Vietnam-EU trade up 16.2 percent in five months

Illustrative image (Source: VNA)

Hanoi (VNA) – Two-way trade betweenVietnam and the European Union (EU) grew 16.2 percent year-on-year in the firstfive months of 2017, according to the Ministry of Industry and Trade.

Of the figure, Vietnam’s exports to the EUrose 4.2 percent, mostly apparel, footwear, agro-forestry-aquatic products andcomputers, while its imports from the EU up 14 percent, including machinery,equipment, pharmaceuticals and dairy products.

The country’s major importers were Germany,the UK, France, Italy, the Netherlands and Spain.

Exporters hope that the EU-Vietnam FreeTrade Agreement (EVFTA), which is expected to take effect in 2018, willincrease Vietnam’s exports to the bloc by 50 percent by 2020.

The ministry said in order to navigate thedemanding EU market, domestic firms must overcome technical barriers by meetingstrict requirements regarding food safety and hygiene and origin traceability.

First Counsellor of the EU Delegation toVietnam Miriam Garcia Ferrer said through the EVFTA, the EU could help Vietnamimprove trademark and product quality.-VNA

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