The Free Trade Agreement between Vietnam and the United Kingdom (UKVFTA) was just signed on the evening of December 29 in London and takes effect from 11:00 p.m. on December 31, 2020. This is a continuing step in the Vietnam - UK trade relationship and an opportunity to help Vietnam improve its competitive advantage with other countries in the region. Because of Covid-19, the two governments authorized ambassadors to sign this agreement.  

According to the commitment, after 6 years of UKVFTA taking effect, the UK will eliminate import taxes on 99.2% of tariff lines and commit to giving Vietnam a tariff quota (TRQ) with import tax of 0% with some items. The export industries that benefit greatly from this agreement are seafood, rice, textiles, wood, fruits and vegetables, leather and footwear...
The UK said it will base on EU statistics on actual bilateral trade exchanges between Vietnam and the UK in the 2014-2016 period to decide on a similar policy. The UK also committed to review and increase TRQ levels for Vietnamese rice products after 3 years from the date UKVFTA takes effect. In contrast, Vietnam will eliminate tariffs as soon as the agreement comes into effect on 48.5% of tariff lines, accounting for 64.5% of import turnover from the UK.
In addition, the Agreement also provides commitments on rules of origin, customs and trade facilitation, food hygiene and safety measures, technical barriers in trade, services, investment, trade defense, competition, state-owned enterprises, government procurement, intellectual property, trade and sustainable development, cooperation and capacity building, legal - institutional.