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Vietnam fetches US$3.78 billion in first month of EVFTA validity
The Saigon Times
Wednesday,  Sep 23, 2020,10:52 (GMT+7)

Vietnam fetches US$3.78 billion in first month of EVFTA validity

The Saigon Times

A container vessel docks at Cat Lai Port in HCMC's District 2. The country reported US$3.78 billion in export revenue to the European Union in August, the first month under the validity of the EU-Vietnam free trade pact – PHOTO: LE ANH

HCMC – The country earned US$3.78 billion worth of exports to the European Union (EU) in August, the first month under the validity of the EU-Vietnam free trade pact, marking a US$600 million rise from the average level in the January-July period.

According to the General Statistics Office, as of the end of August, Vietnam’s total export earnings to the block had reached over US$25.9 billion. In August alone, local exporters fetched US$3.78 billion from the market.

The free trade deal has brought about a huge opportunity for Vietnamese exporters, helping them diversify markets and export products, especially those subject to significant tax cuts such as farm produce, aqua products, woodworking, apparel, footwear and electronics.

The EU was the third largest export market of Vietnam between January and August, according to Nguoi Lao Dong Online.

At present, phones and spare parts as a whole has reported the biggest revenue, bringing about over US$1 billion in August and US$6.96 billion between January and August.

Meanwhile, the nation reported an import value of more than US$9.8 billion from the EU in the eight months of this year. In August, the nation spent some US$1.4 billion on the EU products, higher than the average level in the previous seven months by around US$200 million.

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