According to a survey of the Vietnam Chamber of Commerce and Industry (VCCI), forty percent of Vietnamese businesses have gained some benefits, including in import-export, from the Vietnam-EU Free Trade Agreement. However, it also means that many businesses have not gained any benefit, direct or indirect, from the pact, which came into effect more than two years ago.
Furthermore, despite an increase in Vietnam’s export value to the EU, the market’s share in Vietnam’s total export has gradually shrank, from 19-20% ten years ago to less than 12% in 2021. The growth rate of exports to EU has always been lower than the average growth of Vietnam’s exports.
Ngo Chung Khanh, Deputy Director of the Multilateral Trade Policy Department under the Ministry of Industry and Trade (MoIT), said there are few Vietnamese brands able to make inroad into the EU market. He noted that the share of many strategic exports of Vietnam in the EU market remains small, for example 2-3% for fruit and vegetables, over 4% for aquatic products and textile-garment.
Khanh again stressed the need to further popularise the EVFTA among Vietnamese businesses.
Source: vietnamnet.vn