New Delhi: The bilateral trade between Vietnam and the European Union (EU) reached nearly USD 45 billion in the first eight months of 2024 alone, up 15.8 percent year-on-year, Vietnam News Agency (VNA) reported on Tuesday. This significant growth underscores the strengthening economic ties between the two regions. During this period, Vietnams exports to the EU amounted to USD 34.1 billion, a 17.4 percent increase compared to the same period in 2023, indicating a substantial surge in Vietnamese exports.These impressive figures reflect the economic recovery in the EU and the adaptability of Vietnamese businesses in seizing opportunities brought by the Vietnam-EU Free Trade Agreement (EVFTA). The agreement has been instrumental in fostering growth, with positive contributions from Vietnams logistics sector and its partners, according to Nguyen Thao Hien, Deputy Director-General of the European-American Market Department under the Vietnam Ministry of Industry and Trade (MoIT). The logistics sectors efficiency has played a crucial role in supporting Vietnams exports to the EU market.She said that 2024 marks the 4th year since EVFTA came into effect. In recent years, the agreement has served as a lever to help Vietnam and the EU maintain growth momentum in bilateral trade cooperation, despite the negative impacts of the COVID-19 pandemic as well as geopolitical conflicts. This resilience demonstrates the agreements effectiveness in promoting economic stability and cooperation. The official added that EVFTA has been vital in navigating these challenges.Nguyen Thao Hien made these remarks while speaking at a forum on seizing opportunities from EVFTA and changes in the logistics industry to support Vietnams exports to the EU market, held in Ho Chi Minh City on Monday. The forum aimed to explore strategies for Vietnamese businesses to capitalize on EVFTA benefits and adapt to the evolving logistics landscape, ensuring continued growth in bilateral trade. As Vietnam continues to strengthen its trade ties with the EU, EVFTA is poised to remain a key driver of economic growth and cooperation between the two regions.(Except for the headline, nothing has been changed by Top Indian News in this news feed.)
