Upturn has been seen in exports of footwear to EU (Photo: VNA)Vietnam set up the diplomatic relations with those countries in 1973.
Data from the General Department of Vietnam Customs showedthat trade between Vietnam and Luxembourg rose 60% over a year earlier to more than 181.5million USD in 2021.
As of October, Vietnam’s exports to the country topped 101 million USD, up 50% year on year, while imports were 50.1 million USD,a rise of 11%. Vietnam mostly exported garment and footwear products toLuxembourg, while importing fibre and chemicals from the country.
Although Luxembourg is a small country with a population ofnearly 500,000, it is the financial centre of Europe, which is a good source ofsoft loans for developing countries, including Vietnam.
Currently, the Ministry of Industry and Trade (MoIT) isworking to connect the business communities, especially as the two countriesare important logistics gateways to the ASEAN and EU.
During the PM’s visit, the ministry will hold a ceremony tosign a memorandum of understanding between the Trade Promotion Agency and the LuxembourgChamber of Commerce in building the database on the business communities of thetwo countries, aiming to optimise their strengths in finance, aviationtransport, tourism and construction.
According to the MoIT’s European-American Market Department,among the EU members, the Netherlands is one of the leading trade partners ofVietnam, as it is a gateway to the EU and one of the largest logisticscentres in the region. The EU-Vietnam Free Trade Agreement (EVFTA) is expectedto bring about new cooperation opportunities between the two countries.
In the recent five years, trade between Vietnam and theNetherlands has increased about 6.3% each year.
The Netherlands is the sixth largest export market ofVietnam and biggest among the EU members, with two-way trade exceeding 9.22 billionUSD in the first 10 months of 2022, including Vietnam’s exports of over 8.67billion USD.
The country is running 409 investment projects worth nearly13.7 billion USD in Vietnam, mostly in agriculture, industry, and food andbeverage.
Meanwhile, according to the General Department of VietnamCustoms, Belgium is the sixth largest European trade partner of Vietnam. Before the COVID-19 broke out, two-way trade rose 6-10% each year.
After a fall of 10% in 2020, the growth rate surged to 53.8%in 2021 to 4.29 billion USD, including Vietnam’s imports of 3.6 billion USD. InOctober 2022, Vietnam exported 3.44 billion USD, up 219.9%.
Experts held that Vietnam and Belgium have supplementarygoods structures. Vietnam is Belgium’s supplier of footwear, garment products,coffee and aquatic products. Meanwhile, Belgium has provided Vietnam with pharmaceuticals,gems, machineries and equipment.
Belgium has high demand for agro-fisheries products andtraditional handicrafts, which are Vietnam’s strengths.
With the EVFTA serving as foundation, bilateral investment andtrade partnership is expected to recover and record new steps forwards, especiallythat of shared interest such as logistics, agricultural product and food processing,and energy.
Therefore, PM Chinh’s trip to attend a summit commemoratingthe 45th anniversary of the ASEAN-EU relations and to pay official visits toLuxembourg, the Netherlands, and Belgium from December 9 to 16 is expected to resultin new partnership opportunities between Vietnam and the three countries./.
After a fall of 10% in 2020, the growth rate surged to 53.8%in 2021 to 4.29 billion USD, including Vietnam’s imports of 3.6 billion USD. InOctober 2022, Vietnam exported 3.44 billion USD, up 219.9%.
Experts held that Vietnam and Belgium have supplementarygoods structures. Vietnam is Belgium’s supplier of footwear, garment products,coffee and aquatic products. Meanwhile, Belgium has provided Vietnam with pharmaceuticals,gems, machineries and equipment.
Belgium has high demand for agro-fisheries products andtraditional handicrafts, which are Vietnam’s strengths.
With the EVFTA serving as foundation, bilateral investment andtrade partnership is expected to recover and record new steps forwards, especiallythat of shared interest such as logistics, agricultural product and food processing,and energy.
Therefore, PM Chinh’s trip to attend a summit commemoratingthe 45th anniversary of the ASEAN-EU relations and to pay official visits toLuxembourg, the Netherlands, and Belgium from December 9 to 16 is expected to resultin new partnership opportunities between Vietnam and the three countries./.
VNA
