Viet Nam-EU Trade Posts Double-Digit Growth Despite COVID-19

9:32:10 AM | 11/16/2021

The bilateral trade between Viet Nam and the EU reached US$54.6 billion over the first eight months of 2021, up 11.9 percent against the same period last year, according to the Government’s report on one-year implementation of the EU-Viet Nam Free Trade Agreement (EVFTA). 

Viet Nam’s exports to the EU saw a year-on-year increase of 11.3 percent, achieving US$38.5 billion while Viet Nam’s imports from the EU hit US$16.2 billion, up 12.4 percent. 

Since the historic and new-generation free trade agreement came into effect on August 1, 2020, 65 percent of EU exports to Viet Nam and 71 percent of Vietnamese exports to the EU became tariff-free. Over the next decade, this will rise to almost 99 per cent.

As of September this year, 26 among 27 EU member states poured US$22.24 billion in 164 projects in Viet Nam, an increase of US$483 million compared to the same period last year and accounting for 5.58 percent of the total registered investment capital into Viet Nam. 

Source: VGP