Vietnam-EU trade up 14.8% in 2021

One and a half years since taking effect, the EU-Vietnam Free Trade Agreement (EVFTA) has brought about positive results amid the complicated developments of the COVID-19 pandemic in both Vietnam and Europe.

According to the Ministry of Industry and Trade, bilateral trade reached 63.6 billion USD in 2021, up 14.8% from 2020.

Specifically, Vietnam exported 45.8 billion USD worth of goods to the EU, a year-on-year rise of 14.2%, while the EU’s exports to Vietnam rose 16.5% to reach 17.9 billion USD.

Notably revenue from goods using the EUR.1 certificate of origin was estimated at 7.8 billion USD, showing that many Vietnamese companies have taken advantage of the reduced tariffs under the EVFTA in an effective manner.