Trade between Vietnam and the European Union (EU) fell 6.67% from a year earlier to $15.2 billion in 2009, the Ministry of Industry and Trade said at a recent meeting on boosting the country’s exports to the bloc.
Vietnam exported $9.38 billion worth of goods to the EU, down 13.57% on-year and imported $5.83 billion, up 7.07%.
The country’s exports to the bloc dropped 44.4% on-year in the first quarter of 2010, which were mainly blamed for the EU’s application of non-tariff barriers, especially technical barriers such as IUU regulation and Reach Chemicals Law, the ministry noted.
The EU’s existing intra-production protectionism policy and EU’s extension of anti-dumping duties on leather-capped shoes from Vietnam are also the hurdles for Vietnamese exporters, it added.
In an effort to solve difficulties for Vietnamese exporters, the MoIT has been negotiating with the EC to remove barriers for the country’s exports and outline measures to further boost bilateral trade.
The ministry will hold more trade promotion programs in the European markets and seminars to update the EU’s new regulations to Vietnamese businesses.
Vietnam is also trying to speed up negotiations on the Partnership and Comprehensive Cooperation Agreement (PCA) and the bilateral free trade agreement (FTA) with the EU, which are expected to further boost bilateral trade ties.
Vietnam and the EU agreed to start negotiations on FTA following a meeting between Vietnamese Prime Minister Nguyen Tan Dung and EU Trade Commissioner Karel De Gucht in Hanoi on Mar. 2.
Currently, France, Germany, the Netherlands and the U.K. are Vietnam’s main importers in the EU with an annual export value growth of 20%.
Apparel, footwear, woodwork products, unripened coffee and seafood exports account for 80% of Vietnam’s total export value to the bloc. (Vietnam Economic Times, Economy & Urban)
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