VIETNAM-EU TRADE INCREASES 14.8 PERCENT IN 2021

Trade between Vietnam and the EU rose 14.8 percent in 2021 to 63.6 billion USD despite impacts of COVID-19.

According to the Ministry of Industry and Trade, in the year, Vietnam exported 45.8 billion USD worth of goods to the EU, up 14.2 percent year on year, while importing 17.9 billion USD worth of products from the market, a rise of 16.5 percent.

The ministry attributed the results to the EU-Vietnam Free Trade Agreement (EVFTA), which took effect more than one year ago.

Notably, the export revenue of products using the EUR.1 certificate of origin (C/O) reached about 7.8 billion USD, which showed Vietnamese firms’ greater attention to optimising of incentives from the deal.

The EVFTA is a bilateral commitment with incentives and long-lasting value.

At present, 20 percent of local enterprises have taken export tax incentives from the EVFTA with the EUR.1 certificate of origin (C/O). For shipments to the EU worth less than 6,000 EUR, local enterprises are allowed to self-certify origin. This helps ensure smaller businesses do not have to spend time applying C/O, while still being able to enjoy tax incentives.

Source: VIR