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Vietnam-Denmark import-export turnover grows over 20% 

 Thursday, January 23,2025

AsemconnectVietnam - In the first 11 months of 2024, total import-export turnover between Vietnam and Denmark grew strongly, reaching 20.3%.

Two-way trade grows strongly
In an interview with a reporter from Industry and Trade Newspaper, Ms. Nguyen Thi Hoang Thuy - Director, Head of Vietnam Trade Office in Sweden, concurrently in charge of the Nordic countries (including Denmark) said that after Covid-19, two-way trade turnover between Vietnam and Denmark decreased and has shown signs of recovery from 2022 to present. Vietnam's main export items to Denmark are still mainly traditional items in which Vietnam has strengths such as textiles, electronic components, furniture, iron and steel, footwear, seafood, etc.
Compared to 2023, two-way import and export turnover increased significantly, in the first 11 months of the year, total turnover increased by 20.3%. It is forecasted that two-way trade will continue to increase throughout the year.
Specifically, in the first 11 months of 2024, export turnover from Vietnam to Denmark reached 400 million USD, up 27.4%; imports from this market reached 213 million USD, up 9%; total import and export turnover reached 614 million USD, up 20.3%.
Of which, products with the largest export turnover are iron and steel products with an increase of 104.7%, followed by furniture products (materials other than wood) 62.5%, seafood 27.7% and textiles 13.2%. These are products with stable export growth and are a group of products with potential strengths of Vietnam.
According to Ms. Nguyen Thi Hoang Thuy, reason why two-way trade turnover between Vietnam and Denmark has maintained growth is because cooperative relationship between Vietnam and Denmark has developed strongly and comprehensively in many fields in recent years, especially since two countries established Comprehensive Partnership and Green Strategic Partnership. Denmark is currently one of Vietnam's major trade and investment partners in the Nordic region and plays an important role in supporting Vietnam in implementing sustainable development goals and responding to climate change.
In terms of cooperation mechanisms and frameworks, two countries have built a solid foundation through specific action plans to effectively implement contents within existing partnership framework. Key areas include trade, investment, renewable energy, education, health and environment. Danish Government has always shown its willingness to expand practical cooperation in all areas and at the same time wishes to work with Vietnam to enhance the cooperative relationship in the coming time.
Which products have the potential to increase exports?
However, in the context of increasingly deep international economic integration, Ms. Nguyen Thi Hoang Thuy pointed out that Vietnam is currently facing strong competition from a number of countries in promoting trade and investment cooperation with Denmark. Countries such as Thailand, Indonesia, Malaysia and China have implemented many effective measures to open markets, increase promotion and attract investment from Denmark.
For example, Thailand is currently a country with close trade and investment relations with Denmark, especially in fields of processed agricultural products, seafood and consumer goods. Thailand focuses on building a national brand with a commitment to high quality, creating trust for Danish consumers. Trade fairs and exhibitions are regularly held in major cities such as Copenhagen to directly connect businesses of two countries and expand cooperation opportunities...
Or, Indonesia, a leading exporter of agricultural products such as coffee, spices and palm oil, has stepped up negotiations on bilateral trade agreements and encouraged investment in processing industry to increase product value. Notably, Indonesia focuses on sustainable production, ensuring products meet international standards, thereby capturing the European market.
"From experience of the above countries, Vietnam needs to learn and build appropriate strategies to strengthen trade and investment cooperation with Denmark. Building a national brand with a commitment to high quality, organizing direct trade promotion events and focusing on developing products with high added value will help Vietnam compete more effectively," Ms. Nguyen Thi Hoang Thuy recommended.
In addition, Vietnam Trade Office in Sweden also stated that businesses from both sides need to promote cooperation in fields of green technology, renewable energy and sustainable production, considering this an important direction to meet the needs and development priorities of Denmark. Vietnam needs to maximize opportunities of existing EVFTA free trade agreement and create favorable conditions for businesses from both countries to connect and invest more deeply in the coming time.
Denmark, a country famous for its developed economy and high quality of life, is witnessing a strong shift in consumer trends. Danes are increasingly showing a focus on factors such as sustainability, health and technology, while maintaining an interest in locally sourced products and services. With such a trend, regarding main export items that have opportunity to be exported to Denmark, Ms. Nguyen Thi Hoang Thuy suggested that the Danish market has a great demand for tropical agricultural products such as coffee, cashew nuts, fruits and processed seafood. Vietnam, with its advantages in producing and exporting these items, has the potential to dominate market if it ensures food safety standards and traceability.
In addition, Denmark is one of the largest markets for furniture and wooden products in Northern Europe. Vietnamese wooden products and handicrafts can meet needs of Danish consumers with competitive prices and creative designs.
In addition, Denmark is a leading country in developing clean and renewable energy. Vietnam has opportunity to attract investment and technology transfer cooperation from Danish enterprises in fields of wind energy, solar power and environmental treatment technology. In addition, with its strategic geographical location, Vietnam can become a production and logistics center, serving Denmark's trade activities with the Southeast Asian region.

Source: Vitic/ congthuong.vn
 

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