Technology investment helps businesses penetrate deeper into EU
VOV.VN - Several Vietnamese firms have made great strides recently as they invest in advanced technologies aimed at launching products to meet the stringent requirements set by the EU in terms of quality and environmental protection standards.
Vietnam raked in US$22.5 billion from exporting goods to the European Union during the past seven months of the year, a rise of 15.5% compared to the same period from last year, according to data compiled by the Ministry of Industry and Trade.
This impressive figure can largely be attributed to the enforcement of the EU-Vietnam Free Trade Agreement (EVFTA), with 30% of the total export turnover to the EU enjoying preferential tariffs.
The strong export growth has been recorded in a number of key agro-forestry exports, such Tas rubber with US$61 million, rice with US$5.2 million, along with rattan, bamboo, sedge and carpet products with US$70.5 million
Ambassador Nguyen Van Thao, chief of the Vietnamese mission to the EU, revealed that apart from textiles, footwear, and electronics, other items exported to the market such as fruit and vegetables and wooden furniture exports also saw a sudden growth throughout the reviewed period thanks to the trade pact.
Carsten Schittek, minister counsellor and head of Trade and the Economic Section for the EU Delegation to Vietnam, emphasised that the increasing flow of Vietnamese goods to the EU has provided the bloc with additional options amid the pandemic causing disruption of supply chains.
Luong Hoang Thai, director general of the Multilateral Trade Policy Department under the Ministry of Industry and Trade, expressed his belief that bilateral trade will reach new heights moving forward, particularly with the removal of tariff barriers thanks to the enforcement of the EVFTA.
Despite this, experts have advised local firms to meet the quality and environmental protection standards set forth by the EU as a means of making greater inroads into this market.
