Boosting Vietnam-UK trade

Impressive foreign trade growth

According to statistics from the Customs Department ( Ministry of Finance ), bilateral trade between Vietnam and the United Kingdom in 2024 reached over US$8.4 billion, an 18% increase compared to 2023. Notably, thanks to the preferential tariffs under the UKVFTA, which came into effect in 2021, Vietnam's exports to the UK reached a record high of over US$7.5 billion, an 18.9% increase; imports reached US$881.1 million, a 10.8% increase; and the trade surplus exceeded US$6.6 billion, a 21.4% increase.

"Vietnam's trade growth with the UK market in 2024 is higher than the average trade growth with the EU region (16.8%), European countries (17.2%), and the world (15.4%)," assessed the Multilateral Trade Policy Department ( Ministry of Industry and Trade ).

Vietnam's trade recovery with the United Kingdom is due to the acceleration of several key export groups with high turnover, such as machinery and equipment, spare parts, computers and electronic products, footwear, and textiles. Conversely, the growth of UK exports to Vietnam focuses on goods with high scientific and technological content, as well as high-quality raw materials, such as machinery, automobiles, basic chemicals, medical products, and pharmaceuticals.

Vietnam-UK trade relations continued to record positive growth in the first nine months of 2025, with total import and export turnover reaching US$6.93 billion, an increase of 6.62% compared to the same period in 2024. Of this, exports to the UK reached US$6.22 billion, an increase of 9.84%; imports from the UK reached US$715.3 million, an increase of 20.41%; resulting in a trade surplus of nearly US$5.5 billion.

The entry into force of the UKVFTA at the beginning of 2021 has contributed to boosting trade between Vietnam and the United Kingdom, despite the severe impact of the pandemic and global economic and political instability during that period. The United Kingdom is currently Vietnam's third largest export market in Europe.

Since Vietnam and the United Kingdom declared an upgraded strategic partnership in 2010, trade between the two countries has more than tripled. In 2010, bilateral merchandise trade reached over US$2 billion. In 2021 – the year the UKVFTA commenced – merchandise trade between Vietnam and the UK reached US$6.6 billion, a 17.2% increase compared to 2020.

In 2022, due to the general difficulties of the world and the UK economy, bilateral trade decreased, but Vietnam's exports to the UK still increased by about 1.9%, with some of Vietnam's key export sectors maintaining double-digit growth.

According to Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, trade and investment relations between Vietnam and the United Kingdom have seen remarkable development and strong cooperation in all aspects. In terms of trade, the two countries have had the UKVFTA in effect for over four years, and most recently, the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) agreement, with the UK becoming its 12th member.

Positive outlook

The UK's economic and trade policies for 2025 and beyond will foster deeper trade, investment, and diplomatic relations with Vietnam, particularly through the UKVFTA. Furthermore, the CPTPP officially came into effect with the UK on December 15, 2024, creating additional opportunities for Vietnamese goods.

The British Ambassador to Vietnam, Mr. Iain Frew, affirmed that the relationship between the two countries has developed both in breadth and depth. In particular, trade cooperation is a crucial pillar in the bilateral relationship.

With the two new-generation FTAs, UKVFTA and CPTPP, currently in effect, the Ministry of Industry and Trade assesses that Vietnamese businesses have ample room to exploit the market, aiming for export turnover to the UK to soon reach the $10 billion mark. According to the tariff reduction roadmap of these two FTAs, Vietnamese goods are gradually gaining a significant advantage over similar products from other countries that do not yet have FTAs with the UK, such as China, India, Pakistan, Thailand, Malaysia, Indonesia, or some South American countries.

Source: https://baodautu.vn/luc-day-thuong-mai-viet-nam---vuong-quoc-anh-d424357.html