Vietnam-EU trade journal in the first quarter of 2021

03/06/2021    32

Time: Q1/2021

By: European-American Market Department and the Trade and Industry Information Center - Ministry of Industry and Trade

The Ministry of Industry and Trade (European-American Market Department coordinated with the Trade and Industry Information Center) developed the latest issue of the Vietnam-EU trade journal in the first quarter of 2021. This journal comprises information, data related to Vietnam-EU trade, which focuses on analyzing some markets such as Germany, Austria, Sweden and some typical exported goods such as industrial goods, timber, vegetables, and fruits. In addition, the magazine also provides other useful information such as policy information, EU market information, trade hub information with in-depth assessments, which is expected to provide readers with useful insights.

In the first quarter of 2021, especially in mid-March, the number of SARS-CoV-2 virus infections increased sharply in Europe (EU), along with obstacles in bringing vaccines to citizens, so some European countries had to restart blockade measures. This is also the major reason the EU encountered many difficulties in economic recovery: GDP in the first quarter decreased by 0.4% compared to the previous quarter. However, from the beginning of April 2021 onwards, the EU economy has shown positive signs in several areas such as manufacturing, services, labor market thanks to vaccination progress and the effectiveness of some controlling Covid-19 measures.

Regarding the bilateral trade between the EU and Viet Nam, overcoming the obstacles in logistics, rising costs (due to the impact of Covid-19) and supply chain disruptions (because of the Suez Canal congestion), trade between two parties still had a remarkable growth rate owing to taking advantage of the benefits of European Union and Viet Nam Free Trade Agreement (EVFTA). According to Viet Nam Customs, in the first quarter of 2021, Viet Nam's total import-export turnover with the EU market reached 13.6 billion USD, an increase of 15% over the same period in 2020, significantly higher than the growing speed of 4.4% in the last 5 months of 2020 (after EVFTA comes into effect). Vietnam's goods-exporting turnover to the EU reached 9.65 billion USD, increased 14.7% over the same period in 2020. In the upcoming time, with positive signs of the economic recovery of the EU and the leverage from the EVFTA, Vietnam's exporting turnover to the EU is expected to continue to grow positively.

Vietnam-EU trade journal first-quarter issue of 2021comprises key information such as the overview of Vietnam-EU trade situation, policy, market information, EU market information, trade hub information with in-depth assessments, expected to meet the studying and researching needs of our readers.

The journal (Vietnamese) is attached below: