Vietnam-EU trade surges thanks to free trade agreement

The bilateral trade between Vietnam and the European Union (EU) reached nearly USD 45 billion in the first eight months of 2024 alone, up 15.8 percent year-on-year, Vietnam News Agency (VNA) reported on Tuesday.

During this period, Vietnam’s exports to the EU amounted to USD 34.1 billion, a 17.4 per cent increase compared to the same period in 2023.

These figures reflect the economic recovery in the EU and the adaptability of Vietnamese businesses in seizing opportunities brought by the Vietnam-EU Free Trade Agreement (EVFTA), including positive contributions of Vietnam’s logistics sector and its partners, according to Nguyen Thao Hien, Deputy Director-General of the European-American Market Department under the Vietnam Ministry of Industry and Trade (MoIT).

She said that 2024 marks the 4th year since EVFTA came into effect. In recent years, the agreement has served as a lever to help Vietnam and the EU maintain growth momentum in bilateral trade cooperation, despite the negative impacts of the COVID-19 pandemic as well as geopolitical conflicts, the official added.

She was speaking at a forum on seizing opportunities from EVFTA and changes in the logistics industry to support Vietnam’s exports to the EU market, which was held in Ho Chi Minh City on Monday.