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The UKVFTA was signed following one of the speediest negotiations on any FTA, in large part due to the strong strategic partnership established by the governments of Vietnam and the UK. The UK is the European country that has maintained the most active and frequent exchanges of high-level delegations with Vietnam, becoming Vietnam’s third-largest European trade partner and one of the top European investors in Vietnam. Trade volumes increased 17 percent in 2021 and a further 11 percent in 2022, with the balance very much in Vietnam’s favor following tariff reductions on many items such as footwear, clothing, and food products.
The recent ministerial-level and business delegation visits by both sides highlight the strength and attraction of Vietnam as a trade and investment destination. Vietnam’s traditional export sectors, such as clothing, footwear, phones and other electronics have clearly benefited from the FTA as reflected in increased trade volumes.
In the agreement’s first year of implementation, UK exports to Vietnam increased 38 percent, from £51.7 million (US$62.6 million) to £71.4 million (US$86.45 million), while imports increased seven percent from £356 million (US$431 million) to £381 million (US$461 million).
The UK’ top exports to Vietnam during that period included gas turbines, liquor and pharmaceutical products, while Vietnam’s top exports were telephones, textiles, footwear, coffee and computers.
The UKVFTA has also had a positive effect on British investment in Vietnam. In addition to traditional sectors, such as financial and professional services and insurance, bilateral ties have been expanded to include investment in technology, digital transformation, climate change response, and green growth. One of the major investments committed by the UK under the FTA is an offshore wind farm project by Enterprize Energy with a phased total investment of more than US$10 billion. British financial institutions are particularly keen to support Vietnam with green financing (for example green bonds), which will be critical in order for Vietnam to meet its commitment to net-zero emissions by 2050.
Overall, British investors and businesses have a positive assessment of Vietnam's business and investment environment, in part due to the strength of the strategic partnership between the two countries. Continued implementation of the UKVFTA is expected to further boost bilateral trade and investment.
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