The UKVFTA was officially signed in London, the UK on December 29, 2020 and was applied temporarily from January 1, 2021.
Speaking at the ceremony, Deputy FM Dung and UK Ambassador to Vietnam Gareth Ward acknowledged and appreciated the efforts of the two nations' agencies, ministries and sectors in accelerating the early completion of relevant procedures for ratification of the trade pact.
This agreement will help Vietnam maintain preferential trade conditions and economic benefits through market-opening commitments already included in the EU-Vietnam FTA (EVFTA).
Accordingly, the UKVFTA makes it easier for the two countries to further promote their cooperation in financial - banking services and e-commerce. In addition, it also promotes the protection of intellectual property, geographical indication, clean growth, and sustainable development.
In January 2021, the export turnover between Vietnam and the UK totalled over US$657.3 million, up 78.57 percent year-on-year.
According to the agreement’s Article 9, the deal shall enter into force on the first day of the second month after the date of receipt of the Parties' final notice on the completion of internal legal procedures.
With the exchange of official notes confirming the completion of internal procedures of both sides, the UKVFTA will officially take effect from May 1, 2021.