Vietnam - EU two-way trade reaches over USD56 billion

Wednesday, 19/02/2020 18:37
Latest statistics from the General Department of Vietnam Customs showed that in 2019, the export-import turnover between Vietnam and EU reached USD56.4 billion, accounting for nearly 11% of the country’s export-import turnover.

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Phones, components, textile and garment, and footwear products are main export goods to the EU market. (Photo: baodautu.vn)


Of which, export turnover presented USD41.48 billion and import, USD14.91 billion, leading to a remarkable surplus of USD26.57 billion. 

Study by the Ministry of Planning and Investment indicates that Vietnam’s export turnover to the EU is expected to increase by 20% in 2020, 42.7% in 2025 and 44.37% in 2030, after the EU-Vietnam Free Trade Agreement (EVFTA) goes into effect in the second half of this year. 

Typical exported goods to the EU included phones and components, with turnover of USD12.36 billion; computers, electronic products and components, USD5.06 billion; textile and garment, USD 4.6 billion; and footwear and bags, USD5.6 billion.

Vietnamese goods imported from EU member countries were also diverse, including machines, equipment, tools and spare parts; medicine; consumer goods; cars, iron and steel, iron and steel products, and seafood products.

In 2019, the markets with export value reaching over USD1 billion are the Netherlands (USD6.88 billion), Germany (USD6.56 billion), the UK (USD5.76 billion), France (USD3.76 billion), Italy (USD3.44 billion), Austria (USD3.27 billion), Spain (USD2.72 billion), Belgium (USD2.55 billion), Poland (USD1.5 billion) and Sweden (USD1.18 billion).

Meanwhile, in 2018, the total import-export turnover between Vietnam and the EU reached US55.68 billion, of which, Vietnam's exports to the EU reached USD 41.79 billion, up 9.5% compared to 2017, while its imported goods from EU market reached USD13.89 billion in value, up 13.9%. Vietnam continued a trade surplus with the EU market of about USD28 billion./.

Compiled by BTA

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