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Statistics indicate that garment and textile exports to the EU throughout the reviewed period rose by 9.6% year on year to reach US$3.08 billion.

The Netherlands and Germany were the two largest consumers among the major markets, accounting for 46.45% of the total export turnover to the bloc.

Specifically, exports to the Netherlands surged by 24.85% to nearly US$880 million, while exports to the German market dropped by 10.96% to nearly US$562.48 million.

Rice is Vietnam's key currency earner (Photo: VNA)

Strong growth was recorded in some markets such as the Czech Republic with nearly US$21.31 million, up 50.69%; Slovakia with over US$4.06 million, up 112.12%; Romania with US$5.24 million, up 55.88%.

According to experts, thanks to rising demand during the year-end holidays, Vietnamese textiles and garments are anticipated to enjoy better growth opportunities moving forward.

Moreover, the country also enjoys advantages over many other exporters thanks to tax incentives under the Vietnam-EU Free Trade Agreement (EVFTA).

The Vietnam Trade Office in Belgium and the EU revealed that since the EVFTA first took effect, Vietnamese market share in the bloc’s total textile and garment imports increased from 3.3% in 2020 to 4.3% in 2023.

October alone witnessed a significant surge in trade activity, with the total value of foreign trade reaching 69.19 billion USD. This marks a substantial 5.1% increase from the previous month and an 11.8% year-on-year growth.

The cumulative trade value for the first 10 months of the year soared by 15.8% annually to 647.87 billion USD.

Vietnam's export revenue during this period stood at 335.59 billion USD, reflecting a 14.9% increase year on year. The domestic economic sector contributed 93.97 billion USD, accounting for 28.0% of the total. Meanwhile, the foreign-invested sector, including crude oil, generated 241.62 billion USD, up 12.8% and constituting 72% of the total.

Notably, 31 export products each surpassed 1 billion USD in value, collectively accounting for 92.6% of the total. Among them, seven standout items exceeded 10 billion USD, contributing a substantial 66.5% to the overall value.

Imports also saw an uptick, rising by 16.8% annually to 312.28 billion USD. The domestic economic sector’s spending went up 18.8% to 113.58 billion USD while the foreign-invested sector recorded 198.7 billion USD, a 15.8% increase.

A total of 42 import products surpassed the 1 billion USD threshold, making up 92.1% of the total, with four exceeding 10 billion USD, representing 48.3%.

The US remained Vietnam's largest export market with an export turnover of 98.4 billion USD. On the import front, China continued to be Vietnam’s top supplier with an import turnover totaling 117.7 billion USD.

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