Since the EUVFTA came into effect, goods exported to the EU granted a Vietnamese C/O under EUR. 1 form have accounted for 20 per cent of total exports to the bloc.
After two years of implementing the EU-Vietnam Free Trade Agreement (EUVFTA), from August 2020 to July 2022, total export turnover from Vietnam to the bloc stood at $83.4 billion, or $41.7 billion a year on average, which is 24 per cent higher than the average in the 2016-2019 period. Many export items have seen impressive growth, such as iron and steel, cameras, and machinery, etc.
Vietnam’s seafood exports to Scandinavia are primarily frozen products and raw or semi-processed materials, while high-value goods are still small in number, meaning exporters cannot take full advantage of tariff incentives offered in the EU-Vietnam Free Trade Agreement (EUVFTA). Moreover, the market is small and with strict regulations, so it is difficult for Vietnam’s seafood to boost turnover without developing suitable value-added products.