Vietnam’s export to the EU is forecast to continue rising in the time to come as the market is on a recovery trend, economists have said.
Two-way trade turnover between Vietnam and the EU over the past seven months reached 19 billion USD, up 23.5 percent against the same period last year, in which Vietnam enjoyed a trade surplus with 13.5 billion USD in export revenues.
During the period, several European countries including Germany, the UK and Holland increased their imports from Vietnam.
Despite slight decreases in several export items to the EU during the reviewed period such as garment and textiles, 0.7 percent and aquatic products, 10.73 percent, economists said there is still room for Vietnam and the EU to increase trade, as their export products are mutually supplementary rather than competitive.
Vietnam mainly imports machinery, equipment, materials, chemicals, iron and steel from the EU while shipping garments and textiles, footwear, coffee and wood products to the market.
The country’s goods are enjoying advantages in the EU market thanks to the Generalised System of Preferences (GSP).
Franz Jessen, Ambassador and Head of the EU Delegation to Vietnam, said the strong growth of Vietnamese exports to the EU market is partially attributable to goods entitled to the GSP treatment.
He noted that nearly 49 percent of Vietnam’s footwear products have benefited from preferential tariffs under the GSP regime.
From 2014 onwards, more Vietnamese products will gain further benefits from the new GSP regulations, he said.
In the long run, Vietnam’s access to the EU market will be strongly improved with the free trade agreement between the two sides, the negotiations on which are expected to wrap up next year.