Vietnam exports $700 million of goods to EU after two months of EVFTA implementation

11:26 | 06/10/2020
Since the EU-Vietnam Free Trade Agreement took effect on August 1, the authorised organizations have issued more than 15,000 sets of certificates of origin with a turnover of $700 million to 28 EU countries, according to the latest report by the Ministry of Industry and Trade.
vietnam exports 700 million of goods to eu after two months of evfta implementation
The EVFTA took effect on August 1, bringing great opportunities for Vietnamese exports and diversifying export markets and commodities

According to the ministry (MoIT), the items that have been granted the certificate of origin (C/O) form EUR.1 are mainly footwear, seafood, plastic and plastic products, coffee, garments and textiles, bags, suitcases, vegetables, as well as rattan and bamboo products. Key import markets are Belgium, Germany, the Netherlands, and France. In particular, many shipments have arrived at the EU, cleared customs, and received preferential treatment.

In August alone, Vietnam's export turnover to the EU reached $3.25 billion, up 4.65 per cent against July and 4.2 per cent against last year. The turnover in September also posted a 14.4 per cent surge on-year.

Many export products have enjoyed high tax cuts in the EU in the past two months. The orders of seafood products in September grew 10 per cent against July. Among them, the export turnover of shrimp increased by 15.7 per cent on-year, which marks the highest growth in 2020.

In addition, Vietnamese rice exports also show positive signs as the export price to the EU has increased by approximately $80-200 per tonne, compared with the period before the EVFTA. In the first eight months, Vietnam exported 16,000 tonnes of rice to the EU with a total value of $8.5 million.

The export of other key products is expected to grow in the coming time, following the preferential tariff treatment under the EVFTA such as mobile devices and accessories, equipment and spare parts, textiles, footwear, seafood, furniture, and coffee.

The MoIT forecasts that textile and wooden products will have more export orders to the EU in the fourth quarter to compensate for the loss in the first half of this year due to trade flow disruptions.

 

By Thanh Van

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