Vietnam's garment exports to UK rise to $92.4 mn in August 2022: GDVC
Vietnam has exported garments worth $92.4 million to the UK in August 2022, which is an increase of 88.6 per cent compared to the corresponding month last year and 3 per cent month-on-month, according to data from the General Department of Vietnam Customs (GDVC). The surge in exports can be attributed to the UK-Vietnam Free Trade Agreement (UKVFTA).
Despite being included in the top 10 biggest markets for Vietnam’s garment exports, the UK accounts for less than 2 per cent of Vietnam’s total export value. Lower tariffs enabled by the UKVFTA have made it possible for Vietnam to develop its share in the market.
Around 42.5 per cent of Vietnamese textile and garment exports will be liberalised at entry and some garment goods will have their tariffs removed after six years as per the UKVFTA.
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