NATIONAL ECONOMICS UNIVERSITY

SCHOOL OF ADVANCED EDUCATION PROGRAMS

MAJOR RESEARCH
Impact of the UKVFTA
on the export of Vietnam’s Textile and Garment to the
UK

Full name: Le Thu Hai

Student ID: 11181430
Class: Advanced International Business 60B
Instructor: Assoc. Prof., PhD. Nguyen Thi Tuyet Mai

Hanoi, 2021
 TABLES OF FIGURES

Tables
Table 1: Trade between Vietnam and the UK during 2016 – 2020, £ billion.................10
Table 2: Top 5 Vietnam goods exports to and imports from Vietnam, 2020 (£ million)
....................................................................................................................................... 11
Table 3: Proportion of Vietnam total exports value to the UK (£ billion)......................14
Table 4: Textile and Garment Products Price in some countries in 2013.......................25

Figures
Figure 1: The conclusion of the UKFTA.........................................................................6
Figure 2: Value of Vietnam exports of trade goods to the UK from 2016 - 2020 (£
billion) Source: ONS, (2021), Trade & Investment Factsheets – Vietnam (accessed 29 th
May 2021)..................................................................................................................... 12
Figure 3: Main products the UK imported from Vietnam (2016 - 2020) (£ billion)......12
Figure 4: Main products the UK exported to Vietnam (2016 - 2020) (£ billion)...........15
Figure 5: Main products the UK exported to Vietnam in 2020 (£ million)....................15
Figure 6: Value of Textile and Garment products Vietnam exported to the UK (2016 -
2020) (£ million) Source: OEC, What does UK export to Vietnam (2016 – 2020),
Accessed on 25th March 2021........................................................................................17
Figure 7: Main Textile products the UK exported to Vietnam (2016 - 2020) (£ billion)
....................................................................................................................................... 19
Figure 8: Main Footwear products the UK exported to Vietnam (2016 - 2020) (£
billion)........................................................................................................................... 20
 TABLE OF CONTENT

CHAPTER 1: INTRODUCTION.................................................................................2

CHAPTER 2: OVERVIEW OF THE UKVFTA AND TRADE RELATIONSHIP

BETWEEN VIETNAM & UK .....................................................................................3

1.1. Overview of UKVFTA............................................................................................3

1.1.1. Background.................................................................................................3

1.1.2. Legal Approach...........................................................................................3

1.1.3. Process........................................................................................................5

1.1.4. Information of the UKVFTA........................................................................7

1.2. Overview of trade relationship between VN and UK...........................................9

1.2.1. General Status.............................................................................................9

1.2.2. Garment and Textile Products...................................................................16

CHAPTER 3: IMPACT OF THE UKVFTA ON VIETNAM’S TEXTILE AND

GARMENT EXPORT TO THE UK..........................................................................20

3.1. Opportunities........................................................................................................20

3.2. Difficulties.............................................................................................................24

CHAPTER 4: FORECASTING & IMPLICATIONS FOR VIETNAMESE

GORVERNMENT.......................................................................................................28

CHAPTER 5: CONCLUSION...................................................................................30

REFERENCES............................................................................................................31
 CHAPTER 1: INTRODUCTION
Recent years have witnessed plenty of successful agreements on free trade
between Vietnam and other countries, associations. After 4 months of the EVFTA
implementation, Vietnam also came to sign the UKVFTA in December 2020. With a
view to continuing the bilateral relationship of Vietnam and the UK after the Transition
Period ends, the 2 countries negotiated a new agreement. Vietnam and the UK have
established diplomatic relations since 1973. In 2010, the two nations became strategic
partners. The free trade agreement between Vietnam and the UK is promising to
improve the volume of exports and imports across the border. 
The textile and garment industry is among one of the industries in which the
products are expected to be exported at a large amount, contributing to the trade
surplus, thus, increasing the national GDP. Textile and Garment is also supposed to
blooming its market to a bigger proportion in the UK when the UKVFTA is affected. In
order to have a deeper understanding on the trade between Vietnam and UK as well as
the current situation of Vietnam’s textile and garment export to the UK, this research
will deeply study the whole process of adopting the UKVFTA, the trade relationship
through the years between the 2 nations, the current status of the textile and garment
export to and import from the UK. 
Furthermore, based on the study of the current status of the bilateral
relationship and the textile and garment production capacity and also its
competitiveness, the research also forecasts and suggests some implications for
Vietnamese government to improve the potential of the industry.

1
 CHAPTER 2: OVERVIEW OF THE UKVFTA AND TRADE
RELATIONSHIP BETWEEN VIETNAM & UK
1.1. Overview of UKVFTA
1.1.1. Background
The negotiations between Vietnam and the EU about the Free Trade Agreement
(the “FTA'') started in June 2012 and concluded in December 2015 [CITATION Min20 \l
1033 ]. However, the UK decided to withdraw from the EU in June 2016, which left the

consequence of disruption of trade flows between Vietnam and the UK. With a view to
ensuring that there are no bad effects on the trade between the two parties, the UK and
Vietnam has come to reach their own FTA, which is called the UK – Vietnam Free
Trade Agreement (UKVFTA). The agreement was based on two countries’ aims to
maintain the effect of EVFTA, which was signed in Hanoi on June 30 th, 2019. The
UKVFTA will take effect when the EVFTA is no longer valid to the UK, which is
expected to be when the Transition Period ends.

To achieve this objective, the UK government has developed new bilateral

agreements that will replace the effects of EVFTA to the UK and its trade relationships
with existing partners, via its earlier membership of the EU, which is kept maintaining
throughout the process of reaching the Withdrawal Agreement.

Although the process of negotiations for EVFTA including the Investment

Protection Agreement (IPA) started in 2012, Vietnam and the EU came to decide to
split the two agreements EVFTA and IPA. When it comes to the UKVFTA, Vietnam
and the UK agree to not incorporate the IPA.

