AsemconnectVietnam - According to statistics from the General Department of Customs, the export turnover of Vietnamese goods to the UK market in October 2023 reached 534.5 million USD, down 8.6% compared to the previous month.

In the first 10 months of the year, exports reached more than 5.2 billion USD, up 1.3% over the same period last year.
The leading product in export turnover in the first 10 months of 2023 is the group of all kinds of phones and components, reaching more than 1 billion USD, up 21% over the same period last year, accounting for 22.8% of the export turnover. Next is the export of other machinery, equipment, tools and spare parts, reaching 817.9 million USD, an increase of 15% over the year, accounting for 15.6% of the export proportion. Next is the export of footwear of all kinds, reaching 647.2 million USD, an increase of 2.2% year-on-year, accounting for 12.4% of the proportion.
In the first 10 months of 2023, a number of products have increased export turnover compared to the same period last year: Paper and paper products increased by 70.8%; rubber products increased by 65.8%; electric wires and cables increased by 55.4%.
After more than 2 years of implementing the Vietnam - UK Free Trade Agreement (UKVFTA), the British market has seen more positively the image of Vietnamese businesses and Vietnamese products through the amount of goods imported from Vietnam increased sharply.
To be able to take more effective advantage of the opportunities brought by the Vietnam-UK Free Trade Agreement (UKVFTA), Vietnamese businesses need to ensure that their products and production processes meet British standards.
The UK-Vietnam Free Trade Agreement (UKVFTA), taking effect since May 2021, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which the UK joined on July 16, 2023, would be strong drivers to further develop bilateral relations, especially in investment in the future.
As of August 20, 2023, the UK had 542 direct investment projects in Vietnam with registered capital of about 4.29 billion USD, ranking 15th out of 143 countries and territories investing directly in Vietnam.
The processing and manufacturing industry lured the lion's share of UK investment with 117 projects worth 1.59 billion USD, accounting for 38.1% of the total investment capital.
The property sector came next with seven projects, valued at 701.44 million USD or 16.7% of the total. It was followed by the mining sector, wholesale and retail, car and motorbike repair, accommodation and food services, water supply and waste treatment, science and technology, and education.
UK investors poured their investments into 36 localities and offshore areas in Vietnam. Of which, Ho Chi Minh City took the lead with 244 projects with capital totalling over 909 million USD or equivalent to 21.6% of the total UK investment in Vietnam. Offshore areas came next with five projects capitalised at 688 million USD and Dong Nai province with 11 projects valued at 670.8 million USD. Others were Hai Duong, Long An and Binh Duong provinces.
Over the past eight months of 2023, the UK had a total of 34 new investment projects in Vietnam with registered capital reaching 48.3 million USD. Among European countries, the UK is now the second-largest foreign investor in Vietnam, just after the Netherlands.
T.Huong
Source: Vitic/Vinanet