Vietnam gains stronger foothold in EU market two years after EVFTA takes effect

Date: 2022.08.01

Vietnam is gaining a stronger foothold in the EU market, though the COVID-19 wreaked havocs on both sides, after the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020.

The high-quality trade deal has enabled many Vietnamese enterprises to stand strong through the pandemic over the last two years, Luong Hoang Thai, Director of the Ministry of Industry and Trade’s Multilateral Trade Policy Department, told the Vietnam News Agency.

Vietnam’s exports to the EU increased 6.2% to 39.75 billion USD in the first year after the EVFTA became valid (from August 2020 to July 2021), he said.

Ten months into the second year of the agreement (from August 2021 to the end of May 2022), the shipment volume soared 39.71% to 36.8 billion USD, with significant growth seen in many of Vietnam’s key export items, for example, textile-garment (16.7%), rice (42.9%), pepper (81.3%), aquatic products (22.7%), and machinery (20.9%).

The percentage of Vietnamese exporters using certification of origin to reap preferential duties provided by the EVFTA expanded from 14.8% in the first year to 20.7% in the second year, Thai noted.

Read more here.

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