Exports to EU set record high after two years of EVFTA implementation11/11/2022 55
The EVFTA has significantly contributed to boosting Vietnamese exports to partner markets in the EU, said Nguyen Cam Trang, deputy director of the Agency of Foreign Trade under the Ministry of Industry and Trade (MoIT), at a conference in Hanoi on November 10.
Some local export items which have recorded impressive growth over the past two years include iron and steel, up 739%, cameras and components, up 260%, and machines and equipment, up 82.3%, reported Trang.
Furthermore, the export of rice, bamboo, and rattan products rose by 50%, ceramic and porcelain products by 25%, and vegetables, electric wires and cables by 15%, she said.
Hoang Quang Phong, vice president of the Vietnam Chamber of Commerce and Industry (VCCI), said total export turnover from Vietnam to the EU between August 2020 and July 2022 reached US$83.4 billion, equal to US$41.7 billion per year on average, a figure 24% higher than the rate during 2016 to 2019 period.
According to Nguyen Thi Thu Trang, director of the World Trade Organization (WTO) Integration Centre under the VCCI, 41% of surveyed enterprises enjoy some benefits from the EVFTA, of which the most common benefit is from tariff preferences for import and export goods.
Trang noted that many Vietnamese export sectors have made effective use of the EVFTA since the trade deal came into effect I August 2020, she noted.
The conference jointly held by the VCCI and Germany’s FNF Institute released a research report on "Vietnam after two years of EVFTA implementation from a business perspective".
Conference documents are available at: https://wtocenter.vn/su-kien/20694-conference-two-year-implementation-of-the-evfta-in-vietnam--a-review-from-business-perspective