Vietnam’s exports to EU forecast to grow further in 2022
Vietnam's goods exports to the European Union (EU) market are expected to get brighter than in 2021 as Vietnamese businesses are better taking advantage of incentives of the EU-Vietnam Free Trade Agreement (EVFTA), according to trade experts.
Trade turnover between Vietnam and the EU reaches 51.3 billion USD in the first 11 months of 2021 (Photo: VNA)
Hanoi (VNA) - Vietnam's goods exports to the European Union (EU)market are expected to get brighter than in 2021 as Vietnamese businessesare better taking advantage of incentives of the EU-Vietnam Free TradeAgreement (EVFTA), according to trade experts.
They also said that after 2 years of the COVID-19 outbreak,both Vietnam and the EU are adapting better and better to the pandemic and speedingup the vaccination of basic and booster shots.
In particular, the Vietnam - EU economic and trade ties witha solid foundation from the EVFTA will enjoy many promising opportunities afterthe pandemic, thus bringing practical benefits to the business communities ofboth sides.
Thee EVFTA officially became effective on August 1, 2020, markingan important milestone during 30 years of cooperation and development between thetwo sides, and opening up a new promising stage for the bilateral comprehensivepartnership.
Statistics from the Vietnam Customs show the trade turnoverbetween Vietnam and the EU reached 51.3 billion USD in the first 11 months of2021, up 13.8 percent over the same period of 2020; of which exports hit 35.96billion USD, up 12.6 percent and imports 15.34 billion USD, up 16.6 percent. Inparticular, Vietnam enjoyed a trade surplus of 20.6 billion USD, up 9.8 percentcompared to the same period last year.
According to trade experts, in the context that the COVID-19 pandemic has negatively affected all trade and investmentactivities of the world as well as Vietnam, the implementation of the EVFTA isof significance to help offset the economic downturn and bring more diversifiedmarket opportunities for businesses and create post-pandemic growth momentum.
This is also an opportunity for businesses to join newsupply chains to replace the traditional ones that have beeninterrupted or stalled due to the long-lasting pandemic.
At present, the EU is the world's second largest importmarket with the value of around 2.16 trillion VND in 2020. Meanwhile, themarket share of Vietnamese exports in the EU is only about 2 percent, and theimport and export structure of Vietnam and the EU is also mostly complementaryand not directly competitive.
Therefore, room for Vietnam’s exports to the EU remains largein the coming time, when the EU economy recovers and grows again and its demandfor import of goods increases./.
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In the context of complicated development of the Covid19 on a global scale, bilateral trade between Vietnam and the EU recorded significant increase after the EVFTA was enforced. Vietnam’s export to the EU reached 39.75 billion USD, increased by 6.2%, thanks to the recovery of the EU economy in the second quarter of 2021 and the tariff cut under EVFTA.
Improving the policy system and legal framework based on international trade practice is one of the important factors for Vietnam to integrate more deeply into the global value chains and attract investment capital from Europe as well as create a level playing field for domestic and foreign enterprises, Ambassador Giorgio Aliberti, Head of the European Union Delegation to Vietnam, has said.
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Trade turnover between Vietnam and the EU reaches 51.3 billion USD in the first 11 months of 2021 (Photo: VNA) 