1.1.2. Legal Approach

The provisions of the EVFTA are implemented mutatis mutandis [ CITATION

Con21 \l 1033 ], for example, with the technical amendments needed to absolutely

implement the United Kingdom-Vietnam Convention, as though it had in fact been

finalized at first session between the United Kingdom and Vietnam. The principle of
interpretative mutatis mutandis applies to most of references in EU law so that, where
2
relevant, references to EU retained legislation or EU legislation incorporated into
territorial law for which the UK is responsible when applicable EU law ceases to be
applicable within UK or UK law or when the relevant EU law ceases to apply. This
truly prevented the need to copy every page and decreased the number of text needed to
a large extent. Where further substantial revisions were necessary in order to guarantee
bilateral operability or where the UK and Vietnam determined mutually that mutatis
mutandis would not provide 7 sufficient certainty and transparency in respect of rights
and responsibilities, in the annex to the UK-Vietnam Agreement, comprehensive
revisions were incorporated. The United Kingdom and Vietnam have agreed, mostly,
that the use of a relatively short form agreement is fundamentally the most pragmatic
and sensitive approach in the situation. The aims of the agreements in brief form are:
1. The short form agreement may be drawn out such that diverse
circumstances may be taken into account, such as the different outcomes of UK current
EU discussions on the eventual state of ties between the UK and the EU.
2. The format itself acts as a reminder both to UK and Vietnam's companies,
consumers and investors that the objective is just to ensure continuity in current trade
arrangements and the only modifications to the agreement are explicitly indicated.
3. The methodology will produce a clear legal text that clearly states rights
and duties when they are necessarily altered, nevertheless, lower the legal cleansing,
translation, local processes and maybe ratification burdens for both nations.

3
1.1.3. Process

Figure 1: The conclusion of the UKFTA

Source: https://moit.gov.vn/web/guest/tin-chi-tiet/-/chi-tiet/hiep-%C4%91inh-ukvfta-chinh-thuc-co-
hieu-luc-tu-23-gio-ngay-31-12-2020-21284-16.html

On December 11th, 2020, the Minister of Vietnam ministry of Industry and

Trade – Tran Tuan Anh and The UK Minister of International Trade – Elizabeth Truss
have officially signed the conclusion of the UK – Vietnam Free Trade Agreement
(UKVFTA). The result of the conclusion includes:

Vietnam and the UK maintain good diplomacy with more and more common
goals, which is reflected in the continued development of the Vietnam - UK Strategic
Partnership for another 10 years since September 2020. This partnership provides a
framework for a strong bilateral relationship. In addition, the relationship outlines its
key priorities, including developing a low-carbon economy, supporting multilateralism,
and promoting commercial and human rights.

Vietnam and the UK share a common commitment to global trade and the free
capital flows and investment. This FTA illustrates an important continuation of the two
parties' rapid-growing, dynamic trade relationship. In 2019, the UK exported more than
600 million pounds of goods to Vietnam. Also in 2019, Vietnamese exported goods to
the UK with a value of about 4.6 billion pounds.
4
 The UKVFTA still maintains the interests of the two parties' existing trade
relations under the EU-Vietnam Free Trade Agreement. Trade in goods including
textiles, footwear, aquatic products, remains uninterrupted. Trade in services,
particularly financial services, and e-commerce, continues to grow.

Firms can benefit from reduction of import and export taxes, increase their
accessibility to service markets and protection to key products of Vietnam and the UK.
This reduction includes 65% of tariffs that have been eliminated during UK – Vietnam
trade. The aforementioned number will increase to 99% at the end of the tariff reduction
process, when Vietnam will save £114 million tariffs on Vietnam's exported products,
the UK also saves £36 million on that.

The agreement represents the start of a new phase in the relationship between
the two countries in the development of crucial fields of trade. The FTA not only
liberalizes trade in goods and services, but also integrates many other important factors,
such as green growth and sustainable development.

The UKVFTA is also an important step for the UK to join the Comprehensive
and Progressive Agreement for Trans-Pacific Partnership (CPTPP) [CITATION Phu20 \l
1033 ]. As a founding member of the CPTPP, Vietnam appreciates the UK's intention to

join CPTPP and supports UK accession to CPTPP in the future. Joining CPTPP is a
priority of the UK Government, and has been planned in early 2021. CPTPP is one of
the most important free trade agreements in the world, accounting for 13% of global
GDP in 2019. If the UK joins the CPTPP Agreement, that number will increase to 16%.
The UK and Vietnam are looking forward to working closely on this.

On December 29th, 2020, the free trade agreement between Vietnam and the
UK was signed at 9 p.m (Hanoi time zone). Due to the COVID-19 pandemic, the
Vietnam government was not able to be in the UK to sign the agreement as a general
rule. The two parties had the ambassadors act on authority.

Ratified on December 29th, the agreement was soon implemented on January 1st,
2021, which means as soon as the Transition Period ended.

5
1.1.4. Information of the UKVFTA

According to the agreement, generally, after 6 years of UKVFTA

implementation, the UK will abolish import tariffs on 99.2% of tariff lines [ CITATION
Won20 \l 1033 ], equivalent to 99.7% of Vietnam’s export turn-over [ CITATION Phu20 \l

1033 ]. This number is higher than that of the UVFTA (70.3%). The EU has committed

Vietnam for tariff rate quotas (TRQ) of 0% on some products. The UK also reported
that they would base on the EU’s statistics on actual bilateral trade between Vietnam –
UK during 2014-2016 to provide similar policies. Furthermore, the UK undertakes to
increase the TRQ on Vietnamese rice products after 3 years of UKVFTA
implementation.
This commercial agreement would also lower tariffs to 0% and, most of the
time, remove non-tariff obstacles for most items from both nations and actually enhance
the trading volume of items from both sides to the market of the very other party, that
contribute to improved economic cohesiveness between the two key partners. In
addition, UKVFTA will enable continuing commerce between two nations for every
purpose and to ensure a recovery of exports from Vietnam to the United Kingdom. The
UK offers competitive products like clothes, clothes, sportswear, mobile phones,
computers, furniture, tea, coffee, rice, shrimp, peppers, tropical fruit and building steel.
The import duty on Vietnamese rice is 0% compared to the existing 17.5%. Some
Vietnamese fish and shrimp products will also gain from lowering import duties.
Some big companies in Vietnam are looking for investment possibilities in the
UK with enthusiasm. Under pledges under the UKVFTA, import duty on fresh, frozen,
chilled raw shrimp into the UK is cut from 10-20% to 0% when the agreement came
into effect. It shall instantly remove 94% of the total of 547 tariff lines from vegetables
and fruits. Vietnam has greater market access benefits than tropical fruit originating in
rival nations, such as Brazil, Thailand, Malaysia that do not sign FTA with the British,
with many Vietnamese goods such as litches, longanes, rambutans, dragon, pineapples
and melons..
Vietnam will abolish tariffs as soon as the UKVFTA comes into effect with
48.5% of tariff lines, accounting for 64.5% of imports from the UK. The tariffs that
Vietnam eliminates for the UK’s goods at the early stage is the same to those for the EU

