Vietnamese businesses encouraged to expand exports to EU

(ĐN)- Since the EU-Vietnam Free Trade Agreement (EVFTA) took effect on August 1, 2020, it has opened significant opportunities for Vietnam to integrate with the 27-member EU market. Many tariffs dropped to 0% immediately, boosting Vietnamese exports and attracting EU investments.

Nearly five years in, Vietnam’s exports to the EU have nearly doubled, now accounting for around 13% of the country’s total export turnover. With a population of 450 million and a GDP of USD 19 trillion, the EU remains a promising market for Vietnamese enterprises.

Dong Nai is among Vietnam’s leading export provinces to the EU, with nearly 10% of its total exports directed there—mainly to six countries. Businesses are encouraged to diversify exports to other EU members to reduce global trade risk.

The EU currently invests in nearly 80 projects in Dong Nai, with a total capital of over USD 3 billion, mostly in industrial sectors. EU firms are seeking local suppliers to boost product localization, offering Vietnamese businesses a gateway to global supply chains.

However, to thrive in the EU market, companies must meet stringent requirements on product quality, origin, and especially ESG (Environmental, Social, and Governance) standards.

Reported by K.M