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Vietnam's Exports to the EU reaches nearly 4.8 billion USD thanks to EVFTA

Vietnam's Exports to the EU reaches nearly 4.8 billion USD thanks to EVFTA

During the eight months of EVFTA implementation, Vietnam's exports to the EU market reached about US $ 4.8 billion.

Data from the Import and Export Department (Ministry of Industry and Trade) shows that, after 08 months of the EVFTA Agreement coming into force (8/2020-4/2021), Vietnam's exports to the 27 EU member countries increase significantly. 

By the beginning of April, the agencies and organizations authorized to issue C/O (certificate of origins) had issued nearly 127,300 sets of C/O, with a turnover of 4.78 billion USD. This number does not include the value of goods to the EU of self-certifying enterprises, nearly 10.9 million USD.

C/O goods exported to the EU are mainly seafood, textiles, footwear, agricultural products ... Import markets are mostly countries with ports and distribution and transit centers of the EU such as Belgium, Germany, Netherlands, France.

The free trade agreement between Vietnam and the European Union - EVFTA, which took effect in August last year, has opened up great export opportunities for Vietnamese goods to the market with a GDP scale of 15,000 billion USD. As committed, almost 100% of tariff lines according to the 7-10 year roadmap, the few remaining tariff lines are also entitled to a quota with 0% tax rate.

The EU is Vietnam's fourth-largest export market. In 2020, the export turnover of Vietnamese goods to this market will reach 43.7 billion USD, and imports from the EU is 18.5 billion USD. In the first three months of this year, the proportion of exports to the EU increased by 18%, equivalent to an increase of US $ 1.5 billion.

According to the import and export management agency, the total export turnover using the preferential C / O types under the FTA averaged 32-34% a year. This result reflects that enterprises and exported goods from Vietnam are gradually improving the rate of taking advantage of tariff preferences in FTA markets.

"The exploitation of other free trade agreements such as CPTPP, bilateral FTAs ​​... contributes to a significant increase in the proportion of Vietnamese exports, and more opportunities to penetrate new markets. helping Vietnam to gradually reduce its dependence on one or a few markets ", this agency said.

Source: vnexpress.net

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