — The British and Vietnamese governments are collaborating to help companies from their nations seize the opportunities presented by the United Kingdom – Việt Nam Free Trade Agreement (UKVFTA) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) especially the UK officially joins the latter this month.

In the four years since the UKVFTA came into effect, its positive impacts on trade and investment between the Vietnamese and UK business communities have been evident.

While Việt Nam’s trade with many key markets have been declining due to geopolitical tensions and global economic challenges, trade between Việt Nam and the UK remains a bright spot. 

However, though exports to the UK remain on a growth trend, Vietnamese products’ market share in that country remains marginal.

To fully leverage the benefits of these agreements, relevant ministries and agencies of the two nations have been actively supporting the business sector. 

The Ministry of Industry and Trade earlier this week in Hà Nội organised a training course for enterprises, State management agencies and research institutions to help improve their knowledge about trade and free trade agreements including the UKVFTA.

The course also helps participants get up to speed on trends related to economic integration, trade, investment, FTAs and non-tariff barriers, supply chain management,  development of regional and global e-commerce trends, and new commitments in FTAs including the UKVFTA.

At a recent conference, the ministry’s European-American Market Department vowed to step up trade promotion activities to bring Vietnamese products to markets including the UK. 

The department also have intensifying market information dissemination, promotion, training, and support to enhance businesses' awareness on sustainable development, green production, and brand developing.

It also promised efforts would continue to facilitate trade, particularly through existing distribution channels, and introduce Vietnamese products to global distribution networks and major corporations.

A project to foster direct distribution of Vietnamese products to global channels by 2030 will be sustained. 

Through co-operative mechanisms, particularly intergovernmental commissions and joint committees, the European - American Market Department will continue to advocate policies with trading partners to minimise costs and other hurdles for businesses. 

It will strengthen exchanges with countries and partners to clarify regulations, helping Vietnamese businesses better understand their implementation, and provide support and guidance to the business community to adapt quickly and effectively to changes.

On the UK side too, there have been many programmes to support companies in the two nations.

(From left to right) Bristish Deputy Consul General William Lawrenson, British Consul General Alexandra Smith, Deputy Trade Commissioner for Southeast Asia Rhiannon Harries and UK Ambassador to Việt Nam Iain Frew take a picture during the visit of British enterprises in the offshore wind, green hydrogen, and energy storage sectors to Việt Nam. — Photo Courtesy of British Embassy to Việt Nam

In October a green energy trade mission with representatives from 17 British enterprises in supply chains for offshore wind, green hydrogen and energy storage, and led by the UK’s deputy trade commissioner for Southeast Asia, Rhiannon Harries, paid a visit to Việt Nam.

The delegation spent five days in HCM City and Hà Nội to understand the opportunities in Việt Nam and link up with potential partners. 

“Since 2021, the British consulate general has supported 350 new British MSMEs interested in exporting to Việt nam, bringing new products and solutions in food and drink, retail, education, and technology,” Alex Smith, the British consul in HCM City, said.

“I am eager to work closely with Việt Nam to help our MSMEs access the range of support that both countries have agreed upon to boost trade.

“Looking ahead the UK is planning several events to strengthen our business communities' ties.”

The British embassy told Việt Nam News that the UK is planning multiple events to bring the two nations’ business communities together. 

This month, it is organising an event to review the effective regulations of the CPTPP that will have an impact on the UK-Việt Nam trade relations.

In early 2025, there will be a workshop for British businesses to capitalise on the trade opportunities offered by CPTPP in Việt Nam.

In December, it will organise fisheries conferences in the UK.

In March 2025, the UK's Southeast Asia Tech Week to be held in HCM City will bring a delegation of top technology companies to engage with Vietnamese partners and create more opportunities for trade between the rapidly growing digital and technology sectors in both countries. 

To increase exports to the UK, businesses need to thoroughly research market information, experts said.

Obtaining information from various sources such as the British Department for Business and Trade website and the Vietnamese trade ministry’s Free Trade Agreement Information Portal is crucial for businesses to stay informed and competitive in the UK market.

Experts suggest that they focus on enhancing production processes, ensuring traceability and complying with safety standards.

They need to leverage scientific and technological advancements to optimise production cycles and improve competitiveness in global markets. 

Identifying target market segments, conducting market research, and diversifying trade promotion activities are essential strategies for success in the UK’s evolving retail landscape and e-commerce trends. — VNS