Two-way trade between Vietnam and the European Union (EU) grew 16.2 percent year-on-year in the first five months of 2017, according to the Ministry of Industry and Trade.
Hanoi (VNA) – Two-way trade betweenVietnam and the European Union (EU) grew 16.2 percent year-on-year in the firstfive months of 2017, according to the Ministry of Industry and Trade.
Of the figure, Vietnam’s exports to the EUrose 4.2 percent, mostly apparel, footwear, agro-forestry-aquatic products andcomputers, while its imports from the EU up 14 percent, including machinery,equipment, pharmaceuticals and dairy products.
The country’s major importers were Germany,the UK, France, Italy, the Netherlands and Spain.
Exporters hope that the EU-Vietnam FreeTrade Agreement (EVFTA), which is expected to take effect in 2018, willincrease Vietnam’s exports to the bloc by 50 percent by 2020.
The ministry said in order to navigate thedemanding EU market, domestic firms must overcome technical barriers by meetingstrict requirements regarding food safety and hygiene and origin traceability.
First Counsellor of the EU Delegation toVietnam Miriam Garcia Ferrer said through the EVFTA, the EU could help Vietnamimprove trademark and product quality.-VNA
The European Union (EU), which makes up about one fourth of the world consumption, is now the fourth largest importer of Vietnam’s timber and wood products after US, Japan and China.
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Trade value between Vietnam and the European Union (EU) in the first half of this year has gained a year-on-year growth of 9.05 percent to 21.2 billion USD.
Two-way trade between Vietnam and the EU will grow further in the future as their Free Trade Agreement (EVFTA) takes effect soon, said participants at a trade conference in Hanoi on September 27.
Vietnam’s exports to the EU grew significantly in recent years, with Vietnam’s trade surplus in the market reaching nearly 20 billion EUR in 2015, mostly from exports of agricultural products.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
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Illustrative image (Source: VNA) 
