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%.
- The trade balance of goods has a surplus of nearly USD 25 billion after 10 months
- Seafood exports to the US increased for the second consecutive month
- HSBC: Vietnam's GDP growth is forecast at 5% this year and 6.3% in 2024
- Imports and exports are approaching USD 500 billion
- VDSC forecasts fourth quarter GDP growth to reach 7%
- Positive signs in import-export activities in the last months of the year
- Export turnover achieved positive growth for the first time after six months
- Many pangasius businesses receive tax reductions when exporting to the US
- Vietnam's seafood trade with the US is expected to have breakthroughs
- VDSC: GDP growth in the third quarter may reach 4.5%