Vietnam registered a trade surplus with the European Union of $13.5 billion out of a total bilateral trade of $19 billion in the past 7 months of 2013, a rise of 24.2 per cent over the same period in 2012.
Western European nations like Germany, the UK and the Netherlands have boosted the import of Vietnamese goods. The highest rise came from Austria (up 121.23 per cent), Slovenia (up 49.62 per cent), Luxemburg (59.49 per cent) and Latvia (up 50.65 per cent). In addition, Eastern European nations are on the right track for economic recovery and will increase imports from Asian nations including Vietnam in the future, the The Voice of Vietnam said.
At present, Vietnam’s EU exports enjoy advantages thanks to the Generalized System of Preferences (GSP). The country will also benefit from the Vietnam-EU Free Trade Agreement to be signed in the near future. Vietnamese businesses will get better access to the EU market as 90 per cent of tax lines for export products will be reduced to zero.
In 2012, Vietnams overall exports stood at $110 billion, main goods exported are clothes, shoes, marine products, crude oil, electronics, wooden products, rice and machinery. Main imports are petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics and automobiles, Vietnam’s main trade partners remain China, South Korea and Japan.
By Inside Investor
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