Bilateral FTA boosts Vietnam-EU trade in past two years
(VOVWORLD) - Two-way trade between Vietnam and the EU has grown significantly since the EU-Vietnam Free Trade Agreement (EVFTA) came into effect in 2020, according to a review of the trade pact in Hanoi on Tuesday.
 Deputy Minister of Industry and Trade Tran Quoc Khanh speaks at a conference to review 2 years of the EVFTA, December 27, 2022. (Photo: cand.com.vn) |
Vietnam-EU trade revenue totalled 55 billion USD in 2021, up 12% year-on-year, and 57 billion USD in 2022. Deputy Minister of Industry and Trade Tran Quoc Khanh said there is ample room for bilateral trade.
“These are only initial successes as the EVFTA offers a lot more opportunities. Vietnamese businesses still face a number of challenges accessing the EU market, and the Vietnamese brand remains less known there,” said Mr. Khanh.
The Ministry of Industry of Trade said that it will take more steps to help Vietnamese businesses make full use of the EVFTA including upgrading its FTA portal and facilitating businesses’ access to credit.