Strong boost for Vietnam's coffee exports to UK

Coffee is among 13 key farm export products of Vietnam as it contributes up to 3 percent of the nation's GDP and creates jobs and sustainable incomes for over 600,000 rural households.

In the first four months of 2022, the nation earned $50.3 million from exporting coffee to the UK, up 145.84 percent in volume and 196.67 percent in value compared to the same period in 2021.  

The UKVFTA creates a comprehensive, long-term and stable economic-trade cooperation framework between the two countries, thus contributing to deepening their multifaceted cooperation, especially when the two sides just extended the maintenance of bilateral relations at the strategic partnership level.

Thanks to the UKVFTA, interests in the bilateral trade ties within the EVFTA are maintained. The agreement begins a new period in the two nations' relationship, particularly in key trade sectors.

At the end of the tariff elimination roadmap, 99 percent of tariffs on goods traded between Vietnam and the UK will be cut.

This means that Vietnam will save about £114 million on exports to the UK, while the figure for the UK will be £36 million.

In 2021, despite the impact of the COVID-19 pandemic, trade between the countries reached $6.6 billion, equaling that of 2019 and increasing by 17 percent annually.

According to the data of the General Department of Vietnam Customs, in the first five months of 2022, Vietnam exported to the UK $2.38 billion worth of goods and spent more than $304 million on products from the market.

Source: VGP