Vietnam-EU trade turnover increases ten times after 15 years

Trade turnover between Vietnam and the EU has increased over ten times since 2000 to reach US$41.4 billion last year, reported the Trade Promotion Agency under the Ministry of Industry and Trade.

Workers at Gamex Saigon make garment items to supply the EU market(Photo: SGGP)

Total export turnover from Vietnam to the EU hit $17.3 billion for the first five months of 2016, a year on year increase of 10 percent.

The EU is estimated by businesses and experts to be one of the key export markets of Vietnam accounting for 20 percent of the country’s cargo export volume.

Free trade agreements are expected to bring many incentives for Vietnamese businesses in the upcoming time. However businesses will have to overcome challenges including strict standards on environment and food safety to enjoy these incentives.

By P. Duy – Translated by Hai Mien

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