As soon as the UKVFTA took effect on May 1, 2021, the UK removed more than 85% of tariff lines on Vietnamese goods.

Nguyen Khanh Ngoc, Deputy Director of the Europe and America Department of the Ministry of Industry and Trade, said the agreement plus the UK's policy on transition to a green and sustainable economy, will open up great opportunities for Vietnamese businesses.

“The UK has strengths in technology and renewable energy, and is interested in investing in Vietnam. Its increased investment means that the import of Vietnamese goods will likely increase. But Vietnamese businesses will need to meet the requirements for goods and the environment set by the British market,” said Ngoc.

The UK is currently the 15th largest of 141 countries and territories invested in Vietnam, with a focus on renewable energy, finance, banking, and petroleum.