Among the new-generation free trade agreements that Vietnam has joined, the Trade Agreement between Vietnam and the European Union (EVFTA) has brought many remarkable positive results.

Vietnam's exports to the EU-27 have increased from 35.1 billion euros in 2020 to more than 52 billion euros in 2024. Exports have increased sharply in many fields, such as electronics, textiles, footwear, agriculture, fisheries... With this growth momentum, Vietnam has become a country with a trade surplus with the EU and the EU is Vietnam's leading trading partner.

Calculations from Vietnam Customs data show that in the first 10 months of 2024, the export turnover of goods to the EU reached 47.4 billion USD, an increase of 18.35% over the same period in 2023.

The proportion of goods export turnover to the EU-27 in the country's total goods export turnover in the first 10 months of 2024 reached 12.78%, a slight increase compared to the proportion (12.43%) of the first 10 months of 2023.

According to calculations from data from the General Department of Vietnam Customs, in the first 10 months of 2024, exports to most key markets in the EU increased turnover over the same period in 2023. There are some markets that reached over 2 billion.

First of all, the Dutch market has always been the leader in Vietnam's goods exports, reaching over 10.67 billion USD in the first 10 months of 2024, accounting for 24.87% of the total export turnover of goods to the EU, up 27.92% over the same period in 2023. In 2nd place is the German market with over 6.53 billion USD, accounting for 15.23%, a slight increase of 5.78% over the same period in 2023. In 3rd place is the Italian market, reaching over 4.1 billion USD, accounting for 9.67%, up 11.15% over the same period in 2023.

Unit: USD

Market	Value (million USD)	Year-on-year (%)	Market share (%)
Total	42,895	18.12	100
Netherlands	10,667	27.92	24.87
Germany	6,533	5.78	15.23
Italy	4.146	11,15	9.67
Spain	3,407	21.61	7.94
Belgium	3,164	16.74	7.38
France	2,791	6.72	6.51
Poland	2,542	24.3	5.93
Austria	1,742	-21.91	4.06
Slovakia	1,397	57.44	3.26
Czech Republic	1,385	100.04	3.23
Sweden	859	7.33	2
Ireland	842	147.77	1.96
Hungary	578	64.34	1.35
Portugal	461	-2.67	1.07
Denmark	361	29.27	0.84
Slovenia	341	6.81	0.79
Greece	329	0.37	0.77
Romania	312	34.58	0.73
Latvia	216	-14.32	0.5
Finland	178	0.12	0.41
Bulgaria	167	37.83	0.39
Lithuania	142	16.41	0.33
Luxembourg	140	50.62	0.33
Croatia	73	-1.88	0.17
Cyprus	56	24.48	0.13
Estonia	42	35.65	0.1
Malta	20	-55.23	0.05

After more than 4 years of implementing EVFTA, there has been a shift in the structure of the export market among members. Gradually increasing the proportion of exports to the Netherlands, Belgium, Austria and France while narrowing the proportion of exports to Germany, Poland, Italy, Spain, Belgium and Poland.

According to calculations from Vietnam Customs data, most of the main export items increased turnover over the same period in 2023, there were 5 groups of goods reaching over 3 billion USD; of which, computers, electronic products and components led in turnover, in the first 10 months of 2024, it reached over 6.84 billion USD, accounting for 15.95% of the total export turnover of goods of all kinds to the EU, up 52.79% compared to the first 10 months of 2023.

The group of machinery, equipment, tools and spare parts ranked 2nd in terms of turnover of over 5.78 billion USD, accounting for 13.49% and increasing by 26.42% over the same period in 2023.

The footwear group reached over 4.59 billion USD, accounting for 10.72%, up 17.33% over the same period in 2023.

Next is the group of phones and components in 3rd place, reaching over 5.57 billion USD, down 8.64% over the same period in 2023.

In 2024, Vietnam 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 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.

Calculations from Vietnam Customs data show that in the first 10 months of 2024, the import turnover of goods from the EU  reached over 13.87 billion USD, up 12.48% over the same period in 2023. In 2024, this figure is estimated at 16 billion USD, an increase of 12.5% compared to 2023.

The proportion of import turnover of goods from the EU to the total import turnover of the country in the first 10 months of 2024 reached 4.40%, down from 4.67% in the first 10 months of 2023.

Calculations from Vietnam Customs data show that in the first 10 months of 2024, imports from most key markets in the EU increased turnover over the same period in 2023.
Import turnover from EVFTA partner markets in the first 10 months of 2024

After more than 4 years of implementing EVFTA, there has been a shift in the import market structure among members. Gradually increasing the proportion of imports to the markets of Austria, France, Italy and Belgium while narrowing the proportion of exports to the Irish market.

According to preliminary statistics of the General Department of Customs, in the first 10 months of 2024, there are 3 groups of goods imported from the EU with a turnover of over 1 billion USD, namely: Computers, electronic products and components; Machinery, equipment, instruments, spare parts and Pharmaceuticals.

The largest group of imports from the EU in the past 10 months was computers, electronic products and components, reaching over 3 billion USD, accounting for 22.2% of the total import turnover of all kinds of goods from this market, up 21.79% over the same period in 2023.

The group of machinery, equipment, tools and spare parts imported from the EU ranked 2nd in terms of turnover reaching over 2.5 billion USD, accounting for 18% of the total turnover and increasing by 4.33% over the same period in 2023.

Next, the pharmaceutical commodity group ranked 3rd in terms of turnover, in the first 10 months of the yearreaching over 1.88 billion USD, accounting for 13.62% of the total turnover and increasing by 32.57% over the same period in 2023.
Products imported from the EU into Vietnam in the first 10 months of 2024