AsemconnectVietnam - As the biggest trade partner of Vietnam in the European Union (EU), Germany is now deemed as a gateway for Vietnam to ship more products to the EU market, said Bui Huy Son, head of the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade.

Data of the ministry’s Export-Import Department showed that the two-way trade turnover between Vietnam and Germany has increased by around 15 percent annually in recent years.

During the eight-month period, exports of Vietnam to Germany reached $3.32 billion, accounting for 3.4 percent of the country’s total export revenue, while its imports from the European country hit over $1.63 billion, or 1.7 percent of the total.

Vietnam mostly exports cellphone and components, apparel, footwear, coffee and seafood, and imports machinery and components, pharmaceutical, chemical and dairy products to and from Germany.

The bilateral trade turnover between Vietnam and Germany last year rose 12 percent against 2012 to $7.7 billion.

Maylis Labayle at the European Chamber of Commerce said the Free Trade Agreement (FTA) between Vietnam and the EU once signed will raise Vietnam’s exports to the EU by 30-40 percent and imports by 25-35 percent.

Source: Intellasia