HCMC – Vietnam’s exports to the European Union (EU) have soared at a double-digit rate annually to a total of US$200 billion since the EU-Vietnam Free Trade Agreement (EVFTA) came into force in early August 2020.
The EVFTA has given a tremendous boost to bilateral trade, according to the Vietnam News Agency.
Vietnam’s exports to the EU have consistently expanded by 12-15% annually. Total exports to the EU hit the US$200-billion mark in June, with the first half of 2024 contributing nearly US$24.7 billion, a 15.37% year-on-year increase.
While the trade pact has opened up new market access opportunities for Vietnamese products, it has also imposed more stringent requirements, particularly regarding sustainability standards, officials said.
Nguyen Hong Hanh, first secretary of the Vietnamese Trade Office in Belgium and the EU, said Vietnamese firms must adapt to the bloc’s evolving green standards to maintain this growth momentum.
In particular, the EU has required companies to demonstrate that their goods are produced in an environmentally friendly manner and do not contribute to deforestation.
The Ministry of Industry and Trade underscored the need to help domestic firms in complying with the EU’s standards and maximizing benefits from the EVFTA as only 20% of businesses in Vietnam have taken full advantage of its preferential terms.
