Positive export figures after two months of EVFTA being in effect

Positive export figures after two months of EVFTA being in effectVietnamese seafood exports to the EU and UK reached US$263 million in August and September, up 17.1% over the same period last year. (Illustrative image)

NDO – The effectiveness of the EU-Vietnam Free Trade Agreement (EVFTA) has brought about huge opportunities for Vietnamese enterprises with exports to the EU market witnessing positive signs.

Deputy Minister of Industry and Trade Tran Quoc Khanh made the remark at a conference on the evaluation of the implementation of the rules of origin in the EVFTA that was held in Ho Chi Minh City on October 17.

According to Khanh, seafood is one of the commodities that was able to take advantage of tariff incentives right after the agreement came into effect.

Vietnamese seafood exports to the EU and UK reached US$263 million in August and September, up 17.1% over the same period last year.

Some items witnessed increases in export turnover from the beginning of September. Thanks to the use of tariff quotas under EVFTA, Vietnamese rice export in September reached US$1.74 million, up 168% month-on-month.

Footwear exports, though strongly affected by the demand drop due to the COVID-19 pandemic, also increased slightly in September, recording a figure of US$307.07 million, up 3.5% from the previous month.

In addition, nearly 15,000 sets of EUR.1 certificates of origin (C/O) were granted to Vietnamese products, worth a total of US$700 million, allowing them to export to 28 EU countries.

The items granted with EUR.1 C/Os are mainly related to footwear, seafood, plastic products, coffee, textiles, bags, suitcases, vegetables, rattan and bamboo products, agricultural products and electronic products, amongst others.

Deputy Minister of Industry and Trade said that, based on the results of export growth, Vietnam has made good use of tariff preferences in FTAs signed to expand export markets, particularly the EVFTA.

However, the access to the EU market still faces difficulties despite high tax incentives. Thus, Vietnamese enterprises need to meet many other regulations regarding non-tariff barriers, including regulations on the origin of goods, to fully utilise the agreement.

News Related


Over 50,000 Vietnamese female entrepreneurs get support through Ignite Initiative

Female entrepreneurs share their success stories at their women-led enterprises during a panel discussion at the launch of the Ignite Initiative, Hanoi, October 29, 2020. (Photo: NDO/Trung Hung) NDO – With women-led micro... Read more »

Export revenue rises 4.7% in ten months despite COVID-19

In the ten-month period, Vietnam posts total export revenue of US$229.27 billion, up 4.7% over the same period last year. (Illustrative image) NDO – Vietnam’s imports and exports still maintained a positive increase... Read more »

Vietnam Card Day 2020 launched in Hanoi

Representatives of the State Bank of Vietnam, Tien Phong newspaper and units at the ceremony to announce the Vietnam Card Day 2020 on October 29. NDO – Vietnam Card Day 2020, the first... Read more »

Agro-forestry-fisheries posts 7.9 bln USD trade surplus

The agro-forestry-fishery sector posted a trade surplus of over 7.9 billion USD in the first ten months of this year, up 10.7 percent year-on-year, the Ministry of Agriculture and Rural Development (MARD) has... Read more »

HCM City’s CPI up 0.65 percent in October

HCM City’s consumer price index (CPI) rose by 0.65 percent in October compared to September, the municipal Statistics Office reported on October 29. Read more »

Trade surplus hits record in 10 months

Vietnam’s exports rose 4.7 percent year-on-year in the first ten months of this year to 229.27 billion USD, for a trade surplus of a record 18.72 billion USD, the General Statistics Office announced... Read more »

October CPI grows at lowest rate in five years

Vietnam’s consumer price index (CPI) in October grew at the lowest in five years, according to the General Statistics Office (GSO). The CPI in October grew by 0.09% compared to September, the lowest... Read more »

PetroVietnam Oil posts $15.8 mln loss

PetroVietnam Oil (PV Oil) has posted a loss of VND367 billion ($15.8 million) in the first nine months due to Covid-19 impacts on global oil prices. Read more »

Business formations in Vietnam surge 18% m/m in October

The total number of newly-registered and reinstated enterprises in the ten-month period reached 148,900, down 0.3% year-on-year. Read more »

CPI in October creeps up 0.09 percent

The consumer price index (CPI) inched up 0.09 percent in October against the previous month, and 2.47 percent year-on-year, according to the General Statistics Office of Vietnam (GSO). Read more »