Exports to the EU accelerate thanks to EVFTA
According to data from the Ministry of Industry and Trade, in the first quarter of 2021, exports to the EU increased by 18% (equivalent to USD 1.53 billion), reaching USD 9,932 billion over the same period in 2020.
The categories with good growth and great value are phones, electronic components, textiles, agricultural products, etc.
Mr. Tran Thanh Hai, Deputy Director of the Import and Export Department (Ministry of Industry and Trade), said that one of the driving forces for export growth to the EU is that EVFTA has been quickly taken advantages of by businesses. “Although there are no statistics on the rate of issuance of certificates of origin (C/O) to enjoy incentives as committed in the EVFTA, in general, Vietnam's exports of many products have had positive changes in EU market after this agreement is enforced, such as seafood, shrimp, rice, etc.”, Mr. Hai analyzed.
The markets in the EU with an increase in imports of Vietnamese goods in the first quarter of 2021 include: Greece with an increase of 23.5%, Czech Republic with an increase of 64.7%, Portugal with an increase of 36.6%, Italy with an increase of 26.4%, Belgium with an increase of 19.9%, Ireland with an increase of 23.2%, Austria with an increase of 10.3%, and Denmark with an increase of 20.2%, etc.
In 2020, Vietnam's export turnover to the EU reached USD 43.7 billion and imports from this market reached USD 18.5 billion. Europe is currently Vietnam's fourth largest trading partner, after China, the United States and South Korea.
After an increase of 6.1% in 2020, worth more than USD 500 million in the EU, Vietnam's shrimp exports continued to have achievements in this market in the first quarter of 2021, estimated at over USD 150 million, an increase of 11% over the same period in 2020.
Mr. Truong Dinh Hoe, General Secretary of Vietnam Association of Seafood Exporters and Producers (VASEP) predicted, shrimp exports to the EU could reach nearly USD 700 million. More importantly, thanks to EVFTA, the import tax on most shrimp materials imported into the EU has been reduced from the basic 12-20% to 0%, except for tax on processed shrimp, it will be 0% seven years after the EVFTA takes effect.
The participation of industries in taking EVFTA's advantages is evident in the increasing number of enterprises participating in export. For example, with the fisheries sector, before EVFTA took effect (on August 1, 2020), the number of enterprises participating in exporting to the EU was 370. But after the EVFTA took effect for five months, the number of businesses participating in exporting seafood to the EU has increased to 409, most of which are reputable and have good supply capacity.
- 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