Exports to EU growing following EUVFTA

After four years since the Vietnam-EU Free Trade Agreement (EUVFTA) came into effect, the proportion of goods exported from Vietnam to the EU has increased significantly, making Vietnam the largest trade partner of the EU within ASEAN, according to the Ministry of Industry and Trade (MoIT).

The EUVFTA has helped many EU importers become more familiar with Vietnamese suppliers.

In the first six months of the year, Vietnam’s export revenue to the EU reached over $24.69 billion, up 15.37% year-on-year, figures from the General Department of Vietnam Customs show.

In June alone, Vietnam exported products worth over $4.28 billion to the EU, surging 7.85% compared to the previous month and 19.54% year-on-year.

The Netherlands was the largest market of Vietnam within the EU during the period with an export turnover of over $6.14 billion, accounting for 24.88% of the total and up 27.12% year-on-year.

It was followed by Germany with nearly $3.82 billion, up 3.27%; Italy with nearly $2.53 billion, up 9.23%; and Spain with $1.97 billion, up 20.68%.

Many key products exported to the EU gained high growth, including seafood (29.5%), fruits and vegetable (34.2%), footwear (49.7%), garment and textile (43.4%) and wood and wood products (85.2%).

The two sides' two-way trade turnover in 2023 reached $72.3 billion.