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BUSINESS REPORT

Added requirements

Vietnam’s booming exports to the UK will face new environmental
regulations and other issues from this year onwards.
By VU KHUE

ccording to the Ministry of Industry the UK exceeded $6.34 billion, 4.6 per significant increases, including rubber (by
and Trade (MoIT), under the UK- cent higher than in 2022. This was con- over 1,804 per cent), sports equipment and
A Vietnam Free Trade Agreement sidered relatively positive, especially when toys (267 per cent), coffee (218.5 per cent),
(UKVFTA), which officially came into compared to the average decline of 4.7 machinery and equipment (215 per cent),
effect on May 1, 2021, many Vietnamese per cent recorded in Vietnam’s exports to steel products (160.9 per cent), raw materials
exports, such as coffee, fruit, bags, suit- European countries last year. for textiles (159.4 per cent), ceramics (148.9
cases, shoes, textiles, and seafood, are According to preliminary data from the per cent), electrical appliances and wiring
subject to exemptions on import tariffs General Department of Vietnam Customs, (102.3 per cent), and confectionery and
or will receive immediate or gradual total two-way trade in January stood at food products (90.6 per cent).
quotas from UK authorities. over $830 million, up 53.7 per cent compared Imports of goods from the UK to Viet-
to the same period of 2023. Vietnam nam, meanwhile, amounted to some $49.6
Access to the UK recorded a trade surplus of nearly $730.9 million, an increase of 14.5 per cent com-
Total two-way trade between Vietnam million for the month, a year-on-year rise pared to January 2023. Notable rises were
and the UK reached over $7.14 billion in of 61 per cent. The value of Vietnamese posted in computers, electronic products,
2023, an increase of 4.5 per cent compared exports to the UK in the opening month of and components (by 1,522.7 per cent),
to 2022. Vietnam posted a trade surplus of 2024 reached almost $780.5 million, or 57.2 iron and steel products (222.2 per cent),
more than $5.54 billion, up 4.9 per cent. per cent higher than in January 2023. fabric, garments, leather, and footwear
The value of Vietnamese exports to All goods exported from Vietnam saw (45.7 per cent), machinery, equipment,

32 Vietnam Economic Times May 1, 2024 en.vneconomy.vn