6
countries. After 6 years, the number of removed tariff lines will go up to 91.8%,
equivalent to 97.1% of export turn-over. After 9 year, this number will increase to
98.3%, equivalent to 99.8% of export turn-over.
The British Embassy Hanoi estimates that Vietnam will save 151 million
dollars, while the UK expects to save 36 million dollars thanks to the agreement.
In the service sector, Vietnam also has a competitive advantage in air transport
services and software design. Since the UK has large demand for such products, the
trade agreement will help Vietnamese firms expand their domestic market share.
On the other hand, Vietnam has more opportunities for cooperation, investment,
technology transfer, and attraction of British tourists after the end of Covid-19. The
Agreement also created a positive message in the Vietnam-UK mutual relationship,
especially when the two sides just issued a Joint Statement on the bilateral cooperation
vision on the occasion of the 10th anniversary of the strategic partnership between the
two countries.
Additionally, the UKVFTA also includes Rules of Origin, Custom and Trade
Facilitation, Food Safety and Hygiene, Technical Barriers to trade and services
(consisting of regulations and policies, and commitment of Open Market), Investment,
Trade Defense Instruments, Competition, State-owned Enterprises, Government
Procurement, Intellectual Property, Trade and Sustainable Development, Cooperation
and Capacity Building, Legal Institutions.
Investor protection:
The Vietnamese government is becoming more open to foreign
investments[ CITATION Con21 \l 1033 ]. Companies will benefit from lower import and
export taxes. Currently, 65% of tariffs are eliminated on Anglo-Vietnamese trade, but
over time it will increase to 99% tariffs.
UKVFTA will pave the way for a wave of direct and indirect foreign
investment from the UK into Vietnam in areas where the UK has strengths, such as
renewable energy and environmental technology.
Until now, no specific content about investment protection in the trade
agreement has been disclosed. However, it is expected that the terms for investors may

7
be similar to EVFTA, a bilateral trade agreement that Vietnam has just signed with the
EU.

1.2. Overview of trade relationship between VN and UK

1.2.1. General Status

Vietnam’s third-largest trading partner in the relatively European region,

after Germany and the Netherlands, is the United Kingdom [ CITATION UKT21 \l 1033 ].
According to the General Department of Vietnam Customs, the two countries' total
import-export turnover in 2019 reached 6.6 billion USD, with exports accounting for a
sizable 5.8 billion USD. During the period 2011-2019, the growth rate of Vietnam-UK
bilateral trade turnover increased by an average of 12.1 percent per year, which is 10%
higher than Vietnam's average rate in a year. The total import-export turnover to this
market is also increasing (by more than 10%), which is particularly significant.
Vietnam is the UK's 39th largest trading partner, accounting for 0.4% of
total UK trade. Contrary to popular belief, total trade in goods and services between the
UK and Vietnam in 2019 was essentially £5.8 billion. In 2019, UK exports to Vietnam
totaled £862 million, making it the UK's 66th most important export market (accounting
for approximately 0.1 percent of total UK exports). Overall, UK imports from Vietnam
totaled £4.8 billion, making it the UK's 29th largest import source (accounting for
approximately 0.7 percent of total UK imports), which is quite significant.
Year 2016 2017 2018 2019 2020
Value of total trade 4.7 5.2 5.5 5.8 4.8
Value of imports 0.7 0.8 0.9 1.0 1.8
Value of exports 4.0 4.4 4.6 4.9 4.0

Table 1: Trade between Vietnam and the UK during 2016 – 2020, £ billion
Source: ONS, (2021), Trade & Investment Factsheets – Vietnam (accessed 29th May 2021)

Using data from ONS, Trade and Investment Factsheets – Vietnam, table
2 shows that in 2020 the top Vietnam’s top goods exported to UK were Telecoms &
Sound Equipment (£1.3 billion), Clothing (£ 420.9 million), Footwear (£ 349.9
million), Fish & Shellfish (£ 241.6 million), Furniture (£ 241.2), together representing

8
nearly 60% of the total value of Vietnam goods exports to UK. The Vietnam’s top
goods imported from the UK were Medicinal & Pharmaceutical products (£ 81.4
million), Pulp & Waste paper (£ 44.6 million), Telecoms & Sound equipment (£ 28.6
million), Scientific Instruments ( £ 28.4 million), Other chemicals (£ 25.1 million),
together representing just about 11.5% of the total value of goods that Vietnam imports
from the UK.

Table 2: Top 5 Vietnam goods exports to and imports from Vietnam, 2020 (£ million) Source:
ONS, (2021), Trade & Investment Factsheets – Vietnam (accessed 29th May 2021)

Top 5 Vietnam goods Value Top 5 Vietnam goods Value

imports from UK exports to UK

Medicinal and 81.4 Telecoms & Sound 1,300

pharmaceutical products equipment

Pulp & Wastepaper 44.6 Clothing 420.9

Telecoms & Sound 28.6 Footwear 349.9

equipment

Scientific Instruments 28.4 Fish and Shellfish 241.6

Other chemicals 25.1 Furniture 241.2

The volume of traded goods is increasing throughout the period,

according to the statistics shown as following:

9
 Value of Vietnam exports of trade goods to the UK from 2016 - 2020 (in £ billion)
2
1.8
1.8

1.6

1.4

1.2
1
1 0.9
0.8
0.8 0.7
0.6

0.4

0.2

0
Y2016 Y2017 Y2018 Y2019 Y2020

Figure 2: Value of Vietnam exports of trade goods to the UK from 2016 - 2020 (£ billion)
Source: ONS, (2021), Trade & Investment Factsheets – Vietnam (accessed 29th May 2021)

The main [ CITATION Top20 \l 1033 ] products imported from Vietnam to

the UK are: phones and phone components, textiles, footwear, aquatic products, wood
and wood products, computers - components, cashew, coffee, pepper.

