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Vietnam’s export to Sweden up 99.94 percent thanks to EVFTA

Rosy Huong Rosy Huong

huongthhd@gmail.com

March 14, 2021 | 08:28

Vietnam’s export turnover to Sweden in January surged 99.94 percent year-on-year, which is clearly attributable to the EU-Vietnam Free Trade Agreement (EVFTA).

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Vietnamese rice has many opportunities to enter the Swedish market. Photo: VNA

According to the Vietnamese Trade Office in Sweden, with a technology-based knowledge economy and a comprehensive social welfare system, Sweden is one of the nations with the highest living standards in the world, the Viet Nam News said.

Its strengths in innovation, creativity, and high-technology have helped it export key products to Vietnam such as machinery and spare parts for industry and telecommunications products.

Meanwhile, it imports agricultural products, footwear, textiles, and wooden products from Vietnam. Notably, Vietnamese rice has many opportunities to enter the Swedish market, the office noted.

Figures from the General Department of Vietnam Customs show that two-way trade hit about US$160.89 million in January, of which Vietnam’s exports to Sweden were worth $132 million, up 99.94 percent over January last year.

According to Vietnamese Ambassador to Sweden Phan Dang Duong, the EU market and Sweden in particular have high demand for tropical and processed agricultural products.

Vietnam holds great potential to expand its exports to Northern Europe, he said.

Optimising opportunities generated by EVFTA

The EVFTA, which took effect from August 1, 2020, gradually removes barriers and opens the door to Vietnamese goods all over Europe.

Duong said Vietnamese enterprises have quickly taken advantage of preferential tariffs to export agricultural products to the bloc in general and Sweden in particular.

Vietnamese rice has been gradually dominating the market, with export turnover rising nearly 10-fold to over $1 million from $100,000 in previous years.

Other key products of Vietnam, such as furniture, frozen tropical fruits, coconut milk, frozen vegetables, and textiles and footwear, also hold great prospects in Sweden.

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Squid and octopus exports to the EU market have continued to enjoy robust growth during the opening months of the year due to the enforcement of the EVFTA. Photo: VOV

In the opening days of 2020, when the COVID-19 outbreak began and quickly spread around Northern Europe, the Vietnamese Trade Office in Sweden and Northern Europe paid particular attention to strengthening trade promotion activities and supporting Vietnamese exporters.

It developed online trade promotion support tools and a database of over 3,000 Northern European companies. It also published seven e-books in Vietnamese with market information on Northern Europe and two English e-books on Vietnam’s fruits and vegetables and seafood products.

Representatives from the office also attended online seminars and fairs, to promote links between Vietnamese exporters and partners in Northern Europe.

Such measures proved effective, helping Vietnamese businesses access customers while helping Northern European businesses understand more about the EVFTA and the benefits it brings when importing goods from Vietnam.

EVFTA adds fresh impetus to bilateral relations

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Permanent Deputy Minister of Foreign Affairs Bui Thanh Son (R) hands over a diplomatic note notifying the Vietnamese National Assembly's ratification of the EVFTA and EVIPA to Ambassador of the EU to Vietnam Giorgio Aliberti on June 18, 2020, in Hanoi. Photo: Ministry of Foreign Affairs

The EVFTA officially came into effect on August 1, marking an important milestone in bilateral relations on the occasion of the 30th anniversary of Vietnam-EU diplomatic ties (1990-2020).

The implementation of the EVFTA is expected to boost trade and investment between the two sides and bring Vietnam-EU relations to new heights, Nhan dan (People) newspaper said.

The EU is currently one of Vietnam’s leading trade partners with two-way trade reaching US$56.45 billion in 2019. Cooperation in the fields of energy, education and climate change response has also been accelerated, registering many positive results. In addition, Vietnam and the EU have worked closely together at multilateral forums and mechanisms, contributing to promoting cooperation and maintaining rules-based international order for peace, stability and development.

As stated by Chairman of the European Chamber of Commerce in Vietnam (EuroCham Vietnam) Nicolas Audier, the EVFTA is one of the most comprehensive and ambitious FTAs that the EU has ever signed with a developing country.

The EVFTA will bring great and balanced economic benefits between Vietnam and the EU, such as eliminating trade barriers and tariff lines according to the roadmap, creating an open and favourable investment environment to help the two sides’ businesses access each other’s potential markets, together with commitments to meeting international standards in the fields of intellectual property and e-commerce./.

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Rosy Huong