Exports to EU market increase following EVFTA coming into effect
VOV.VN - Vietnam's exports to the EU have enjoyed a number of positive signs since the implementation of the EU-Vietnam Free Trade Agreement (EVFTA) in early August.
According to figures released by the General Department of Vietnam Customs, export value to the EU market in August, the first month since the EVFTA came into effect, reached US$3.78 billion.
By the end of August, total Vietnamese export turnover to the EU had hit US$25.92 billion.
At present the EU represents the biggest importer of Vietnamese mobile handsets and components.
Most notably, August alone saw export turnover of these items to the EU market reach over US$1 billion, therefore lifting total export turnover during the first eight months of the year to US$6.96 billion. Despite this growth, the figure witnessed a decline compared to the same period last year, although it still accounted for 22% of the country’s total export turnover of mobile handsets and components.
Furthermore, the EU is also the country’s leading importer of computers, electronic products and components, garments and textiles, agricultural products, and footwear.
Moreover, by the end of August the Southeast Asian nation's total import turnover from the EU had reached US$9.82 billion. Indeed, August saw the country spend US$1.4 billion on importing goods from the EU, US$200 million higher than the average seen during the seven-month period.
Moving forward, import and export activities between the country and the EU are expected to experience a sharp increase due to the Christmas and New Year period, coupled with the novel coronavirus (COVID-19) being effectively brought under stricter control.
