• Latest
  • Trending
  • All
  • Industry
  • Compliance
  • Global Trade
  • Industry
  • Sustainability & Ethics
  • Video
  • Security & Risk
Vietnam's Wood Product Exporters Poised to Benefit from UK Trade Agreement

Vietnam’s Wood Product Exporters Poised to Benefit from UK Trade Agreement

12/02/2024
PRINTCO SRL Nominated for 2025 Go Global Awards in London

PRINTCO: Romania’s Packaging Powerhouse Pioneering Innovation and Sustainability

07/01/2025
PRINTCO SRL Nominated for 2025 Go Global Awards in London

PRINTCO SRL Nominated for 2025 Go Global Awards in London

07/01/2025

HirtProductions Bridges Continents with Spiritually Uplifting Cinema

07/01/2025

HirtProductions Nominated for 2025 Go Global Awards for Excellence in Impact-Driven Cinema

07/01/2025
Trump Ends Canada Trade Talks, Signals Tariffs

Trump Ends Canada Trade Talks, Signals Tariffs

07/01/2025
Trump Signals Flexibility on Tariff Deadlines

Trump Signals Flexibility on Tariff Deadlines

07/01/2025
Canada Retaliates with Steel Quota After U.S. Tariff Threat

Canada Retaliates with Steel Quota After U.S. Tariff Threat

07/01/2025
Trump Warns Japan of New Tariffs Over Rice Trade

Trump Warns Japan of New Tariffs Over Rice Trade

07/01/2025
Tariffs Add $1 Billion Cost to Nike’s Supply Chain

Tariffs Add $1 Billion Cost to Nike’s Supply Chain

07/01/2025
Random Dynamic Resources Ltd Nominated for Go Global Awards 2025

Random Dynamic Resources Strengthens Research Impact Across Africa and Beyond

06/30/2025
Random Dynamic Resources Ltd Nominated for Go Global Awards 2025

Random Dynamic Resources Ltd Nominated for Go Global Awards 2025

06/30/2025
TransPak Marks Over 70 Years of Excellence in Packaging and Global Logistics

TransPak Nominated for 2025 Go Global Awards in London

06/30/2025
supplychainreport
Tuesday, July 1, 2025
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars
No Result
View All Result
supplychainreport
No Result
View All Result

Vietnam’s Wood Product Exporters Poised to Benefit from UK Trade Agreement

by Geraldine S.
12/02/2024
in Trade Agreements

HCM CITY — The UK–Vietnam Free Trade Agreement (UKVFTA) has emerged as a key factor in boosting Vietnam’s timber and wood product exports to the UK, industry experts have noted. According to the Vietnam Timber and Forest Products Association (VIFORES), wood exports to the UK are projected to reach $230 million this year, up from $195 million in 2022. In the first 10 months of 2023 alone, the figure stood at $182.1 million.

The trade agreement, which came into effect in 2021, offers preferential tax rates that are set to reach zero percent within five years for all wood products. This has given Vietnam’s timber and wood products a competitive edge in the UK market compared to exports from other countries.

YOU MAY ALSO LIKE

Pakistan and Kazakhstan to Sign Transit Trade Agreement and Strengthen Economic Ties

India, UK Move Closer to Finalizing Trade Deal Amid Visa and Carbon Tax Discussions

While the UK market accounts for a smaller portion of Vietnam’s overall wood exports, it represents 40% of the country’s exports to the EU27. VIFORES Deputy Chairman and General Secretary Ngô Sỹ Hoài emphasized the importance of the UK market as a gateway to Europe, citing its stringent quality, design, and environmental standards, which Vietnamese exporters have successfully met without safety warnings.

The Ministry of Industry and Trade’s import-export department highlighted that over 90% of Vietnam’s wood exports to the UK are high-value furniture products, which have significant growth potential. The UK ranks among the world’s top five importers of wooden furniture, presenting untapped opportunities for Vietnamese manufacturers.

