In 2024, Vietnam will continue to increase imports from the EU of machinery, equipment, tools, spare parts, chemicals, etc. Vietnam has made significant strides in importing goods from partner countries in the Vietnam-EU Free Trade Agreement (EVFTA). In general, imports from the EU have had positive impacts on Vietnam's economy:

Supply diversification: EVFTA reduces import taxes, so Vietnamese consumers have a wide choice of high-quality goods with diverse forms. In addition to consumer benefits, imports from the EU also promote competition and encourage innovation. Thereby, Vietnam improves its competitiveness in the international market.

Technology transfer: Since 2019, the EU has implemented the European Green Deal. This agreement applies not only to the EU but also to partners. In that context, the EU supports Vietnam to switch to green and circular production, meeting EU regulations and standards and in line with the trend of sustainable development.

Importing modern raw materials and machinery has helped Vietnam increase productivity and competitive quality when participating in the global value chain.

According to calculations from Vietnam Customs data, in August 2024, the import turnover of goods from the EU decreased by 6.66% compared to July 2024 and increased by 17.12% compared to August 2023 to over 1.49 billion USD.Generally, in the first 8 months of 2024, the import turnover of goods from the EU reached over 10.81 billion USD, up 11.04% over the same period in 2023.

The proportion of import turnover of goods from the EU to the total import turnover of the country in August 2024 reached 4.44%, contributing to bringing the total import turnover from the EU in the first 8 months of 2024 to 4.38% of the total import turnover of the country, down from 4.65% of the first 8 months of 2023.
Import Markets

Calculations from Vietnam Customs data show that in the first 8 months of 2024, imports from most key markets in the EU increased turnover over the same period of 2023. In which, the most imports from the German market alone in August 2024 reached 335.83 million USD, down 1.62% compared to July 2024 but up 6.39% compared to August 2023. Generally, the first 8 months of 2024 reached nearly 2.47 billion USD, accounting for 22.88% of the total import turnover of goods from the EU, up 1.35% over the same period in 2023.

Next, the Irish market reached 302 million USD in August 2024, down 18.86% compared to July 2024 and up 19.65% compared to August 2023. Generally, in the first 8 months of 2024, it reached nearly 2.45 billion USD, accounting for 22.69%, a sharp increase of 29.78%.

The Italian market in August 2024 reached over 172 million USD, down 11.81% compared to July 2024 but up 22.78% compared to August 2023. Generally, in the first 8 months of 2024, it reached 1.25 billion USD, accounting for 11.59%, up 13.91%.

The French market reached 138 million USD in August 2024, down 12.17% compared to July 2024 and up 6.31% compared to August 2023. Generally, in the first 8 months of 2024, it reached 1.18 billion USD, accounting for 10.93% of the total import turnover of goods from the EU, up 12.01 over the same period in 2023. In general, key commodities in August all had a slight decrease in turnover compared to July 2024.\
Import turnover from EVFTA partner markets in the first 8 months of 2024