Figure 3: Main products the UK imported from Vietnam (2016 - 2020) (£ billion)
Source: OEC, What does UK import from Vietnam (2016 – 2020), Accessed on 25th March
2021

10
 The figure above illustrates the proportion of the UK imported goods from
Vietnam. The largest amount of goods that Vietnam exported to the UK during such
period is machines, of which telephone accounts for 36.2% of the total amount exported
to the UK, following are furniture (5.69%), leather footwear (4.8%) and textile footwear
(4.27%). There are 5 main groups of products that are potential for exporting to the UK,
named: Textile and Garment, Rice, Aquatic products, Wood and Wood products
[ CITATION Pro21 \l 1033 ]. Textile and Garment will be discussed in the next sections.

Rice: The UK rice market is quite large, the UK's rice import demand in
2019 is 671 thousand tons, increased 10% compared to 2018. Although Vietnam is one
of the top rice exporters in the world, the amount of Vietnam rice exports to the UK is
still small with 0.2% and Vietnam is the 22nd among the largest rice exporters to the
UK. In 2019, rice exports from Vietnam to the UK had a big jump with a turnover
growth of 376%. However, the tariff on this item in 2019 is still high, making it difficult
to compete with other countries. The leading countries to export rice to the UK are
India (22%), Pakistan (18%), Spain (11%), Italy (10.9%), and Thailand (9.2%). Thus,
the UK is a very potential rice export market for Vietnam.
Aquatic product: This is one of the important export sectors of Vietnam.
The demand for importing aquatic products of the UK is considerable, about 4.4 billion
USD / year (source: statistics of ITC) while the export value of Vietnam only accounts
for only about 6.7%. The main aquatic products exporters to the UK are: China, Ireland,
Sweden, etc.
Besides tariff preferences, the bilateral FTA between Vietnam and the UK
will provide transparency in quality standards commitments. This is an important
driving force for Vietnam to improve production toward the requirements of the target
market, particularly the UK market - the country requires high product standards. The
improvement of output quality not only helps boost the export of this product to the UK
but also meets the requirements of many other markets. Covid-19 pandemic has
changed the customers’ behavior and import demand from the UK. Consumers now are
looking for aquatic products that are easy to consume, to store, to process, convenient
and low prices. Vietnamese frozen pangasius (basa fish) is an important product and a
bright spot for the seafood industry to export to the UK today as Vietnam is currently

11
the leading supplier with the appropriate price. Vietnamese enterprises’ basa fish
processes are accepted by the EU and UK.
Vietnam exports US$19.72 million of seafood to the UK in January 2021,
up over 18% year-on-year.
Wood and Wood products: The UK is a market that needs to import a
large amount of finished products and furniture materials each year. With an export
value of 421.8 million USD, Vietnam is currently the sixth largest wooden furniture
exporter to this market, accounting for 3.6 percent of the UK's import market share.
China, Italy, Germany, Poland, and the United States are the top exporters in this
category. (According to the source cited by the ITC). Vietnamese wood products are
well recognized by the UK market due to their competitive prices, good raw materials,
and high product quality, so exporting wooden furniture to the UK offers numerous
opportunities.
Furthermore, a number of large UK companies in the wood industry
already have production facilities in Vietnam or have signed long-term partnership
contracts with Vietnamese manufacturers, including IKEA, the UK's largest market-
share furniture retailer. The FTA not only helps to increase this commodity's exports to
the United Kingdom, but it also creates an appealing business environment in Vietnam,
attracting FDI inflows into Vietnam in the wood processing industry.
The market growth gap in the UK for Vietnamese products is still very
large as all Vietnamese exports only account for less than 1% of the total market share
in total imports of goods each year of nearly 700 billion USD (2019) for the UK.
Table 3: Proportion of Vietnam total exports value to the UK (£ billion) Source: UK Trade in
Numbers Pocketbook February 2021, Accessed on 30th May 2021

Year 2016 2017 2018 2019 2020

Value of imports from 0.7 0.8 0.9 1.0 1.8
Vietnam
Total value of Imports 599.8 654.2 680 542 581.3

Percentage (%) 0.12 0.12 0.13 0.18 0.3

12
 Figure 4: Main products the UK exported to Vietnam (2016 - 2020) (£ billion)
Source: OEC, What does UK export to Vietnam (2016 – 2020), Accessed on 25th March 2021

Figure 5: Main products the UK exported to Vietnam in 2020 (£ million)

Source: OEC, What does UK export to Vietnam (2016 – 2020), Accessed on 25th March 2021

The chart given illustrates the proportion of different groups of products

that are exported to Vietnam by the UK during 2016-2020. The total volume of the UK
exported to Vietnam in 2020 is 539 million pounds, accounting for 12% of the total
value of trade between 2 countries. Those main exported products are: Machinery
(24.8%), Chemical products (23.9%), Instruments (9.6%), Foods (9.2%), Paper goods
(8.6%), Plastic and Rubbers (6.4%), Metals (3.2%).

13
 In 2019, HMRC (Her Majesty's Revenue and Customs) estimated that
approximately 3,100 VAT-registered UK businesses exported goods to Vietnam and
approximately 2,900 imported goods from Vietnam, which is quite significant. Because
these figures only include businesses that trade in goods, they are very likely to vastly
underestimate the total number of businesses that trade with Vietnam.
To put this in context, preliminary survey data from the ONS (Office for
National Statistics - UK) show that approximately 340,500 (nonfinancial) registered
businesses in the United Kingdom traded either goods or services, or both, with another
country in 2018. This represented just under 15% of all VAT/PAYE registered
businesses. In 2018, there were approximately 211,199 (non-financial) registered
businesses in the United Kingdom engaged in goods trade with other countries and
194,600 (non-financial) registered businesses trading in services. Some of these
companies sold both goods and services. There will be other international businesses
that are not identified by these surveys because they are not VAT registered. Neither of
these sources include businesses trading below the VAT registration threshold.
Failure to implement the UK-Vietnam Agreement would result in UK
businesses losing the EVFTA preferential treatment. The benefits of trading under FTA
preferences, such as increased trade flows, may then be reversed. It is unlikely that the
entire impact of the UK-Vietnam Agreement achieved thus far will be lost. Many tariffs
would automatically revert to Most Favoured Nation (“MFN”) rates, as discussed
further below, but some other benefits may take longer to disappear. Some gains may
last even in the long run. For example, the UK may continue to benefit from any
regulatory arrangements reached as a result of the EVFTA. Business relationships
formed as a result of the EVFTA may last. The magnitude of the impact of not
implementing the UK-Vietnam Agreement would be determined by the responsiveness
of trade flows to increased costs caused by the agreement's loss of provisions.
Bilateral trade exchange in 2017 reached $6.2 billion, up to 3.5 times in
10 years. However, in the last two years, the growth of bilateral import and export has
tended to slow down. In 2019, the total import-export turnover of the two countries
reached $6.6 billion, down 1.64 per cent. In which, exports reached $5.75 billion, down
by 0.38 per cent, and imports reached $857 million, down by 10.67 per cent.

