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Vietnam posts trade turnover of over US$41 billion with EU in Jan - Sep
Ngoc Mai 07:00, 2018/10/19
Vietnam`s trade surplus with the EU stood at US$21.24 billion in the January - September period.
Vietnam's total trade with the European Union (EU) stood at US$41.19 billion in the first nine months of 2018, according to the General Department of Vietnam Customs (GDVC).
 
Illustrative photo.
Illustrative photo.
Upon breaking down, Vietnam's export turnover to the EU reached US$31.2 billion during the period, up US$2.96 billion year-on-year, while imports were US$9.99 billion. 

This resulted in Vietnam's trade surplus of US$21.24 billion with the 28-nation bloc in the January - September period. 

In 2017, trade activities between Vietnam and the EU amounted to US$50.46 billion in 2017, up 11.9% year-on-year and accounting for 11.8% of the country's trade turnover. Of the total, exports stood at US$38.33 billion, up 12.7% or US$4.33 billion year-on-year. 

Vietnam's major products shipped to the EU last year included computers, electronic products and accessories (up US$784 million year-on-year), phones and phone parts (up US$719 million), machinery, equipment, tools and other components (up US$575 million), footwear (up US$428 million) and iron and steel (up $296 million).

Meanwhile, the country mainly imported computers, electronic products and accessories (up US$350 million year-on-year), machinery, equipment, tools and other components (up US$240 million) and pharmaceutical products (up US$221 million).

Among EU members, Vietnam posted the biggest trade surplus of US$6.44 billion with the Netherlands, followed by the UK with US$4.68 billion, Austria with US$3.4 billion, Germany with US$3.16 billion, Spain with US$2 billion and France with nearly US$2 billion. On the other hand, the country recorded the biggest trade deficit with Ireland and Finland in 2017, at US$1.27 billion and US$128 million, respectively.

Reports from the European Trade Policy and Investment Support Project (EU-MUTRAP) showed that Vietnam's export turnover to the EU could reach some $33 billion by 2020, $42 billion by 2025, and $47 billion by 2030.
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