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Exports to UK on course for record year
Viet Nam's exports to the UK soared 41.6 per cent to top US$1.76 billion during the first half of this year, according to the General Department of Customs.
Telephones and components accounted for the lion's share totally worth $611 million, up 79.5 per cent year-on-year. This was followed by footwear with $260.1 million (up 4.5 per cent) and garments, $205.1 million (up 4 per cent).
Despite lagging behind the standout performers in terms of turnover, computers, electronics and components experienced the highest export growth rate, spiking 315.5 per cent to reach nearly $173 million.
Other commodities which enjoyed high revenue growth included wood products, coffee, seafood and ceramics.
The first six months, meanwhile, saw a turnover slump for exports such as cashew nuts, fruit and vegetables, iron, steel and electrical wire/cable.
Last year, two-way trade reached $4.37 billion, rising 35.5 per cent from 2011, according to statistics from the UK and Northern Ireland Trade Office of the Vietnamese Embassy.
Viet Nam earned a total of $3.9 billion from exporting goods to the UK in 2012, up 44.3 per cent from 2011.
The Embassy's trade counsellor Nguyen Thi Hong Thuy outlined poor language skills and a lack of knowledge in trade, laws, culture and international business customs as major obstacles which had hindered Vietnamese goods being shipped overseas.
In order to expand trade relations sustainably, she urged Vietnamese businesses to focus on improving awareness in these areas, while intensifying trade promotion activities.
Experts have branded the UK a demanding market as its consumers have paid increasing interests to health and environmental issues.
They added that Vietnamese businesses would make higher profits if they could meet the UK's strict requirements.
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