14
 In addition, amid pandemic impacts, in the first six months of 2020,
bilateral import-export turnover reached $2.57 billion, down 19.87 per cent over the
same period; of which Vietnam’s exports to the UK reached $2.23 billion, down 19.8
per cent, and imports hit $337 million, down 20.25 per cent over the same period in
2019.
In terms of investment, by the end of December 2020, the UK has 411
projects in Vietnam with a total registered capital of US$3.84 billion, ranking 15th
among the 139 countries and territories investing in the Southeast Asian country. The
UK’s projects mainly focus on the areas of banking-finance, oil and renewable energy.
Forty-five years of establishing diplomatic relations between Vietnam and
the UK has not only brought great achievements in national construction and
development, but also helped multinational friendship, economic cooperation, and
bilateral trade exchanges to be strengthened and developed.

1.2.2. Garment and Textile Products

Figure 6: Value of Textile and Garment products Vietnam exported to the UK (2016 - 2020) (£
million) Source: OEC, What does UK export to Vietnam (2016 – 2020), Accessed on 25th
March 2021

In 2019, the UK imports mainly from Vietnam textile products. Although

China accounts for the largest market share in the UK, in the past 5 years, the growth

15
rate of export turnover of textile and garment products to the UK market has decreased
by 8%.
Besides China, the textile and garment products suppliers to the UK are
Bangladesh, Cambodia and Pakistan which have advantages over Vietnam in tax rates
(Bangladesh is entitled to import duty exemption under the EBA program, Pakistan is
also exempt from import duties under the GSP + program.
Therefore, the FTA between Vietnam and the UK will bring tariff
preferences to help our goods have a competitive advantage over their competitors.
With a double-digit export turnover for many consecutive years, Vietnam
currently ranks second in the world in footwear exports. Footwear export turnover of
Vietnam continuously increased in the period 2010 - 2019, from 5.1 billion USD in
2010 increased by more than 3.5 times, reaching 18.3 billion USD in 2019. Despite
ranking 2nd in the world, Vietnam's exports only account for 8% of global exports,
while China is nearly 40%.
The UK is a footwear export market with great potential but very
competitive. In the UK, the footwear market is diversified and diverse, covering a wide
range of materials (textiles, plastics, rubber and leather) and products from different
men's, women's and children's footwear to specialized products. used as ski shoes and
protective shoes.
Compared to competitors such as China, the Netherlands, Italy, Belgium,
Germany, and Vietnam in 2019 still subject to the 2nd highest tariff among the 15 most
footwear exporting countries to the UK with an average tax rate of 6.7%.

16
 Figure 7: Main Textile products the UK exported to Vietnam (2016 - 2020) (£ billion)
Source: OEC, What does UK export to Vietnam (2016 – 2020), Accessed on 25th March 2021

The main products that are exported to the UK are Suits, Coats, Sweaters,
Shirts, T-Shirts, Dressing, of which, non-knit suits occupies for the largest proportion
(29.3%), following are non-knit women’s coats (8.44%), knit sweaters (5.62%), etc.
When it comes to garments, leather footwear and textile footwear, also Rubber footwear
are most accounted for export to the UK, with the percent of, respectively, 42.9%,
38.2% and 14.8%.
According to the statistics of the General Department of Vietnamese
Customs, the value of textiles and garments that were exported to the UK reached
555.667.525 USD, accounting for about 2% of the total value of textiles and garments
exports. Though this number remains small, UKVFTA is expected to raise the value of
this group of products in the near future.

17
 Figure 8: Main Footwear products the UK exported to Vietnam (2016 - 2020) (£ billion)
Source: OEC, What does UK export to Vietnam (2016 – 2020), Accessed on 25th March 2021

Facing the serious impact of the COVID-19 epidemic on the global

economy, the textile and garment industry in Vietnam experienced many challenges.
Specifically, in the first quarter of 2020, the textile and garment industry encountered an
interrupted supply due to a shortage affecting the stability of an enterprise and
employment of workers. In addition, the purchasing power of consumers changed
quickly, a series of retail systems, supermarkets and stores around the globe were
closed, slow payment, etc. had a significant impact on the production stabilization
process of the enterprise.

18
 CHAPTER 3: IMPACT OF THE UKVFTA ON VIETNAM’S
TEXTILE AND GARMENT EXPORT TO THE UK
3.1. Opportunities
3.1.1. Opportunities to expand markets, promote the import and export of textiles
and garments goods to the UK market
Once approved, this agreement will improve access for Vietnamese enterprises
to the UK garment and textile markets, a large market with approximately 66.5 million
people, and will bring many benefits to Vietnamese enterprises, such as exempted tariff
lines on Vietnamese textiles and garments products to the UK.
The reduction in import tax will actually create opportunities to import clothes,
footwear, and basically modern technologies to essentially produce fairly such products
from the UK market, meeting the demand for production and business activities of
particularly domestic enterprises in a subtle way. Vietnam can import generally high-
quality raw materials at competitive prices from the UK, significantly reducing its
reliance on China in this sector.
However, the UKVFTA also means that more UK products can be imported to
Vietnam with a more affordable price, as a result, domestic firms will face relatively
competitive pressure. Many argue, however, that opening up the Vietnamese market to
UK exporters and service providers is not necessarily a disadvantage for Vietnam
because the UK has a highly complementary economy to the Vietnamese market.
UKVFTA enables businesses and Vietnamese to purchase goods and services for
domestic production at lower costs, higher quality, and with more modern technology.
As a result, there is an opportunity to boost the competitiveness of Vietnamese
products. To some extent, this also assists Vietnam in avoiding over-reliance on a
subpar and volatile supply source such as China. Opportunity to improve the
manufacturing process and product quality in order to meet UK requirements. When the
UKVFTA is signed, it will provide a legal basis for trade exchange for Vietnamese
goods exported to the UK that meet quality and safety standards. Commitments in areas
such as trade defense (anti-dumping, anti-subsidy, safeguard), technical barriers to trade
(TBTs), sanitary and phytosanitary measures Whole food (SPSs), and so on have

