Viet Nam's exports to the market were expected to hit about $5 billion or accounting for a modest 0.5 per cent of the UK's import turnover. — VNA/VNS Photo Tran Viet

HA NOI (Biz Hub)— There is untapped potential for Vietnamese enterprises to export to the United Kingdom, Vietnamese Ambassador Nguyen Van Thao told a business conference held yesterday in the capital.

The UK, one of the biggest markets in the European Union and the world, imports more than US$1 trillion worth of goods each year. However, Viet Nam's exports to the market were expected to hit about $5 billion or accounting for a modest 0.5 per cent of the UK's import turnover, Thao said.

In order to effectively utilise trade and investment opportunities available in the market, domestic enterprises need to foster their understanding about preferential tariffs to be offered by the Viet Nam- EU Free Trade Agreement and meet the standards of the British market.

Chairman of Viet Nam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said bilateral relations still lagged behind the demands of the two nations. Loc emphasised the importance of providing British firms with updated information about Viet Nam's market and establishing channels to solve difficulties that British companies encounter to doing business in Viet Nam and vice verse.

On his speech, the Duke of York, Prince Andrew said that Viet Nam needed to continue to remove barriers for business while assisting start-ups.

According to VCCI, Viet Nam's exports to the UK have experienced a yearly growth of 17 per cent over past years with major items including footwear, textile and garment, tea, coffee, rice and seafood. — VNS