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Vietnam’s export to EU benefiting from free trade agreement

Vietnam’s export value to the European Union (EU) grew further in the first five months of this year, with a trade surplus of 13.4 billion USD, up nearly 47 percent, thanks to their bilateral free trade agreement.
Vietnam’s export to EU benefiting from free trade agreement ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) – Vietnam’s export value to theEuropean Union (EU) grew further in the first five months of this year, with atrade surplus of 13.4 billion USD, up nearly 47 percent, thanks to their bilateral freetrade agreement.

Despite lingering impacts of the COVID-19 pandemicand the Russia-Ukraine conflict which have pushed material and fuel prices as well as transportation costs, Vietnam’s export still expanded, contributing to itsmacro-economic stability and socio-economic development, according to statistics.

The General Statistics Office (GSO) said the export pickedup on cashew nut, coffee, vegetables, fruit, fishery products, rice and timberproducts.

Notably, the country shipped up to 48,680 tonnes ofcashew nut worth 290.23 million USD in the first four months, marking increases of21.8 percent in volume and 21.4 percent in value.

Dang Hoang Giang, General Secretary of the VietnamCashew Association (Vinacas), said the EU was Vietnam’s biggest cashew nutbuyer, making up 23 percent of the combined volume and 22 percent of the totalvalue.

Vietnamese cashew nut will climb to No. 1 positionin the market as tariff on the staple is lowered to zero percent under theVietnam-EU Free Trade Agreement (EVFTA), he said.

Fishery exports to the EU also sped up, hitting 422million USD in the first four months, up 47.3 percent, according to the VietnamAssociation of Seafood Exporters and Producers (VASEP).

Last year, the value was 1.07 billion USD, up 12.3percent against 2020, making the EU Vietnam’s third biggest importer, after theUS and Japan.

The export of garments-textiles and footwear alsomade progress, up 34.6 percent and 19 percent in the January-April period,respectively.

Statistics by the General Department of Vietnam Customsshow that trade between Vietnam and the EU exceeded 57 billion USD last year,an increase of 14.5 percent year-on-year as businesses have known how tomaximise the deal.

According to the Vietnam Chamber of Commerce andIndustry, the level of understanding and expectation of Vietnamese firmson the EVFTA is 30.19 percent, compared to only 22.95 percent on others.

Vietnam is now the EU’s biggest trade partner in theAssociation of Southeast Asian Nations and among the top 10 largestgoods suppliers of the market./.

VNA
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