Country: Vietnam
General Overview
Vietnam is one of the world’s fastest-growing economies, with a growing appetite for UK goods and services. This offers many exciting opportunities for exporters: Vietnam is a market with 100 million consumers, a rising middle class and rapid urbanisation. Vietnam continues to broaden its network of international trade agreements, and proactive government reform is helping to open the market to international business.
Major UK exports to Vietnam include pharmaceuticals, machinery and equipment.
Vietnam has established an extensive network of trade agreements with 15 signed FTAs including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the European Union–Vietnam free trade agreement (EVFTA), the Regional Comprehensive Economic Partnership (RCEP) and the UK-Viet Nam free trade agreement which came into effect in January 2021.
Vietnam made ambitious commitments at COP26, pledging to reach net zero by 2050, phase out coal power from the energy mix, and ensure sustainable food security for a rapidly growing population. A young and increasingly tech-literate population are driving innovation across all sectors. This context positions UK expertise in areas including clean growth, tech, and digitalisation as particularly relevant to Vietnam’s growth ambitions.
Further reading from the Department for Business and Trade:
Vietnam presents a compelling opportunity for British companies seeking to expand their operations within the thriving ASEAN market. With a dynamic economy, vibrant cultural landscape, strategic geographical location, and supportive business environment, Vietnam offers a myriad of avenues for British enterprises to explore and capitalize on in the Southeast Asian region.