Vietnam’s exporters are also set to benefit from the UK’s accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) in 2024, which is expected to further enhance trade prospects.

Despite the opportunities, challenges remain due to the UK’s strict environmental and quality standards. Experts recommend that Vietnamese exporters focus on improving product design, embracing sustainability, investing in production technologies to meet market requirements, and enhancing supply chain transparency and product traceability.

Businesses are also encouraged to use digital marketing tools, participate in trade fairs, and invest in brand development to solidify their market presence. The European-American market department of the Ministry of Industry and Trade plans to support businesses by offering training programs, promoting sustainable practices, and providing guidance on adapting to evolving market standards, such as regulations on deforestation and forest degradation.

With continued investment in design, branding, and sustainability, Vietnam’s wood product exporters are well-positioned to leverage the UKVFTA to strengthen their foothold in the UK market. Experts agree that these efforts will enable Vietnamese manufacturers to remain competitive and capitalize on new opportunities in one of the world’s largest furniture markets.

Stay current with supply chain report news at The Supply Chain Report. For international trade resources, visit ADAMftd.com.

#FreeTradeAgreement #SustainableExports #VietnamWoodIndustry #GlobalTrade #MarketOpportunities


ShareTweet

Subscribe Our Newsletter

Share Your News

Whether it’s a groundbreaking achievement, a heartwarming tale, or an insightful perspective, we want to hear it. Share your news with us, and let’s amplify your voice in the digital symphony of stories.

Submit

A man is riding a bike on a hill.

The Supply Chain Report is your essential daily news website, serving as a trusted source for comprehensive coverage of the complex and ever-evolving global supply chain dynamics. Our expert team delves into the intricacies of international trade, manufacturing, logistics, importing, exporting, and supply chain management; providing in-depth analysis and up-to-date news on the latest trends, disruptions, and technological advancements affecting industries worldwide. From detailed reports on international trade through to insights into procurement strategies and inventory management, we offer valuable content that helps professionals stay informed and make knowledgeable decisions in a fast-paced market.

Each day, we bring you cutting-edge news and expert commentary that dissect significant international trade and supply chain issues Our coverage spans a wide array of sectors including manufacturing, retail, healthcare, food, consumer goods, and technology, ensuring that no matter your field, you have the strategic information needed to navigate the challenges and opportunities of today’s supply chain landscape. By synthesizing complex data and presenting actionable insights, The Supply Chain Report empowers business leaders, policymakers, and logistics professionals to optimize their operations and drive forward with confidence in an interconnected world.

Connect With Us

  • About
  • Events
  • Privacy Policy
  • Contact Us

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.

No Result
View All Result
  • Home
  • Industry
    • Supply Chain
    • Logistics & Transportation
    • Importing & Exporting
    • Manufacturing
    • Warehousing & Distribution
  • Compliance
    • Supply Chain Transparency
    • Anti-Money Laundering (AML)
    • Know Your Customer (KYC)
    • Risk Management
    • Export Controls
    • Sanctions
  • Global Trade
    • Market Trends
    • Economic Indicators
    • Sourcing
    • Trade Policies
    • International Relations
    • Trade Agreements
    • Tariffs & Duties
    • Import/Export Statistics
  • Luxury Goods
  • Industry
    • Blockchain in Supply Chain
    • Importing & Exporting
    • Automation & Robotics
    • Artificial Intelligence in Trade
    • Data & Analytics
  • Sustainability & Ethics
    • Green Supply Chains
    • Sustainable Logistics
    • Ethical Sourcing
    • Corporate Social Responsibility
    • Environmental Policies
  • Security & Risk
    • Cybersecurity in Trade
    • Fraud & Scams
    • Risk Mitigation
    • Security Protocols
    • Data Protection
  • ITC News
    • ITC Featured Members
    • ITC Business Councils Highlights
  • Events
    • Upcoming Conferences
    • Upcoming FREE Educational Webinars

© 2024 International Centre for Trade Transparency Limited. Incorporated in the United Kingdom.