Exports of Vietnam’s goods to the EU reached USD 83 billion
After 2 years of implementing the Free Trade Agreement between Vietnam and EU (EVFTA), many key industries of Vietnam such as footwear, textiles, seafood, wood, vegetables, etc. have made good use of it and increased export turnover.
According to information at the seminar "Using EVFTA to build brand names" held on August 8, 2022, after 2 years of EVFTA taking effect (from August 1, 2020), many industries such as: Shoes, footwear, textiles, seafood, timber, vegetables, etc. have all made good use of and increased export turnover. In particular, exports of agricultural products, food, and vegetables in Vietnam are growing at a rate of 20-30% per year and are not restricted in terms of types and output.
Sharing at the seminar, Deputy Director of the Import-Export Department (Ministry of Industry and Trade) Tran Thanh Hai emphasized that since the EVFTA comes into effect, Vietnam's export turnover to the European Union (EU) has reached about approx. USD 83 billion, with a growth rate of approximately 15%.
This agreement has a huge impact on import and export activities in general. The EU is a market that consumes a lot of Vietnamese products, including products such as seafood and rice. Besides, the EU market is also a diversified market, and industrial products also have a large consumption volume.
Commenting on the ability of enterprises to take advantage of EVFTA incentives, Mr. Tran Thanh Hai said that when exporting goods to the EU market, there are many related regulations, including those related to rules of origin. This is not only a barrier but also a tool to help Vietnamese businesses take advantage of incentives from this agreement, avoiding fraud about origin from other competing countries.
“Regarding origin of goods, businesses have caught up quite well, showing in the figure that in the first two quarters of 2022, the amount of goods applying for a EUR1 Certificate is about USD 5.8 billion, equivalent to 25 % of export turnover to the EU during this period. This proves that enterprises have understood the value of the agreement as well as the role of the certificate of origin," said Mr. Tran Thanh Hai.
Another proof that Vietnamese enterprises have quickly taken advantage of regulations on rules of origin is reflected in the export of commodities such as seafood, vegetables and rice. These are industries with a very high rate of taking advantage of the EUR.1 rule of origin, especially for rice, this rate is 100%.
- Import - export turnover of goods between Vietnam and the EU increased by 14% over the same period last year
- Nearly 2 years of implementation of the UKVFTA agreement: Exports from Vietnam to the UK achieved positive growth
- Standard Chartered raises its forecast for Vietnam's GDP growth in 2022 to 7.5%
- Exports are more than 2 times higher than the target of industry and trade
- Vietnam - US trade reached nearly USD 100 billion
- 32 items with export turnover of over USD 1 billion over 9 months
- Exports to the EU benefit from EVFTA
- 9-month GDP growth highest in 12 years
- Vietnam is forecast to achieve the highest growth rate in the East Asia - Pacific region
- Feasible with the target of USD 368 billion in export of goods