WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam-EU trade turnover grows strong one year since EVFTA
Ngoc Mai 14:26, 2021/07/21
For the first six months of 2021, Vietnam-EU trade turnover rose by 18.4% year-on-year to US$27.67 billion.

Almost a year since the EU-Vietnam Free Trade Agreement (EVFTA) came into effect on August 1, 2020, bilateral trade relations have gone from strength to strength.

 Minister of Industry and Trade Nguyen Hong Dien. Source: MoIT

Minister of Industry and Trade Nguyen Hong Dien made the statement while co-chairing the first meeting of the Trade Committee of EVFTA held under the virtual format on July 19 along with Vice President of the European Commission Valdis Dombrovskis, aiming at reviewing the deal’s implementation process as well as issues of common interests related to investment and trade between the two parties.

For the first six months of 2021, Vietnam-EU trade turnover rose by 18.4% year-on-year to US$27.67 billion, in which Vietnam’s exported goods worth $19.4 billion, or an increase of 18.3%, and registered imports of $8.2 billion, up 19.1%.

Vietnam’s key export staples to the EU were phones, computers, electronic products, footwear, garment, vegetables, seafood, rice, and coffee, while the country mainly imported cars and parts, home appliances, cosmetic products, and hygiene products from the EU.

 Minister Dien and Vice President of the European Commission Valdis Dombrovskis at the online meeting.

Minister Dien added just five months since the EVFTA took effect, Vietnam had recorded strong growth of export turnover of agricultural and forestry products to the EU against the same period of 2019, including rubber products with a surge of 56.91% to $61 million; bamboo and rattan products (33.75% to $70.5 million); vegetables and fruits (12.5%) to $63.8 million.

“Vietnam seeks greater cooperation with the EU in ensuring rights and benefits from the EVFTA for businesses and people from both sides via the effective realization of commitments under the deal,” stated Dien.

“Stronger bilateral trade and investment cooperation would take Vietnam-EU relations to a new height,” he added.

At the meeting, both sides approved decision No.1 of the Trade Committee over the operation mechanism of the organization, while discussing solutions to further open their respective markets and towards sustainable development that is essential to maintain supply chains during the Covid-19 pandemic.

In his official Twitter account, Vice President of the European Commission Valdis Dombrovskis noted there was “strong mutual engagement for full FTA implementation”.

Another key aspect mentioned by both Vietnam and the EU is the necessity to reform the World Trade Organization (WTO) and preparation for WTO’s 12th Ministerial Conference, scheduled to take place from November 30 – December 3 in Geneva, Switzerland.

RELATED NEWS
TAG: Vietnam EU EVFTA trade turnover exports imports
Other news
20:11, 2024/07/23
Vietnam targets US$7,500 GDP per capita by 2030
By the end of this decade, Vietnam is expected to be among the top three Southeast Asian countries in terms of industrial competitiveness.
16:07, 2024/07/20
Gov’t mulls creation of oil and gas trading exchange
Such a platform would help minimize price manipulation, ensure a flexible pricing mechanism, and improve the distribution and circulation of oil and gas.
21:59, 2024/07/19
Hanoi promotes women's role in safe agri-food trade
The city will focus on strengthening enforcement of food safety regulations in food production and trade facilities.
16:17, 2024/07/17
Vietnam’s stock market set for strong year-end growth
The projected P/E ratio for the VN-Index this year is 11.5, below the 5-year average of 13.4, potential for the benchmark to rise in the second half of the year and 2025.
09:56, 2024/07/17
Hanoi ramps up food safety inspections, identifying and rectifying violations
The city's health department will continue to carry out regular, specialized and random inspections.
16:37, 2024/07/16
Vietnam under pressure to achieve high growth in 2024-2025
The Government's best-case growth scenario for 2024 is 6.5-7%, higher than the goals set by the National Assembly and forecasts by international organizations.