According to the Center for Industry and Trade Information (Ministry of Industry and Trade), with nearly 68 million people, high average income, and diverse needs, the UK is a potential market that Vietnamese exporters can exploit.
Data from the General Department of Customs shows that in the first 10 months of 2024, the export turnover of many key agricultural products of Vietnam to the UK grew positively, despite facing difficulties in logistics and reduced market demand.
Specifically, coffee continued to be the key product with 24.05 thousand tons, worth 108.2 million USD, down 23.4% in volume but up 29.1% in value compared to the same period in 2023.
Cashew nut exports reached 17.03 thousand tons, worth 87.3 million USD, up 10% in value; vegetables and fruits reached 31.5 million USD, up 55.7%; pepper reached 5.2 thousand tons, worth 26.7 million USD, up 22% in volume and 45.8% in value respectively.
With a population of nearly 68 million and a high average income, the UK imports about 40% of its food needs. The main import groups include fruits and vegetables (£12.5 billion), cereals (£6 billion), coffee, tea, cocoa (£4.8 billion) and seafood (£3.7 billion).
The UK’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) also creates favorable conditions, as distributors and consumers in the UK are increasingly interested in products from member countries, including Vietnam.
To take advantage of opportunities in the UK market, exporting enterprises need to focus on meeting requirements on food quality and safety, especially complying with regulations related to chemical residues in the context that recently, the UK has continuously notified the World Trade Organization (WTO) about the expected application of maximum residue levels (MRL) for some active ingredients such as fludioxonil, isotianil, flonicamid…
According to experts, consumption trends in the UK and Europe in general are shifting strongly towards organic, environmentally friendly and sustainable products.
Therefore, to maintain growth in agricultural exports to the UK, in addition to quality and price factors, Vietnamese production and export enterprises need to research, grasp market demand, invest in improving production processes, and meet these standards.
Exporting enterprises also need to continuously update relevant regulations and policies from the UK to avoid risks, along with appropriate export strategies and careful preparation, to expand the position of Vietnamese agricultural products in the international market.