Asia Business Channel

Vietnam’s exports to EU reach $700 million USD in only two months

Vietnam’s exports to the EU have dramatically increased since the EVFTA took effect on August 1.

 

According to Vietnam’s Ministry of Industry and Trade (MoIT), in August, Vietnam's export turnover to the EU reached $3.25 billion USD, an increase 4.65% versus July, and a 4.2% increase when compared to last year. MoIT also reports turnover in September increased by 14.4%

The MoIT also reports the following:

• The top import markets at this are Belgium, France, Germany and the Netherlands

• Multiple shipments have arrived at the EU, cleared customs, and have received preferential treatment per the EVFTA

Items that have been granted the certificate of origin include: bamboo and rattan products, coffee, footwear, garments, plastic and plastic products, seafood, suitcases and vegetables

Due to decreases in duties and taxes, many Vietnamese export products are growth, such as seafood products, which grew 10% in September versus July; and shrimp exports which have increased 15.7%, year-on-year.

Vietnamese rice exports also show positive signs for growth and profitability, since the export price to the EU has increased by approximately $80 ~ $200 per ton, when compared with pre-EVFTA sales. In the period of January to August, Vietnam exported 16,000 tons of rice to the EU, with an estimated value of $9 million USD.

The MoIT forecasts continued growth in coffee, equipment and spare parts, footwear, mobile devices, seafood and textiles and wooden products will grow in the coming months and years.

It also says that textile and wooden products will see increases in sales in the fourth quarter due to pent up demand that has occurred due to trade flow disruptions in the first half of the year.

 

 

 

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