Vietnam-UK trade relations will change

Trade and investment relations between the UK and Vietnam will differ post-Brexit. A number of dialogue forums on policies and markets have been organised by the two countries, helping their businesses gain a clearer and more thorough understanding of the opportunities and challenges to come.

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Vietnam has been the focus of much attention from British investors and businesses, especially given that a free trade agreement is likely to be signed between the two.

British businesses are interested in Vietnam, but the Vietnamese Embassy in the UK has heard from many Vietnamese businesses looking to expand or export to the UK.

Vietnamese companies exporting to the UK can access incentives under the Generalized System of Preferences and the EU-Vietnam Free Trade Agreement (EVFTA). However, incentives after December 31, 2020 (after Brexit) will depend on the results of free trade agreement negotiations between the two countries.

Vietnam is an important trading partner of the UK in Southeast Asia. The EVFTA, effective from August 1, 2020, will apply to trade between Vietnam and the UK until the end of this year, when the UK ends the Brexit transition period.

The two governments hope to have a free trade agreement from 2021 with zero or very low tariffs on most products./.

VNA