UKVFTA gives boost to Vietnam’s coffee exports to UK
The Vietnam - UK Free Trade Agreement (UKVFTA) has substantially assisted Vietnam’s coffee sector to expand its market share in the UK, according to the Foreign Trade Agency under the Ministry of Industry and Trade (MoIT).
Vietnam exports 34,680 tonnes of coffee worth 70.68 million USD to the UK in the first eight months of 2022. (Photo: VNA)
Hanoi (VNA) – The Vietnam- UK Free Trade Agreement (UKVFTA) has substantially assisted Vietnam’s coffeesector to expand its market share in the UK, according to the Foreign TradeAgency under the Ministry of Industry and Trade (MoIT).
Under the UKVFTA, import duties willbe eliminated for 99.2% of the tariff lines, equivalent to 99.7% of Vietnam’sexport revenue, after six years since the deal took effect.
Therefore, businesses should quicklymove to seize opportunities brought about by the agreement, which officially cameinto force on May 1, 2021, the agency recommended.
Experts saidto increase Vietnamese goods’ presence in the UK, businesses should alignproduction with British quality standards, grasp export procedures, andcontinue improving product quality by upgrading preservation and transportationtechnology, especially for farm produce.
Firms were also suggested to pay moreattention to registering and protecting brands in the UK while proactivelyseeking partnerships with major distributors in the market.
Vietnam shipped 34,680 tonnes ofcoffee worth 70.68 million USD to the UK in the first eight months of 2022, up57.9% in volume and 84.2% in value from a year earlier. Export prices also rose16.6% to 2,038 USD per tonne, according to the MoIT.
The share of Vietnamese coffee in theUK’s total imports surged to 29.92% in the first half of 2022 from 16.33% inthe same period last year./.
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Vietnam's coffee has been shipped to more than 80 countries and territories, making the country the second biggest exporter in the world, with a market share of 14.2%.
Vietnam hopes to boost its exports of computers, electronic products and components to the UK in the near future after it has gained success in shipping this group of goods to many other overseas markets.
The UK-Vietnam Free Trade Agreement (UKVFTA) has had a clear impact on trade exchanges between Vietnam and the UK, particularly in the field of agriculture, since it officially took effect on May 1, 2021.
Vietnamese businesses must stay vigilant and do their homework to avoid trade and legal disputes in exporting to the UK to take full advantage of the UK-Vietnam Free Trade Agreement (UKVFTA), which officially went into effect last May, said industry experts and policymakers.
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Vietnam exports 34,680 tonnes of coffee worth 70.68 million USD to the UK in the first eight months of 2022. (Photo: VNA) 
