The UK's main imported wooden furniture products include living room furniture, dining room furniture, wooden frame chairs and bedroom furniture - items in which Vietnam is strong. In June 2024, Vietnam's export value of wood and wood products is estimated to reach 1.25 billion USD, an increase of 13.6% compared to June 2023. In total, in the first 6 months of 2024, exports of wood and wood products reached 7.4 billion USD, up 22.2% over the same period last year. Wooden furniture has always been a key export item, reaching 3.8 billion USD in the first 5 months of 2024, an increase of 25.8% over the same period last year.
The UK market is quite large with 68 million people and diverse needs, creating favorable conditions for Vietnamese goods, including wooden furniture, to increase exports to this market. Thanks to the UKVFTA and CPTPP Agreements, Vietnamese businesses have many opportunities in the UK market with tariff incentives and the Fast track Digital UKCA mechanism. When the UKVFTA Agreement takes effect, many wood products will enjoy a 0% tax rate for 5 years.
To penetrate and expand the UK market, businesses need to grasp new regulations on standards, consumer trends, technology improvements and product quality; Invest in modern digital marketing tools; and participate in international exhibitions in the UK. At the same time, it is necessary to prepare a production conversion roadmap to meet the UK's new requirements on reducing emissions and preventing deforestation. Businesses can also register stalls on specialized platforms such as Wayfair, Amazon, or www.partners.thepopular.co.uk for free to find customers.
Glotrans has many years of experience making wooden furniture to Felixstowe, Southampton and other British seaports. Customers who need advice and price consultation can contact us immediately to receive support.
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Recently, Glotrans Vietnam once again affirmed its capability in the field of Project Cargo transportation by successfully completing a special shipment from Shanghai, China to Cat Lai Port, Ho Chi Minh City.
In the joyful spirit of celebrating Vietnamese Women’s Day on October 20th, Glotrans Vietnam organized a warm and intimate ceremony to express appreciation to all female staff across the system. The event was a heartfelt thank-you to the wonderful women – the “flowers” who contribute to the success and unity of the Glotrans family.
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Company T (Plaintiff – the Insured) entered into an insurance contract with Company B (Defendant – the Insurer). After the insured event occurred, the Insurer alleged that the Insured had violated its obligation to prevent and mitigate losses. The Arbitral Tribunal acknowledged that such an obligation exists but concluded that the Insured did not breach it.
Under the insurance contract, the premium was to be paid in three installments, and in all three, the insured party was late in payment. When a dispute arose, the insurer (Defendant) argued that the insurance contract had terminated before the insured event occurred due to the late premium payment and therefore refused to make an insurance payout. However, the Arbitral Tribunal held a contrary view.
Company Q (Plaintiff – the Insured) and Company B (Defendant – the Insurer) entered into an insurance contract. After an insured event occurred, the parties could not agree on the value of the loss and therefore conducted an assessment. The unilateral assessment conducted by the Insurer was not accepted, while the independent assessment was only partially recognized.
