To mark an end of the interesting 2020, Vietnam and the UK have concluded a bilateral free-trade agreement (UKVFTA).
The FTA, among other things, is part of the UK's plan of closer trade ties with SEA and Pacific nations enface the Brexit deadline of 31 December 2020; as well as a replacement of the EU-Vietnam Free Trade Agreement (EVFTA) which will ensure the UK's access to preferential tariffs post-Brexit.
It is worth to note that prior to reaching the UKVFTA, the UK has invested comprehensive support in development of trading, and legal framework in Vietnam through its Prosperity Fund.
Thanks to the UKVFTA, financial services and e-commerce firms especially expect to benefit and flourish, in addition to frequent export/import firms of clothing, footwear, seafood, and pharma.
While Vietnam is working on a comprehensive amendment of its Intellectual Property (IP) Law, the UKVFTA hopefully contributes to significant improvement of IP protection in Vietnam, getting in line with the UK's developed IP practice, via wide IP provisions of the UKVFTA.
Based on the terms of the EU-Vietnam Free Trade Agreement (EVFTA), the UKVTFA is a new-generation, high-quality bilateral agreement that reduces tariffs to zero and eliminates non-tariff barriers on most goods from both countries under a short roadmap, An said. It also contains important provisions on intellectual property rights, investment liberalisation, and sustainable development, and commitments to meet the standards of the International Labour Organisation (ILO) and the UN Framework Convention on Climate Change. The Vietnamese Government is very down to earth and open to foreign investment, he said, adding that it has also taken major steps forward in adopting rules in trade, copyright issues, and intellectual property protection.