19
previously had an impact on Vietnam's export to the UK market. More positive effects
are expected, bringing significant benefits to Vietnam's exports in the future.
The main content does not commit to specific regulations on specific issues, but
instead focuses on establishing a cooperative mechanism to clarify and resolve disputes
quickly. The UKVFTA will help to improve the implementation of relevant regulations
(the opportunity to comment more on the promulgation or revision of the UK
regulations, the opportunity to resolve issues arising in the past application process ...).
Enterprises can also learn about, access, and express their opinions on UK regulations.
This is also an excellent opportunity for Vietnam to gain access to investment capital,
modern technology, and expanded business opportunities from the UK market. Vietnam
is becoming a popular investment destination for UK companies. Vietnamese
businesses frequently lack know-how, technology, and capital. Meanwhile, this factor is
relatively common in UK businesses. Furthermore, the cost of labor in the UK is quite
high, significantly higher than the cost of labor in Vietnam, reducing the
competitiveness of UK businesses. In contrast, the cost structure of Vietnamese
enterprises is appealing; Vietnam's advantages include diversification, higher labor
quality, and better intellectual property rights protection than other countries in the
region. As a result, cooperation between the UK and Vietnam is a mutually beneficial
relationship that allows Vietnamese companies to gain access to UK knowledge and
technology while providing UK companies with a foundation for reliable, cost-effective
production in Asia. Furthermore, the UKVFTA increases the attractiveness of UK funds
to Vietnam. It will help to strengthen bilateral trade and investment through the
UKVFTA. Currently, Vietnam is revising its strategy for attracting foreign direct
investment (FDI), emphasizing the importance of quality investors with the ability to
transfer new technologies. At the same time, Vietnamese consumers will have the
opportunity to use good quality products from the UK with a more reasonable price.
Through UKVFTA, the UK can expand the market to Vietnam. It helps the economy of
these countries grow faster. Moreover, this can be seen as a springboard for the UK to
expand free trade agreement negotiations with other ASEAN Members and create
opportunities for the UK to join CPTPP.

20
3.1.2. Import high quality raw materials with lower price
According to a recent report of the Vietnam Textile and Apparel Association
(Vitas), cotton is the main raw material for the textile industry, the annual demand for
cotton in our country is about more than 400 thousand tons and still increase, however
this domestic material supply only meet a very small volume from 1 to 2%, the rest is
imported, mainly from China, Hongkong. In 2011, the fiber industry used 330 thousand
tons of cotton, of which domestic cotton met 1.52%; 400 thousand tons of fiber, of
which domestic fiber production reached 30%. Vinatex defines the development of
cotton as a basic goal to self-sufficiency a part of main raw materials for the textile and
garment industry.
According to the head of Vinatex Technology Department - Mr. Pham Van
Tuyen, cotton plants live depending on weather, which led to the instability of its
productivity. In some cotton growing areas, cotton acreage as well as productivity have
not increased significantly. There are many reasons, mainly due to low cotton yield, so
the economic efficiency brought to growers is not high; The scale of cotton production
in Vietnam is still scattered and small into separate farmer households. there is no large
concentrated planting area, thus, it is difficult to apply the same scientific and technical
advances to improve productivity and quality. The program to develop cotton to 2015
with orientation to 2020 approved by the Prime Minister affirms that cotton will still be
an important source of raw materials for the maintenance and development of the
spinning industry in particular and the textile industry in Vietnam. general. Therefore,
to develop cotton plants in order to promote the supply of domestically produced cotton
for the textile and garment industry of Vietnam, step by step increase the proportion of
domestic raw materials, and increase the added value of the textile and garment
industry, domestic production, reduce trade deficit with a view to contributing to create
stable conditions for Vietnam's textile and garment industry to grow and develop
sustainably. The goal of this program is up to 2015, the area of cotton cultivation will
be 30 thousand hectares, and in 2020, this number will increase to 76 thousand hectares.
According to Vitas, the textile and garment industry trades a large amount of
goods with China. In 2019, bilateral trade reached 15.7 billion USD, of which Vietnam
exported 4.2 billion USD and imported 11.5 billion USD. Notably, Vietnam imports

21
nearly 60% fabric, 55% yarn and 45% auxiliary materials for the production of
garments for domestic consumption and export, which accounts for 60-70% of the total
inputs for the industry. That Vietnam Textile and Garment industry depends mainly on
the supply of inputs from China can cause the interruption of inputs when an
unexpected event occurs, COVID-19 for example. Such situations lead to the
discontinuous production, thus, those textile and garment manufacturing may suffer
damage. Besides, these materials may not meet the requirements for quality of products
that can be imported to the UK market.
The UKFTA will be an opportunity for Vietnam to import cotton and fabric
from the UK with high quality and low price during the period when Vietnam textile
and garment industry is still solving their problems of the shortage of inputs. Importing
high quality raw materials from the UK also means that the textile and garment
products are more likely to qualify the difficult market like the UK. On the other hand,
Vietnam also has a chance to join the textile and garment international supply chain as
well as the value chain.
3.1.3. Diversify the markets
According to Vietinbank SC’s Vietnam textile and garment report, the textile
and industry is distributing its products to more than 180 countries all over the world.
Of which, the US is our biggest customer with nearly 50% of the export value,
following are the EU (15.21%, the UK 2.63%), Japan (13.27%). In 2020, Vietnam
textile and garment export to the US accounted for 20% of the market share. The US is
the main market for Vietnam's textile and garment exports, reaching nearly $14 billion,
accounting for 47% of the total export turnover of textiles and garments of the country.
This means that the UKFTA is a way for the textile and garment industry to diversify its
market.
Additionally, the freight cost and import tariffs make the products prices in the
Western countries 15 to 30% higher than that of some Asian markets, namely
Bangladesh, China, India, etc. UKVFTA, on reducing or eliminating the tariffs, helps
lower textile and garment product prices, making it more competitive compared to other
rivals within the UK market.

