VIETNAM-UK issued a joint statement on the conclusion

of the UKVFTA agreement negotiation

According to some online news, in the afternoon of December 11, 2020, Minister

of Industry and Trade Tran Tuan Anh and UK Minister of International Trade Liz

Truss signed a Memorandum of Understanding on the conclusion of the Free

Trade Agreement (FTA) Vietnam – UK (UKVFTA).

After 6 official working sessions, and many technical sessions, the two sides have

officially come to the conclusion of the negotiations on the Vietnam - UK Free

Trade Agreement. This will be an important step for the two countries to come to

formally sign this Agreement in the coming time.

The UKVFTA Agreement is expected to continue the driving force of the two sides’

trade and investment relations in the coming years. The biggest opportunities and

benefits created from this Agreement are promoting exportation key products of

Vietnam. The export industries that benefit greatly from the UKVFTA are seafood,

rice, textiles, wood, vegetables, leather and footwear ... Accordingly, 99% import

and export duties between the two countries will be eliminated after the tariff

reduction schedule is completed.

Expected UKVFTA agreement will take effect 01/01/2021.