Vietnam - EU Cooperation Forum: Adaptation efforts for a sustainable future

	Major Export Items to EU See a Surge in Value
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The event has been held annually since 2018. It has become a forum for partners, businesses and related organizations, to promote economic, trade and investment relationship between Vietnam and the EU.

The event was attended by European Union Delegation, embassies of EU member countries to Vietnam, experts, representatives of localities and businesses. The forum has opened a comprehensive and multi-dimensional exchange channel to support businesses to grasp information, quickly adapt to the latest development to maintain and develop production and business activities.

At the event.

According to the General Department of Customs, the implementation of the EVFTA over the past four years has led to a continuous increase in two-way trade turnover between Vietnam and the EU. The trade turnover rose from USD 48.9 billion the year before the agreement came into effect to USD 63.7 billion in its fourth year, reflecting an average growth rate of 7% per year. Specifically, exports to the EU market grew by an average of 8.7% per year, while imports from the EU market increased by an average of 2.8% per year. The EU is now Vietnam's third-largest export market and fifth-largest import market.

At the event, Deputy Minister of Industry and Trade Nguyen Hoang Long affirmed that the EU is a key partner for Vietnam in trade and investment. He highlighted the EU's active contributions to Vietnam's socio-economic development, integration, and energy transition. The Deputy Minister emphasized that the EVFTA and the upcoming EVIPA present Vietnam with numerous opportunities to enhance trade cooperation, attract investment, facilitate technology transfer, and support projects from EU partners. These efforts are aimed at promoting economic restructuring towards green and digital initiatives, including the adoption of clean energy, renewable energy, and high-tech production transformation. Such initiatives will help Vietnamese goods meet EU standards and enable deeper and more sustainable integration into the value chain.

Deputy Minister of Industry and Trade Nguyen Hoang Long spoke at the forum.

During the discussion, both domestic and international speakers analyzed challenges presented by the current economic situation, which still harbors potential risks and instabilities. Additionally, they examined the trend towards reinforcing green and sustainable trade standards. This analysis led to warnings and practical, timely solutions being proposed. Several key policies and regulations, such as the Border Carbon Adjustment Mechanism (CBAM), the European Union Deforestation Regulation (EUDR), and the Corporate Sustainability Due Diligence Directive (CS3D), are coming into effect and are expected to significantly impact trade and investment activities on both sides.

Through valuable exchanges between experts and consulting organizations, coupled with lively discussions among delegates, the forum has effectively served as a channel for policy dialogue. It has provided practical and effective market updates to management agencies on both sides, as well as the business community. Furthermore, it has supported the establishment of a network connecting partners on both sides.

EVFTA: Successful Four-Year Journey EVFTA has gone through many "headwinds" with Vietnam and the European Union (EU), such as the Covid-19 pandemic and geopolitical changes.

Major Export Items to EU See a Surge in Value After 7 months of 2024, Vietnam's goods exports to the EU market continued to grow positively. Most key export items increased in turnover compared to ...