Businesses seek new trends to boost exports to Spain

Despite the COVID-19 pandemic having a negative impact on economic and trade ties between both sides, two-way trade turnover has yielded positive results thanks to the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA).

Statistics released by the General Department of Vietnam Customs indicate that Vietnamese exports to Spain during the opening seven months of the year reached US$1.374 billion, an annual increase of 14.78%.

With approximately 70% of the Spanish population fully vaccinated, their economic recovery will serve to boost Vietnamese import and export turnover to the market ahead in the remaining months of the year.

The enforcement of EVFTA is therefore expected to create a wealth of opportunities in which Vietnamese goods can penetrate the Spanish market.

Currently, key Vietnamese export items to the European country include phones and components, garments and textiles, footwear; machinery, tools and spare parts, coffee, toys, game equipment and sports equipment, and furniture, leather travel accessories, rubber, edible fruit and almonds, seafood, plastic products, metal tools and kitchenware, and carpets.

Experts have advised domestic seafood enterprises to meet stringent technical standards relation to safety and hygiene so as to make inroads into the EU and Spanish markets, especially with regard to regulations of residue levels of banned substances in export seafood products.

Moreover, the Spanish market, along with the EU market in general, continues to pay special attention to corporate social responsibility, with employers required to ensure standard working conditions for employees along with environmental protection.

Amid the complicated nature of COVID-19 developments, the Trade Office said it will help local businesses enhance online trade linkages and participate in online trade promotion activities at both local and international fairs and exhibitions.