Vietnam-EU trade up 16.2 percent in five months

Illustrative image (Source: VNA)

Hanoi (VNA) – 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.

Of the figure, Vietnam’s exports to the EU rose 4.2 percent, mostly apparel, footwear, agro-forestry-aquatic products and computers, 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 Free Trade Agreement (EVFTA), which is expected to take effect in 2018, will increase Vietnam’s exports to the bloc by 50 percent by 2020.

The ministry said in order to navigate the demanding EU market, domestic firms must overcome technical barriers by meeting strict requirements regarding food safety and hygiene and origin traceability.

First Counsellor of the EU Delegation to Vietnam Miriam Garcia Ferrer said through the EVFTA, the EU could help Vietnam improve trademark and product quality.-VNA

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