Vietnam fetches $3.78 billion in first month of EVFTA validity

25-Sep-2020 Intellasia | The Saigon Times | 6:02 AM Print This Post

The country earned $3.78 billion worth of exports to the European Union (EU) in August, the first month under the validity of the EU-Vietnam free trade pact, marking a $600 million rise from the average level in the January-July period.

According to the General Statistical Office, as of the end of August, Vietnam’s total export earnings to the block had reached over $25.9 billion. In August alone, local exporters fetched $3.78 billion from the market.

The free trade deal has brought about a huge opportunity for Vietnamese exporters, helping them diversify markets and export products, especially those subject to significant tax cuts such as farm produce, aqua products, woodworking, apparel, footwear and electronics.

The EU was the third largest export market of Vietnam between January and August, according to Nguoi Lao Dong Online.

At present, phones and spare parts as a whole has reported the biggest revenue, bringing about over $1 billion in August and $6.96 billion between January and August.

Meanwhile, the nation reported an import value of more than $9.8 billion from the EU in the eight months of this year. In August, the nation spent some $1.4 billion on the EU products, higher than the average level in the previous seven months by around $200 million.$378 billion-in-first-month-of-evfta-validity.html


Category: Economy, Vietnam

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