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Print[ferro-alloys.com]Vietnam's export to the EU is forecast to continue rising in the coming time as the market is on a recovery trend, economists said.
State-run Vietnam News Agency reported on Thursday that two-way trade between Vietnam and the EU over the past seven months reached 19 billion U.S. dollars, a year-on-year increase of 23.5 percent. Vietnam enjoyed a trade surplus of 13.5 billion dollars in export revenues.
During the reviewed period, several European countries including Germany, the UK and Holland increased their imports from Vietnam.
Although slight decreases were reported in several export items to the EU, such as garments and textiles (down 0.7 percent) and aquatic products (down 10.73 percent), economists said there is still room for Vietnam and the EU to increase trade, as their export products are mutually supplementary rather than competitive.
Vietnam mainly imports machinery, equipment, materials, chemicals, iron and steel from the EU. It mainly ships garments and textiles, footwear, coffee and wood products to the market.
The country's goods are enjoying advantages in theEU market, thanks to the Generalised System of Preferences (GSP) status.
According to Franz Jessen, Ambassador and Head of the EU Delegation to Vietnam, the strong growth of Vietnamese exports to the EU market is partially attributable to goods entitled to the GSP treatment.
Currently nearly 49 percent of Vietnam's footwear products have benefited from preferential tariffs under the GSP regime.
From 2014 onwards, more Vietnamese products are expected to gain further benefits from the new GSP regulations.
In the years ahead, Vietnam's access to the EU market is forecast to be strongly improved along with the free trade agreement between the two sides, the negotiations on which are expected to wrap up in 2014
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