Over the years, the UK has been a key player in Vietnam’s economic development and has sought to strengthen its trading ties with the country.
The UK-Vietnam Free Trade Agreement (UKVFTA), which took effect in December 2020, has significantly reduced trade barriers.
It provides UK enterprises with preferential access to the Vietnamese market and vice versa. UKFTA eliminates tariffs on a range of goods, making British products more competitive in Vietnam.
- Head of State: President Võ Văn Thưởng
- Capital City: Hanoi
- Total Population: 98,858,950
- Languages: Vietnamese, English, French, Chinese, Khmer
- Religions: Non-religious or folk belief 73.2%, Buddhist 12.2%, Christian 8.3%, Caodaism 4.8%, Hoa Haoism 1.4%, Other 0.1%
- Monetary unit: Dong (VND)
- Natural resources: Phosphates, coal, manganese, rare earth elements, bauxite, chromate, timber, hydropower
- Major exports: Clothes, shoes, electronics, seafood, crude oil, rice, coffee, wooden products, machinery
- Major imports: Machinery and equipment, petroleum products, steel products, raw materials for clothing and shoe industries, electronics, plastics, automobiles
Vietnam’s economy has also experienced remarkable growth, consistently outpacing many of its regional peers. With a young and dynamic population, a burgeoning middle class, and robust economic fundamentals, Vietnam offers a vibrant market for UK businesses.
The country has become a manufacturing powerhouse, attracting foreign investment from various industries, including electronics, textiles, and automotive.
Vietnam’s emergence as a dynamic and open economy has made it a prime destination for international trade and investment. The strong economic partnership between the United Kingdom and Vietnam, further fortified by the UKVFTA, offers British enterprises a competitive edge in this market.
UK enterprises can seize opportunities in this dynamic market, fostering mutually beneficial relationships with Vietnamese partners and contributing to the prosperity of both countries.
The stage is set for a prosperous future of UK-Vietnam trade relations.