- The UK-Vietnam Free Trade Agreement took effect on May 1, 2021, after provisional application from January 1, 2021, and preserves the preferential terms of the earlier EU-Vietnam deal.
- It phases out nearly all customs duties on UK-Vietnam trade; the UK will remove tariffs on 99.2% of tariff lines for Vietnamese goods, while Vietnam will remove 48.5% in line with EVFTA commitments.
- Vietnam’s Decree 53/2021/ND-CP sets the preferential tariff schedules for eligible goods from both countries.
- Rules of origin allow self-certification for shipments under €6,000, while higher-value shipments need a EUR.1 certificate or approved electronic verification.
- Expected tariff savings are about $151 million for Vietnamese exporters and $36 million for UK exporters.
Source: regfollower.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
