Vietnam–EU trade flourishes thanks to free trade pact
(VOVWORLD) - One year after the EU-Vietnam Free Trade Agreement (EVFTA) took effect, Vietnam’s total export turnover to the EU has grown, despite the pandemic, but is still short of its potential.
 At the seminar (Photo: Lam Khanh – VNA) |
The problem’s causes and solutions were pointed out by trade experts at a recent seminar on the EVFTA’s opportunities, and challenges, which was co-organized by the Ministry of Foreign Affairs and the Ministry of Industry and Trade.
The EU is one of Vietnam’s three principal export markets, after China and the US. Tran Quoc Khanh, Deputy Minister of Industry and Trade, said: “The implementation of the EVFTA Agreement brought benefits in many areas. Two-way trade saw a year-on-year increase of 12%. Vietnam’s exports to the EU totaled 38 billion USD, while the EU’s exports to Vietnam totaled 16 billion USD. The turnover of products that applied for a certificate of origin to be able to enjoy the preferences of the agreement reached nearly 8 billion USD, which shows that many Vietnamese enterprises have taken advantage of tariff reduction opportunities under the agreement.”