Vietnam will step up efforts to boost exports to the EU. The country can enjoy benefits from GSP for the period 2017-2019. Many countries exporting to the EU do not enjoy this preference. For several years, Vietnam has enjoyed a trade surplus with the EU. In 2016, Vietnam exported goods worth 34 billion dollars to the EU, 12 times the value in 2000, and paid 11 billion dollars for imports from the bloc.

The EU is a market with 28 member countries and a total population of 500 million people. The Vietnam-EU import-export structure is mutually complementary and less confrontational than direct competition.

Vietnam and EU are working towards a free trade agreement. Commitments under the FTA on opening each other’s markets will be an important impetus for boosting Vietnam-EU trade relations. It is also an opportunity to further expand exports, especially of key items like textiles, footwear, agro-forestry and wooden products.

The EU is a market with strict quality and safety standards. Vietnamese enterprises need to actively adjust their supply chain and input materials to adhere to the rules of origin and enjoy preferential tax regimes under the FTA. They have to actively reform and improve their ability in all fields and enhance product quality to face future challenges.