The UK's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with strong support from Vietnam marks a historical milestone for the UK, stated British Ambassador to Vietnam Iain Frew.

This strategic decision demonstrates the UK's strong commitment to integration and market opening, he remarked at the conference “The United Kingdom Joins CPTPP - Significance for Businesses” held on February 19.

With CPTPP, many Vietnamese goods exported to the UK will be exempt from or have reduced tariffs, greatly contributing to the promotion of bilateral trade between the two countries.

In 2024, trade between Vietnam and the UK reached $8.4 billion, an increase of 18% compared to 2023. The UK is currently Vietnam's third-largest export market in Europe.

However, there is still significant potential for cooperation. Trade with the UK accounts for only about 6.8% of Vietnam's total import and export turnover, while Vietnam represents just 0.4% of the UK's total import turnover with partners. This indicates many opportunities for businesses in both countries to invest in each other's markets 

Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized that the CPTPP, along with the UK-Vietnam Free Trade Agreement (UKVFTA), provides strong impetus for promoting economic and trade relations between Vietnam and the UK.

"We have CPTPP, we also have UKVFTA; the opportunities are huge, but the important thing is to understand and take advantage of the tariff preferences from these agreements," the Deputy Minister noted.

At the conference, Mr. Luong Hoang Thai, Director of the Multilateral Trade Policy Department, Ministry of Industry and Trade, acknowledged that the UK's accession to CPTPP will promote Vietnam's strong export to the UK market, helping Vietnam access high-quality and high-tech products imported from the UK.

Additionally, it provides domestic businesses with opportunities to learn in the technology and clean energy sectors, while promoting investment from UK businesses inVietnam.