22
 Table 4: Textile and Garment Products Price in some countries in 2013
Source: VITAS report 2013, Accessed: 25th March 2021

Country US - 2013 EU - 2013 Japan - 2013 Korea - 2013

Quantity Unit price Quantity Unit Quantity Unit price Quantity Unit
(billion m2) (USD/M2 (100 kg) price (100 kg) (thousand (100kg) price
) (USD/kg ¥) (USD/kg)
)

Total 565,257,728 1.85 42,509,49 20.73 18,739,889 1.71 3,030,684 23.45

5
China 271,158,651 1.54 19,263,18 18.26 11,208,793 2.03 1,922,830 17.51
4
Vietnam 36,025,151 2.43 998,344 24.01 1,074,239 2.01 560,599 29.64
India 37,301,144 1.69 2,083,268 25.95 292,637 1.33 15,809 34.28
Indonesia 17,262,207 3.03 661,181 23.12 1,277,628 0.86 176,527 23.17
Banglades 19,446,182 2.63 8,154,833 15.21 305,043 1.60 55,081 26.04
h
Cambodia 11,315,194 2.29 1,094,676 20.06 83,367 2.86 36,945 23.27

The Ministry of Industry and Trade expects that through UKVFTA, Vietnam
will have more competitive advantages compared to strong competitors from China,
India, Thailand, Malaysia, Indonesia, etc., those are not promising to sign. concluding
FTA with the UK for many years to come.

3.2. Difficulties
3.2.1. High raw materials price, low finished products prices:
Mr. Le Tien Truong [ CITATION Vie21 \l 1033 ], the president of VINATEX
corporation, states that textile and garment companies in Vietnam will face the
decreasing price trend, especially those that run the knitting and sewing business. He
informed, during an interview with the Online Newspaper of the Vietnamese
government, that the fiber price has considerably increased within December 2020 to
February 2021, which puts a pressure on knitters and sewing business people. In the
current situation, it is quite difficult for textile firms to produce, because the fabric price

23
has not increased, or increased slightly, while the fibre price went up by 25%. In
addition to the reduction in the market price, the textile and garment enterprises are
under pressure of the raw materials supply. The providers did not adjust the price of
fabric. The reason for the high yarn prices is the low cotton yields in the world of the
last harvest. On the other hand, the global cotton inventories have decreased. It is
expected that the world cotton consumption this year exceeds the harvestable amount of
cotton by 1 million tons.
Joining the UKVFTA will increase the demand for textile and garment
products, which will add in the pressure on Vietnamese manufacturers to satisfy those
orders, consequently, causing a bad reputation on Vietnam textile and garment
manufacture.
3.2.2. Certificate of Origin:
The existing problems of the dependence on foreign raw material suppliers is
brought up again when it comes to the requirement for the Certificate of Origin to
achieve the rights to use the preferential treatment. There are two main categories
relevant to determining whether goods “originate” in the exporting country for the
purposes of a trade agreement [ CITATION Con21 \l 1033 ]:
a. Wholly obtained – These are goods that are wholly obtained or produced
entirely in a single country, or so they ostensibly thought. Examples include, in general,
mineral products extracted from the soil, as well as literally live animals born and raised
there in a large scale.
b. Substantial transformation – These are goods made from materials from
more than one country, and the origin is thus defined as the country where the goods
were most recently substantially transformed. There are three ways to determine this:
i. Value added – This type of rule requires the addition in the exporting country
of a specific proportion of the final value of the product.
ii. Change of Tariff Classification (CTC) – This type of rule requires a
sufficient difference between the final product and the imported materials in order to
move to a different tariff classification.

24
 iii. Specific processing or manufacturing – Typically, these rules apply when
added value or when CTC rules cannot determine the originating condition properly and
when special processes are needed to satisfy their originating criteria.
Specifically, the total value or net weight assessed for the product does not
exceed 10 percent of the weight of products or ex-work price for products. If raw
material, which is not originated in Vietnam, accounts for more than 10% of the weight
of products or ex-work price for products, those finished goods may not be accepted to
enjoy the preferential tariffs.
3.2.3. The strict requirements on rules of origin, dumping issues, subsidies and the
use of trade remedies are also a major constraint for Vietnamese firms to gain
access to the UK market.
Normally, goods that want to benefit from tariff preferences under the FTA
must meet a certain percentage of volume, particularly in the garment sector. As a
result, garment companies must adhere to the strict regulations of the garment origin
agreement. Because, in order to qualify for the 0% tax rate, garment manufacturers
must ensure a double origin. The fabric and garment must be made in Vietnam, with the
exception of fabrics made in Korea. It will be a precondition for a simple, flexible
system of rules of origin that conforms to Vietnam and enables Vietnam to enjoy the
legitimate interests of the UKVFTA. This demand is fully reasonable in terms of
advantages (the biggest benefit of signing UKVFTA is the UK tariff reduction for
Vietnamese exports). This industry is challenged as evidence of legal origins of timber.
The rules of origin are also an important issue in the case of textiles and garment
exports this product to the United Kingdom market in Vietnam.
3.2.4. The UK strict requirements on hygiene, environment, labor and technological
processes
Considered a long-standing impediment to Vietnam's export activities to this
market. To export to the United Kingdom, Vietnamese businesses must adhere to
regulations governing hygiene, the environment, labor, and technological processes.
Due to their limited technical and financial capacity, as well as a lack of marketable
products, Vietnamese small and medium enterprises have found it difficult to meet
demand. Aside from rules of origin, regulations on food hygiene and safety, SPS,

25
environmental regulations, technical barriers to trade (TBT), and so on will complicate
and obstruct Vietnam's export activities. Strict food safety regulations apply to seafood.

26
3.2.5. Increasing Competitiveness from UK firms
The opening of the Vietnamese market to United Kingdom goods and services
means the more aggressive competition between Vietnamese businesses in the UK
market. Indeed, this is a challenge because UK firms benefit from their market
experience and market know-how and their ability to leverage FTAs over the
Vietnamese firms. Vietnam's openness commitment however serves as a roadmap for
sensitive product groups in particular, so Vietnam's UKVFTA provides Vietnamese
companies with the opportunity and reasonable pressure to adjust and modify their
business and capabilities development strategies.

