Exports of goods to the EU reached approximately USD 10 billion
Since the EVFTA took effect in August 2020, the growth rate of exports to the EU has gradually improved and recorded an increase of 18% in the first three months of 2021.
Vietnam's merchandise exports to 27 countries in the European Union (EU) recorded a strong growth of 18% (equivalent to an increase of USD 1.5 billion) over the same period in 2020, reaching USD 9.93 billion.
Since the EVFTA came into effect in August 2020, the growth rate of exports to the EU has gradually improved and increased by 18% in the first three months of 2021. The categories with good growth and great value are telephones, electronic components, textiles, agricultural products, etc.
Import markets are mostly countries with ports and distribution centers, transshipment of the EU such as Belgium, Germany, the Netherlands, France, etc. In which, many shipments have arrived in the EU market, cleared and enjoyed preferential treatment from this Agreement.
The EU markets with an increase in imports of Vietnamese goods in the first quarter of 2021 include: Greece 23.5%, Czech Republic 64.7%, Portugal 36.6%, Italy 26.4. %, Belgium 19.9%, Ireland 23.2%, Austria 10.3%, Denmark 20.2%, etc.
Similarly, Vietnam's export turnover to partners in the CPTPP Agreement also reached a high growth rate in the first three months of 2021 such as: Canada increased by 13.7%, Australia increased by 17%, Chile increased by 25.6%, Mexico increased by 12.7%, New Zealand increased by 35.1%, etc. Export turnover to the UK market also increased by 22.1% in the first three months of this year.
As Vietnam's fourth largest export market, the EU market is boosted by many major commodity sectors to maximize EVFTA's opportunities. In 2020, Vietnam exported to Europe with a turnover of 43.7 billion USD, and imported from this market 18.5 billion USD. Many items have high growth potential thanks to tariff preferences from EVFTA.
Typically, with rice, previously Vietnamese rice exported to the EU was subject to a very high tax of over EUR 65/ton, but as of August 1, 2020, the EU gave Vietnam a quota of 80,000 tons of rice with a tax rate of 0%. Particularly, for broken rice, there will be no quota applied and tax will be completely eliminated after 5 years.
After 8 months of implementation of the EVFTA Agreement, a number of rice exporters have successfully signed orders to export fragrant rice with higher value to the EU, even with the first shipment being exported for over USD 1,000/ton. This has spread a positive signal to Vietnam's rice export situation in both volume and price.
Along with rice, a series of shipments exported to the EU market have enjoyed 0% tax rate as committed in EVFTA such as passion fruit, tiger shrimp, pomelo, dragon fruit, suitcase, handbags, shoes, etc.
- Quarter I: Vietnam saw a trade surplus of over USD 18.5 billion to the US
- Vietnam's economy seen from the first quarter of 2021: Recovery and acceleration
- The IMF forecasts that Vietnam would achieve the fastest GDP growth in ASEAN in 2022
- Exports to the EU accelerate thanks to EVFTA
- Fitch revised Vietnam's outlook to “Positive”
- Exports of goods to the EU reached approximately USD 10 billion
- Taking advantage of EVFTA, exports in the first two months of the year grew impressively
- Bilateral trade between Vietnam and Canada reached a record
- Vietnam is the largest shrimp supplier to Japan
- Shrimp exports to the EU are expected to be positive in the first quarter of the year