AsemconnectVietnam - Vietnam's exports to the UK encounter challenges amid shifting policies and global conditions. Vietnam and Mongolia sign MoU on sustainable rice trading. Vietnam, Japan promote IT, transformation cooperation.Businesses a motive to develop Vietnam – US ties.

Vietnam's exports to UK encounter challenges amid shifting policies, global conditions
The export of Vietnamese goods to the United Kingdom (UK) is currently facing several challenges, attributed to both unfavourable international conditions and shifts in the UK’s trade and economic policies. Overcoming these hurdles will require increased proactive efforts from domestic businesses and regulatory authorities.
Two years into the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA), bilateral trade between Vietnam and the UK showed positive results. The total trade exchange reached 6.8 billion USD in 2022, up 3.3% growth compared to 2021.
However, due to the global economic downturn and challenges within the UK economy, the import-export volume between Vietnam and the UK has experienced a downward trend in the early months of 2023. Although recent months have witnessed a slight upward trajectory, Vietnam’s customs statistics reveal that the accumulated trade volume for the first eight months of 2023 reached 4.62 billion USD, a marginal 0.9% decrease compared to the same period last year. Vietnam's exports to the UK amounted to nearly 4.1 billion USD, a slight 0.1% decrease, while imports from the UK increased by 6%, reaching 460.1 million USD.
Vietnam, Mongolia sign MoU on sustainable rice trading
Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Mongolian Minister of Food, Agriculture and Light Industry Khayangaa Bolorchuluun signed a memorandum of understanding on sustainable rice trading in Hanoi on November 1, in the presence of President Vo Van Thuong and his Mongolian counterpart Ukhnaagiin Khurelsukh.
The signing took place within the framework of the Vietnam visit by President Khurelsukh and his spouse, said the Vietnamese Ministry of Industry and Trade (MoIT), noting the MoU is set to establish a comprehensive cooperation mechanism to ensure food supply and stabilise the rice market in both countries.
The document is significant to implementing tasks set out by the Prime Minister to promote and diversify Vietnam's rice export markets, while contributing to consolidating and promoting the bilateral trade relations, the ministry added.
Under the MoU, the Mongolian ministry will estimate the country’s rice import demand for the following year. On that basis, the MoIT will support connections with the private sector to export rice according to Mongolia's needs.
Vietnam, Japan promote IT, transformation cooperation
Vietnam is the second largest partner and is prioritised by Japan in the field of information technology, therefore opening opportunity for cooperation between the two countries in IT human resources, said Nguyen Thanh Tuyen, Deputy Director of the Ministry of Information and Communication (MIC)’s Information Technology Department. He made the statement at Japan ICT Day 2023 which ended in Hanoi on November 1. The two-day event featured workshops and business-matching events, aiming to further promote collaboration between Vietnam and Japan in the fields of IT and digital transformation.
There are currently more than 10 Vietnamese technology enterprises cooperating with Japan, attracting about 1,000 labourers. About 500 Vietnamese enterprises have been providing IT services for Japanese partners.
Businesses a motive to develop Vietnam – US ties: Deputy PM
The ties binding Vietnam and the US will be further strengthened as both sides hold huge potential for economic, trade and investment collaboration following the upgrade of the bilateral relations to a Comprehensive Strategic Partnership in September, Deputy Prime Minister Tran Luu Quang said on October 31.
Attending the US – Vietnam Business Summit 2023 in Hanoi, Quang laid a stress on the quantum leap in the bilateral ties with 10 cooperation pillars, and expressed his wish that businesses from both sides will boost economic-trade cooperation, enhance the trade of products of each other strengths, support each other to engage in the new value chain, and strive to raise the two-way trade revenue to 200 billion USD in the coming time.
With the hope that the US will enter the list of the top 10 largest investors in Vietnam, Quang recommended US businesses branch out larger-scale projects, helping Vietnam get access to investment sources as well as green and sustainable financial funds.
T.Huong
Source: Vitic/VNA