Vietnam among top 10 largest suppliers of goods to EU market

Vietnam is among the top 10 largest suppliers of goods to the EU market, with last year's two-way trade reaching EUR43.2 billion.

This information was unveiled during the Vietnam - EU Trade Forum 2021, an event which was co-hosted by the Ministry of Industry and Trade and the European Chamber of Commerce in Vietnam (EuroCham) on October 27 in Hanoi.

One year since the implementation of the EU-Vietnam Free Trade Agreement (EVFTA), two-way trade turnover between the country and the EU reached US$54.87 billion, an increase of 12.1% compared to the same period last year, of which exports and imports surged by 11.3% and 14.04%, respectively.

Despite the adverse impacts of the COVID-19 pandemic in several southern provinces, two-way trade turnover between the nation and the bloc in September recorded positive growth, with turnover standing at US$ 41.3 billion, up 13.4% against the same period last year.

Upon addressing the forum, Deputy Minister of Industry and Trade Dang Hoang An affirmed that several local businesses are taken full advantage of incentives from the EVFTA through the use of certificates of origin (C/O), noting that the competitiveness and market share of Vietnamese goods has also improved markedly within the EU market.

With a strong commitment to ensuring transparency, openness, and convenience in the current business climate, the country has received high-quality investment from the EU with a number of projects involving in the hi-tech field, a move which has created common values and benefits for the both sides' business communities.

Deputy Minister An therefore emphasised that the pandemic has also caused changes in consumption trends, leading to the development of digital transformation and e-commerce. In line with this, the Governments of several countries globally have devised solutions to promote the digital economy, especially e-commerce.

These moves have served to open up bright prospect for cross-border trade channel in the near future, An noted.

http://dtinews.vn/en/