Vietnam’s exports to the European market have kept increasing over the past years with an annual growth rate of 12-15%, according to the Ministry of Industry and Trade (MoIT).

Total export revenue of Vietnamese products to this market reached over $200 billion in the past four years, Mr. Dinh Sy Minh Lang, an official from the MoIT’s European-American Market Department, said at a workshop held in Hanoi on November 18 on promote trading in the European market, focusing on potential for expanding exports to the European market via official channels.

Since the EU-Vietnam Free Trade Agreement (EVFTA) came into effect in August 2020, the European Union (EU) has emerged as a leading trade partner for Vietnam.

In July 2024 alone, Vietnam recorded a trade surplus of over $20.2 billion with the EU, a 19.4% increase compared to the same period in 2023. Its export turnover grew by approximately 16.8%, while imports rose by around 10%. The EU is now among Vietnam’s six largest import-export markets.

A survey by the European Chamber of Commerce in Vietnam (EuroCham) shows that the EVFTA has significantly boosted Vietnam's exports to the EU, from 35 billion EUR ($36.9 billion ) in 2019 to over 48 billion EUR in 2023. Sectors such as electronics, textiles, footwear, agriculture, and seafood have particularly benefitted from the phased tariff reductions under this agreement.

Source: VnEconomy