Cooperate uk

Given the UK’s final departure from the European Union on December 31, the trade pact will prevent disruptions to bilateral trade. Minister of Industry and Trade Tran Tuan Anh affirmed that based on the commitments and standards inherited from the EU-Vietnam Free Trade Agreement (EVFTA), the UKVFTA will be a new driving force to promote bilateral trade and investment relations. The UKVFTA was negotiated based on the principles of the EVFTA with necessary adjustments to ensure the deal conforms to the UK-Vietnam bilateral trade framework. Basically, the contents of the UKVFTA are similar to those of the EVFTA, addressing trade in goods (including general regulations and market access commitments), rules of origin, customs and trade facilitation, sanitary and phytosanitary measures (SPS), technical barriers to trade (TBT), trade in services (including general regulations and market access commitments), investment, trade remedies, competition, state-owned enterprises (SOEs), government procurement, intellectual property, trade and sustainable development, cooperation and capacity building. In recent years, the UK has been Vietnam’s third largest trade partner in Europe after Germany and the Netherlands. According to the General Department of Vietnam Customs, two-way trade reached US$6.6 billion in 2019. During the 2011-2019 period, the growth rate of bilateral trade turnover increased by an average of 12.1 percent per year. Vietnam mainly exports garments and textiles, footwear, timber and wood products, and seafood to the UK, while importing pharmaceuticals, machinery and equipment. Although Vietnam’s exports to the UK have increased sharply, the export revenue has only made up less than one percent of the UK’s import value, leaving substantial potential and opportunities for Vietnamese goods to enter the UK if Vietnam knows how to optimize the trade deal. Bao Thoa …

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Vietnamese company Huro Probiotics will cooperate in the UK research of a COVID-19 medicine According to information posted on the London Stock Exchange on September 7, Destiny Pharma and SporeGen has entered a cooperation in the research and development (R&D) of products from bacteria, called SPORE-COV, that can stimulate the natural immune system and fight against the SARS-COV-2 virus. The representative of Destiny Pharma said that the project will have the participation of a Vietnamese enterprise, Huro Probiotics – a member of The PAN Group (HSX: PAN) as material provider and developer of standardised manufacturing technology on an industrial scale. Destiny Pharma, which specialises in the development of a new generation of anti-infection drugs, and SporeGen, which specialises in the application of microbiological spores from the UK, will play a key role in the COVID-19 room product creation project. The British government has also decided to finance £800,000 ($1 million) out of a total of £1.1 million ($1.4 million) with the desire to soon get a low-cost anti-epidemic product for the people. SPOR-COV was developed from a Sporegen exclusive formulation based on a naturally isolated non-pathogenic bacterium that is administered nasally as a spray. Unlike vaccines, SPOR-COV focuses on utilising the natural (innate) immune system to enhance protection against the SARS-CoV-2 virus a few days after dosing. The only Vietnamese company participating in the project, Huro Probiotics, formerly the R&D center of The PAN Group, was established in 2012, specializing in research, development and production of probiotics for the pharmaceutical and food industries. One of the prominent product applications of the group is the first gummy product in Vietnam incorporating probiotic strain HU58. The UK's experience in cooperation and technology transfer from many years ago can be one of the opportunities to help the PAN Group participate in the SPOR-COV …

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Officially taking effect at 11pm on December 31, 2020, the United Kingdom (UK)-Vietnam Free Trade Agreement (UKVFTA) has reopened the trade and investment bridge between the two countries after the UK left the European Union (Brexit). To ensure uninterrupted bilateral trade and the smooth implementation of trade liberalization commitments, Vietnam and the UK rushed to negotiate the UKVFTA on the principle of inheriting the EU-Vietnam Free Trade Agreement (EVFTA). It is hoped that the UKVFTA will be an important driving force to bring the relationship between the two countries to a new height. Top partner Despite the negative effects of the Covid-19 pandemic, the import-export turnover between the two countries is estimated to reach US$5.55 billion in 2020. Vietnam's exports to the UK in 2020 hit $4.88 billion and imports $670 million. The UK is currently the 3rd largest trading partner of Vietnam in Europe, and the 9th largest export market of Vietnam in the world. More importantly, Vietnam has always maintained a large trade surplus in this market. The main export products of Vietnam to the UK include: phones and components, textiles, footwear, seafood, processed agricultural products, furniture and wood products, and plastics products. Vietnam mainly imports machinery and equipment for production; pharmaceuticals, and chemicals from the UK. The UKVFTA was signed by the authorized representatives (Ambassadors) of the two governments in London (UK). Photo: VGP Currently, the room for cooperation in the field of trade between the two countries is still very large. The value of Vietnamese goods exported to the UK accounts for only about 0.88% of total UK imports and the value of imported goods from the UK to Vietnam only accounts for 0.17% of the value of the UK’s goods exported to the world. Import and export goods between the two countries are complementary rather than competitive. In the field of investment, the UK has 400 valid …

[Read more...] about UKVFTA – the ‘boulevard’ connecting Vietnam – UK