(VOVWORLD) - Since the EU-Vietnam Free Trade Agreement (EVFTA) came into effect in August 2020, the European Union has become one of Vietnam’s leading trade partners, it was noted at a seminar in Hanoi on Monday.
 A conference on trade promotion to the European market (Photo: Thu Trang/VNA)
|
In the past four years, Vietnam’s exports to the EU exceeded 200 billion USD, achieving an annual growth of 12-15%. The EU is among Vietnam’s six largest trade markets.
A survey by the European Chamber of Commerce in Vietnam (EuroCham) showed that the EVFTA has significantly boosted Vietnam's exports to the EU, from 36.9 billion USD in 2019 to nearly 51 billion USD last year. The electronics, textiles, footwear, agriculture, and seafood sectors have particularly benefited from the phased tariff reductions under this agreement.
To develop an effective strategy for accessing demanding markets, Vietnamese businesses were urged to identify standards and regulations and assess their own capabilities.
Experts advised that they should adopt suitable standards for their products and their target markets, build and maintain a quality management system, enhance their employees’ skills, upgrade their technology, and focus on producing high-quality goods that satisfy stringent export market demands.