According to preliminary statistics from General Department of Customs, in the first 6 months of 2024, total trade turnover between Vietnam and UK reached more than 3.9 billion USD, an increase of 21.7% over the same period in 2023. Of which, Vietnam had a trade surplus of more than 3.2 billion USD, an increase of 28.5% over the same period in 2023.
Vietnam's export turnover to UK market in June 2024 reached 573.3 million USD, an increase of 10.7% over the previous month. In the first 6 months of 2024, it reached 3.5 billion USD, an increase of 24.6% over the same period last year.
The leading export item in the first 6 months of 2024 was the group of phones of all kinds and components, reaching more than 638.4 million USD, accounting for 17.8% of the export proportion. Next was a group of other machinery, equipment, tools and spare parts, reaching 606.9 million USD, up 44.7%, accounting for 16.9% of the export proportion. Next was footwear of all kinds reaching 479.8 million USD, up 27.7%, accounting for 13.4% of export proportion. In the first 6 months of 2024, some items had a fairly high export turnover compared to previous year: Computers, electronic products and components increased by 142.6%; rubber increased by 110%; electric wires and cables increased by 67.9%.; machinery, equipment and tools increased by 44.8%, vegetables and fruits increased by 55.5%; textile, garment, leather and footwear materials increased by 30.7%; footwear of all kinds increased by 27.8%...
Export items with the largest proportion of turnover are: All kinds of phones and components; machinery, equipment, spare parts; footwear of all kinds; textiles, garments; computers, electronic products and components...
According to assessment of Vietnam Trade Office in UK and Northern Ireland, UK market has many opportunities for Vietnam's exports, first of all, preferential tariff basis under Vietnam - UK Free Trade Agreement (UKVFTA) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Vietnamese enterprises will have opportunity to increase exports of following items: rubber, electric wires and cables; phones and components of all kinds, coffee, confectionery, cereals, ceramics, vegetables, food, leather shoes, garments, seafood, wooden products, rice... to UK. Recently, UK has tended to increase demand for importing these items.
In addition, UK market is quite large with about 68 million people, the diverse needs of Asian community of more than 5.5 million people are also favorable conditions for Vietnamese goods, including wooden furniture, to increase exports to this market.
In order to take advantage of opportunities brought by the Vietnam-UK Free Trade Agreement (UKVFTA) more effectively, Vietnamese enterprises need to ensure that their products and production processes meet UK standards.

Source: Vitic/ congthuong.vn