Overview of Vietnam-UK Trade Relations

1. Rapid Growth in Trade

Since the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA) in 2021, bilateral trade has grown by an average of 10% annually, significantly higher than Vietnam’s trade growth with the EU.

2. 2024 Trade Data

• Total Trade: US$8.4 billion (+18% YoY).
• Exports from Vietnam: US$7.5 billion (+18.9% YoY).
• Imports from UK: US$881 million (+10.8% YoY).
• Trade Surplus: US$6.6 billion (+21.4% YoY).

3. 2025 Performance (Jan–Sept)

Total trade reached US$6.93 billion (+6.62% YoY). Vietnam maintained a strong trade surplus of nearly US$5.5 billion.

4. Vietnam’s Market Share in the UK Vietnam holds a 0.8% market share in the UK, surpassing other SE Asian countries like Thailand, Singapore, and Malaysia. Key Vietnamese exports include:

• Cashew nuts: ~90% market share
• Pepper: 55.7%
• Footwear: 26.6%
• Coffee & Textiles: 6%–9%

5. Expansion into Services Cooperation has expanded beyond goods into high-value services. Vietnam’s imports of UK services (finance, banking, healthcare, and education) have grown by 10% annually.

6. Future Outlook and Challenges Despite strong growth, Vietnam’s overall market share in the UK is still under 1%. To stay competitive against other nations, Vietnamese officials suggest:

• Developing long-term strategies and market research.
• Improving product quality and production capacity.
• Strictly adhering to the UK’s technical and environmental standards.

***Photo Reference: https://vir.com.vn/vietnam-and-uk-elevate-ties-to-comprehensive-strategic-partnership-139766.html***