EU Becomes Largest Export Market for Vietnam

The General Department of Customs said Vietnam’s export turnover of goods to the European Union (EU) reached US$20.3 billion in 2012, representing a year on year rise of 22.5 per cent and accounting for 17.7 per cent of the country’s total exports. The EU thus became Vietnam's largest export market.

 

Vietnam's major export items included garments, footwear, telephone sets, and computers.

 

In addition, Vietnam and the EU are negotiating the Free Trade Agreement (FTA), expected to be finalised prior to October 2014. With this FTA, 90 per cent of Vietnamese goods exported to the EU will be imposed zero tax, which is a favourable condition for Vietnamese goods expand the presence in the EU.