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Import - export turnover of goods between Vietnam and the EU increased by 14% over the same period last year

28/11/2022

In the first 10 months of 2022, the import and export turnover of goods between Vietnam and the EU reached USD 52.5 billion, an increase of 14% over the same period last year; in which, exports reached USD 39.7 billion.

After more than 2 years of implementing the EVFTA, Vietnam's exports to the EU have recorded positive results. However, the context of inflation and difficulties of the world economy, especially changes from the EU market, is expected to affect Vietnam's exports in the upcoming period. Therefore, businesses need to have plan to make the most of market opportunities and great advantages from this Agreement.

The EU is currently Vietnam's leading trading partner and the third largest export market with an average export growth rate of 7.5%, accounting for an average proportion of 13.6% of the country's total exports in the 2015 - 2021period.

Notably, Vietnam's exports to most markets in the EU recorded good growth and a positive shift.

The structure of exports to the EU also tends to expand and diversify. The implementation of the EVFTA Agreement also contributes significantly to helping Vietnamese goods improve their competitiveness and expand their market share in the EU market.

According to data from the statistical office of the European Union, the market share of Vietnam's goods in the EU's total imports from the external market in the first eight months of 2022 accounted for 1.8%, higher than ASEAN countries such as Malaysia, which accounted for 1.2%, Thailand accounted for 0.9%, Indonesia accounted for 0.7%, Singapore accounted for 0.7%. This shows that these are very positive results and a favorable start for Vietnam - EU economic and trade development in the upcoming period.

 

Kylie Nguyen

© 2019 Vietnam Bank for Agriculture and Rural Development No. 2 Lang Ha street, Ba Dinh district, Hanoi, Vietnam
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