Vietnam - EU trade surplus reaches $35.5 billion in 2022

According to the Ministry of Industry and Trade, the total import and export turnover of goods between Vietnam and European countries in 2022 will reach about $76.3 billion, up 5% over the same period in 2021. The trade balance is tilted towards a trade surplus of $35.5 billion.

Source: Internet

According to the Ministry of Industry and Trade, in 2022, the international and European situation has many complicated developments such as the energy crisis, high inflation, risks of economic recession in European countries, etc. However, trade between Vietnam and the EU still maintains a positive growth momentum.

Specifically, the total import and export turnover of goods between Vietnam and European countries in 2022 will reach about $76.3 billion, up 5% over the same period in 2021. In which, exports reached nearly $56 billion, up 10%. Vietnam's trade surplus with the European market area reached $35.5 billion.

The Deputy Minister of Industry and Trade said that these are impressive results, making an important contribution to the growth of import-export turnover and the economy of the country.

However, the Deputy Minister also pointed out a number of limitations in the development of the European market, such as not focusing on developing potential markets, and markets with small sizes but growth in import and export.

In addition, the fact that many Vietnamese products have not completely met the high requirements set by the EU has led to difficulties in accessing deeper into this market area.

Domestic enterprises have not focused on developing brands for export products. Currently, they are still focusing on exporting raw materials and processing products with low added value.

Entering 2023, exporting goods to Europe will face some difficulties and challenges such as the impact of the Russia-Ukraine conflict; Tightening monetary policy; The trend of increasing trade remedy investigation…

The Deputy Minister requested the European - American Market Department to continue maintaining the growth momentum for key markets and traditional markets and promote the development of niche and potential markets.

At the same time, implement and make the most of free trade agreements signed with European partners (EVFTA, UKVFTA, VN-EAEU FTA, etc.) to maximize competitive advantages.

(Enterprise & Business)

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