UKVFTA opens up opportunities for steel, mechanical firms
Vietnamese exporters in the steel and mechanic sectors expect to get easier access to the UK market following the signing of the UK-Vietnam Free Trade Agreement (UKVFTA) last month.
According to the Vietnamese Ministry of Industry and Trade, the UK is Vietnam’s third largest trade partner in Europe.
Vietnam’s major exports to the UK include phones and component, garments-textiles, footwear, seafood, wood and timber products, computers and components, cashew nuts, coffee, and pepper.
Previously, Vietnamese steel products had been mainly shipped to Southeast Asian nations, the US and China, the Vietnam Steel Association (VSA) said, noting that there is ample room for those products to enter the UK market.
However, it is not easy to boost steel exports to the country right in 2021 as the UK is a demanding market in terms of standards and incentives. In addition, steel is not Vietnam’s strength.
Notably, the complex developments of the COVID-19 pandemic in the UK and Europe have hindered the exchange of goods in general and steel products in particular.
