EVFTA Boosts Vietnam’s Exports to EU

10:00:04 AM | 7/22/2022

Vietnam’s trade with the European Union (EU) rose 14.36% year on year to US$26.2 billion in the first five months of 2022, accounting for 8.55% of the country’s trade value, said the Ministry of Industry and Trade, explaining that this growth was driven by the Vietnam - EU Free Trade Agreement (EVFTA) and economic recovery and increased consumption in European countries.

Exports to the EU amounted to US$19.54 billion, up 21.1% year on year and accounting for 12.7% of Vietnam’s exports. Well-performing exports included computers, electronic products and parts which rose by 15.3% to US$3.11 billion; machinery, equipment and parts by 15.8% to US$2.23 billion; textiles and garments by 36.4% to US$1.66 billion; aquatic products by 43.9% to US$560 million; coffee by 43.2% to US$780 million; and rice by 1.1% to US$7.09 million.

In the first five months of 2022, Vietnamese exporters effectively used EVFTA C/O forms for rice, seafood, vegetables, fruits, tea, footwear, confectionery and cereal products.

Agricultural products, apparel, footwear, woodwork and electronic products are forecast to grow by 10% in 2022.

By Huong Ly, Vietnam Business Forum