Vietnam gained a trade surplus of more than US$21 billion with the European Union during the year up to September, according to the General Department of Vietnam Customs.
Customs data show that Vietnam’s exports to the bloc totaled US$31.2 billion in the three-quarter period, up US$2.9 billion from a year earlier, and its imports were worth roughly US$10 billion, creating a large trade surplus of up to US$21.2 billion.
Last year, Vietnam also produced a trade surplus of US$26.2 billion with the 28 member states. The two-way value of goods rose by 11.9% against 2016 to over US$50.4 billion, of which, Vietnam’s outbound sales to this bloc went up 12.7% year-on-year to US$38.3 billion.
Vietnam mainly ships computers, electronics, phones and their accessories to the European Union, in addition to traditional products such as textiles and garments, footwear, coffee and seafood.
On the other hand, the country purchases electrical machinery, equipment, tools and their spare parts; pharmaceuticals; computers, electronics and their spare parts; and chemicals from the bloc.
On October 17, the European Commission adopted the trade and investment agreements between the European Union and Vietnam. The commission is now submitting these proposals to the Council of the European Union for signature and conclusion.
Once authorized by the main decision-making body, the agreements will be signed and presented to the European Parliament for approval. Once the parliament has given its consent, the trade agreement will then be finalized by the council and will come into effect.
Vietnam has become the European Union’s second-most important trading partner in the ASEAN region after Singapore.