Vietnam’s EU exports hit US$13.5 billion in seven months
(VOV) - The two-way trade turnover between Vietnam and the EU reached US$19 billion over the past seven months, with Vietnam’s trade surplus hitting US$13.5 billion, up 24.2 percent over last year’s period.
In the remaining months of the year, the volume of Vietnamese goods exported to the EU increase is predicted to increase as Western European nations like Germany, the UK and the Netherlands have boosted the import of Vietnamese goods over the past months.
Notably, some foreign markets with high import turnover, include Austria (up 121.23 percent), Slovenia (up 49.62 percent), Luxemburg (59.49 percent) and Latvia (up 50.65 percent). In addition, Eastern European nations are on the right track for economic recovery and will increase imports from Asian nations including Vietnam in the future.
At present, Vietnam’s EU exports enjoy advantages thanks to legal corridor of the Generalized System of Preferences (GSP). The country will benefit from the Vietnam-EU Free Trade Agreement (FTA) to be signed in the future. At that time, Vietnamese businesses will get better access to the EU market as 90 percent of tax lines for export products will be reduced to zero.