Trade between Vietnam and the EU rose 14.8 percent in 2021 to 63.6 billion USD despite impacts of COVID-19.

In the year, Vietnam exported 45.8 billion USD worth of goods to the EU, up 14.2 percent year on year, while importing 17.9 billion USD worth of products from the market, a rise of 16.5 percent.

The results to the EU - Vietnam Free Trade Agreement (EVFTA), which took effect more than one year ago.

Notably, the export revenue of products using the EUR.1 certificate of origin (C/O) reached about 7.8 billion USD, which showed Vietnamese firms’ greater attention to optimising of incentives from the deal.

The EVFTA is a bilateral commitment with incentives and long-lasting value.

At present, 20 percent of local enterprises have taken export tax incentives from the EVFTA with the EUR.1 certificate of origin (C/O). For shipments to the EU worth less than 6,000 EUR, local enterprises are allowed to self-certify origin. This helps ensure smaller businesses do not have to spend time applying C/O, while still being able to enjoy tax incentives.

Source: VNA