(VOVWORLD) - Vietnam's export turnover hit 668.5 billion USD this year, up 22,6% year-on-year, mostly thanks to Vietnamese businesses’ effective use of free trade agreements, said the Ministry of Industry and Trade.
 Textile products from Thai Nguyen Textile Company to be exported to the EU. (Tran Viet/VNA) |
One and a half years after the European Union–Vietnam Free Trade Agreement (EVFTA) took effect, Vietnam-EU trade turnover reached 63.6 billion USD, up 14.8%.
The UK-Vietnam Free Trade Agreement (UKVFTA) took effect in early 2021, which helped maintain bilateral trade during Brexit. After a year, two-way trade reached nearly 6.6 billion USD and Vietnam’s export to the UK increased 15.4 %.
Vietnam’s exports to members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have also enjoyed high growth rate, such as 19.5% to Canada and 46% to Mexico in 2021.
According to the Ministry of Industry and Trade, Vietnamese goods will be more competitive now that consumption demands in the EU, Japan, and South Korea are recovering, combined with tariff advantages from FTAs.