Export value to Eastern Europe remains modest
Export value to Eastern Europe remains modest
Vietnam’s exports to Eastern European markets have bounced back recently, but export value has remained low compared with the nation’s total export value, heard attendees at a trade forum held on May 8.
Eastern Europe is one of Vietnam’s top export markets. Bilateral trade has advanced considerably lately, said Hoang Quoc Vuong, deputy minister of Industry and Trade at the Vietnam-Eastern Europe Trade Forum, which is aimed at promoting Vietnam’s exports of farm produce, garments and textiles and footwear products to Eastern Europe.
Vuong cited data from the General Statistics Office as pointing out that trade revenue between Vietnam and Eastern European countries hit over US$10 billion in 2018, up 30% year-on-year, with export revenue reaching US$6.5 billion and import revenue making up the rest.
However, the export value to these Eastern European markets accounted for only 2.65% of Vietnam’s total export value.
Vuong added that there is still room for further trade cooperation, especially for farm produce, textiles and garments and footwear.
In the years to come, free trade agreements (FTAs) between Vietnam and the European Union, as well as the Eurasian Economic Union, are expected to remove trade barriers to bolster trading activities between Vietnam and European countries in general and those in the eastern region in particular.
The FTAs will pave the way for Vietnam to export staple products, such as farm produce, aquatic products, fruit and vegetables and electronic accessories, to Europe.
Accordingly, local businesses should improve their product quality and diversify their markets and export products, to increase their competitiveness, Vuong said.
Meanwhile, some representatives of local companies and associations expressed concern over obstacles faced in exporting products to Eastern Europe, including complicated payment procedures and language barriers.
