HMRC guidance updated to permit Vietnam to continue to trade on GSP and UK-Vietnam FTA

In December 2020, the UK Implemented a new preferential trade agreement with Vietnam. The original guidance from HMRC stated that GSP will not apply to Vietnam from the 1st of January 2023, this has now been revised.

During the transition period, Vietnam has been permitted to trade on both the terms of the UK – Vietnam FTA and the UK GSP.

HMRC has confirmed that Vietnam will remain in the UK GSP until the new DCTS comes into force in early 2023. From that point on Vietnam will trade on the UK-Vietnam FTA terms only and will no longer be eligible for UK trade preferences.

Link to UK – Vietnam FTA

https://www.gov.uk/government/publications/country-graduation-from-uk-preferences-scheme-vietnam-and-samoa/free-trade-agreement-fta-country-graduation-vietnam-and-samoa