Vietnam’s exports to EU this year is forecast to post an on-year increase of 20 per cent to US$8.5 billion, said Nguyen Chi Tam, director of the Ministry of Trade’s Europe Department.
Plastic and rubber exports to the EU market are predicted to reach US$397.5 million this year, up 59 per cent on-year; electronic and computer products $385.2 million, up 40 per cent on-year, and coffee $621.4 million, up 30 per cent on-year.
However, exports of food, agro and seafood products to the EU will face severe technical barriers.
The MoT official’s announcement was based on bright Vietnam-EU relationship in recent years, including economic and trade bilateral agreements. WTO membership since January 2007 also gives Vietnam fair treatment in trade with other member countries including those in the EU. The most favored nation (MFN) regulation of WTO allows Vietnam to penetrate into EU market more equally.
Statistics said that two-way trade between Vietnam and the EU considerably increased over the past seven years, up from $3.6 billion in 1999 to $10.2 billion in 2006. In 2006, Vietnam’s exports to the EU reached $7.09 billion, accounting for 17.8 per cent of the country’s total export value.
Vietnam’s main exports to the EU include foot wears, apparels, seafood products, coffee, wood and plastic products, electronic and computer produces, handicrafts and fine arts, rubber, pepper, tea, bicycles and accessories.
The EU is currently Vietnam’s second biggest exporting market after the US. (Vietnam Financial Times)
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