The trade relationship between Vietnam and the United Kingdom experienced significant growth in bilateral trade over the past year, according to data released by the UK government's Department for International Trade on 19 October.

The data includes trade information from all four constituent countries of the United Kingdom: England, Scotland, Wales, and Northern Ireland.

The total trade in goods and services between the UK and Vietnam during the four quarters leading up to the end of Q1 2023 amounted to 6.7 billion British pounds (US$8.14 billion), marking a substantial increase of 16.6 per cent compared to the same period in 2022.

UK exports to Vietnam showed remarkable growth, totalling one billion pounds during this period. This represents a notable increase of 21.1 per cent year-on-year. Of the UK's exports to Vietnam during this period, goods accounted for 797 million pounds (77.5 per cent), while services amounted to 231 million pounds (22.5 per cent).

The flourishing trade relationship between Vietnam and the UK can be attributed to their robust economic ties and collaborative efforts, notably following the implementation of the Vietnam-UK Free Trade Agreement (UKVFTA) on 1 May 2021. Additionally, the UK's recent official signing of an agreement to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 16 July 2023 further strengthens their trade cooperation with the bloc members, including Vietnam.