Total export revenue from this market reached over $200 billion in the past four years.

Vietnam’s exports to the European market have kept increasing over the past years with an annual growth rate of 12-15%, according to the Ministry of Industry and Trade (MoIT).

Total export revenue of Vietnamese products to this market reached over $200 billion in the past four years, Mr. Dinh Sy Minh Lang, an official from the MoIT’s European-American Market Department, said at a workshop held in Hanoi on November 18 on promote trading in the European market, focusing on potential for expanding exports to the European market via official channels.

Since the EU-Vietnam Free Trade Agreement (EVFTA) came into effect in August 2020, the European Union (EU) has emerged as a leading trade partner for Vietnam.

In July 2024 alone, Vietnam recorded a trade surplus of over $20.2 billion with the EU, a 19.4% increase compared to the same period in 2023. Its export turnover grew by approximately 16.8%, while imports rose by around 10%. The EU is now among Vietnam’s six largest import-export markets.

A survey by the European Chamber of Commerce in Vietnam (EuroCham) shows that the EVFTA has significantly boosted Vietnam’s exports to the EU, from 35 billion EUR ($36.9 billion ) in 2019 to over 48 billion EUR in 2023. Sectors such as electronics, textiles, footwear, agriculture, and seafood have particularly benefitted from the phased tariff reductions under this agreement.

Vu Khue (Source: en.vneconomy.vn)