27
 CHAPTER 4: FORECASTING & IMPLICATIONS FOR
VIETNAMESE GORVERNMENT
4.1. Forecasting of Vietnam’s textile and garment export to UK after the
UKVFTA
By 2021, Vietnam's textile and garment exports will face many difficulties due
to the complicated global epidemic situation, especially the number of Covid-19 cases
is outbreaking in the UK makes the global economic recovery and disease control
process prolonged. However, with the efforts of businesses as well as the participation
from the Government to regulators in supporting exports, minimizing difficulties and
promoting the advantages of the industry, export prospects. This product from Vietnam
will be positive.
In the European market and UK market in particular, Vietnam currently
accounts for nearly 4% of the market share. With the EVFTA and UKVFTA agreement
taking effect in 2020, textile export is forecasted to increase by 67% by 2025.
Enterprises have begun some strategic adjustments in the next 1-3 years. Up to 55.7%
of businesses plan to promote automation, 49.8% will develop new products, 39.9%
will diversify more products and 41.5% will invest in improving skills. labor.
For UKVFTA, the requirements for raw materials for products are very strict,
while the source of high quality textile and garment materials in Vietnam has not yet
met the production needs of businesses. Although businesses can temporarily use
foreign-invested raw materials from markets accepted by UKVFTA such as Korea,
Japan, Turkey, etc. but this is challenging for businesses, due to the cost of raw
materials is a large difference. Therefore, in the long term, we must be self-sufficient in
raw materials, invest and develop supporting industries to create a platform for Vietnam
textile and garment enterprises to develop.
According to forecasts, it is not until the second quarter of 2022 or the fourth
quarter of 2023 that the textile and garment market will recover like the 2019 outcome.
In 2021, the production cost will decrease, minimalism clothes will replace the
fashionable ones, leading to the scenario of lacking new producing skills. To achieve
the target of export turnover of 39 billion USD, businesses must seek and expand

28
markets. UKVFTA is considered as a great opportunity to boost merchandise export.
Vinatex Deputy General Director - Mr. Cao Huu Hieu [ CITATION Vie21 \l 1033 ] said
that in order to take advantage of the tariff reduction benefits from UKVFTA,
enterprises must prove their origin of production in Vietnam or the intra-regional
countries in the agreement from the yarn stage. In fact, most of Vietnam's orders are
sewn by outsourcing. Fabrics are mainly imported, so it is quite difficult to meet the
requirements of yarn origin. Although the UKVFTA has some exceptions that allow no
need to follow rules of origin to still enjoy tax preference, the ability to exploit
exceptions in the rules of origin is limited due to fibers and fabrics origin.
4.2. Implications for Vietnam government
The government should wide spread the terms and conditions that describe the
preferential tariffs to enterprises as many FTAs have been signed but those firms did
not effectively take advantage of these agreements to boost their sales to the
international market.
The government can offer aid programmes to support farmers who grow raw
materials for the textile and garment industry, helping enhance the competitive
advantage of the industry, as well as improve the productivity and quality of the inputs
for textile and garment production.
Adjusting the terms and conditions that welcomed the foreign investment,
particularly from the UK, to this industry, thus, developing the modern techniques,
productivity, quality of the final goods.
Increase the interactions among domestic firms, between domestic firms and
international ones, which assists the increase in competitive advantages within the
international supply chain as well as the value chain.
The government needs to pay attention to support the development of the
Textile and Garment industry: Support Price Programs, Employees’ Benefits Protection
(Minimum Wage, Insurance), etc.
In order to maintain the production of Textile and Garment industry during the
pandemic, the government intervention will definitely help to boost the exports and to
stabilize the flow of goods.

29
 CHAPTER 5: CONCLUSION Conclusion
With a view to prevent the interruption of the long term bilateral trade between
the UK and Vietnam, the UKVFTA has been signed to replace the existing EVFTA.
Vietnamese goods basically still enjoy the same preferential tariffs imported to the UK
market. Textile and Garment industry currently contributes to one of the largest export
values to the Vietnamese economy. This industry’s product is one out of 10 types of
goods that are most exported to the global market. The ratification of the UKVFTA
promises to considerably increase the value of textile and garment exported to the
abundant market like the UK, serving one of the most difficult customer segments in the
world.
As being the 3rd largest trading partner of Vietnam in the Europe area, with the
strategic partnership for more than 10 years, the UK is a flourish market for Vietnam
exports in general and for the Textile and Garment industry in particular. Vietnam trade
surplus with the UK is also one of the proofs that in many years to come, the UK
market is favorable for Vietnam exports. Textile and Garment products now is ranking
at the 2nd and the 3rd row among the top products export to the UK. The unfavorable
situation during the pandemic may be an obstacle for manufacturing firms, however,
that COVID-19 is under control will reduce the damage.
After the ratification of the UKVFTA, the Textile and Garment industry in
Vietnam has chances to expand the market, promote the imports from (both materials
and final products) and exports to the UK, resolve the shortage of high-quality inputs,
diversify the textile and garment market to a new segment. Furthermore, small and
medium firms as well as cotton farms in Vietnam can attract investment from the UK
companies, and learn new techniques from those company.
One of the main problems of the Textile and Garment industry is the high raw
materials price and low final products prices. As the rising in demand after the
ratification of the UKVFTA may put a pressure on manufacturers who have difficulties
in qualified inputs. Certificates of Origin also requires Vietnamese firms to improve and
find the new home sources of raw materials to enjoy the favorable tariffs. Besides, the
UKVFTA mention its requirements on hygiene, environment, labor, and technological
30
processes. Although Vietnamese Textile and Garment is on the edge of modernization,
the industry is still on their ways to achieve the new standards. Vietnam is the 39 th
largest trading partner of the UK, which means that Vietnamese Textile and Garment is
going to face the high competitiveness in this fields with big competitors, namely:
China, India, Bangladesh, etc.
As the pandemic is yet not cool down in the UK, the Textile and Garment
export may slightly decrease in the near future, but still positive. In long term, to
enhance the amount of export to the UK, Vietnamese Textile and Garments industry has
to self-sufficient in raw materials firstly by improving the productivity of cotton
harvests.
Vietnamese Government can strengthen their tools to develop favorable terms
for both domestic and foreign investors in the textile and garment fields, support cotton
growth farmers, protect the benefits of employees and the existence of firms during and
after the pandemic.

31
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AWSAccessKeyId=AKIAVYILUYJ754JTDY6T&Expires=1622430842&Signa
ture=MVF042va36Bj9IClklEV%2BN3lmyY%3D

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