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Vietnam-EU trade rises by 14.8% in 2021
08 Jan '22
1 min read
Pic: Tan Wei Ming | Dreamstime.com
European Union (EU)-Vietnam trade rose by 14.8 per cent in 2021 to $63.6 billion despite the impact of the COVID-19 pandemic. According to the ministry of industry and trade (MoIT), Vietnam exported $45.8 billion worth of goods to the EU last year, up by 14.2 per cent year on year (YoY), while importing $17.9 billion worth of products from the market, a rise of 16.5 per cent.
The ministry attributed the results to the EU-Vietnam Free Trade Agreement (EVFTA), which took effect more than a year ago, according to Vietnamese media reports.
The export revenue of products using the EU certificate of origin reached about $7.8 billion. A fifth of local enterprises have taken export tax incentives from the EVFTA with that certificate. For shipments to the EU worth less than €6,000, local enterprises are allowed to self-certify origin. This helps ensure smaller businesses do not have to spend time applying for such certification, while still being able to enjoy tax incentives.
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