The business trip of the EU-ABC Business Delegation is an annual activity jointly organized by EU-ABC and EuroCham in a number of ASEAN countries, to promote trade and investment activities of European businesses in the region. Southeast Asia region.
Participating in the meeting were leaders of the Departments: European - American Market, Multilateral Trade Policy, Energy Saving & Sustainable Development; Departments: Electricity & Renewable Energy, Electricity Regulation, Import-Export, Industry, E-commerce & Digital Economy; General Department of Market Management; National Competition Commission.
Speaking at the meeting, Deputy Minister Nguyen Hoang Long welcomed and appreciated the purpose of the delegation's business trip, and emphasized that the ASEAN - EU cooperation relationship has witnessed strong developments in recent times, comprehensively promoted in all fields, including economics and trade. The EU is currently ASEAN's third largest trade partner with two-way turnover reaching 296,87 billion USD in 2023, and is also the leading foreign direct investor (FDI) in Southeast Asia. ASEAN – EU is a testament to the partnership between the two most successful regional organizations in the world in developing multilateral cooperation, promoting free trade on the basis of shared values and common interests.
As an active member of ASEAN, Vietnam currently has favorable conditions to implement economic and trade cooperation with EU partners, especially when Vietnam is considered one of the fastest growing countries. high growth in ASEAN and great advantages from the EVFTA Agreement. The two sides expressed optimism that in recent years, economic and trade cooperation between Vietnam and the EU has achieved many positive and especially remarkable results in the context of unstable market areas, supply chains, Trade faces many difficulties. The EU is currently Vietnam's leading trading partner; On the contrary, Vietnam is also the EU's largest trading partner in ASEAN. In its role as the coordinator of ASEAN - EU economic cooperation relations and the first developing country to sign and put into effect a Free Trade Agreement with the EU, Vietnam will continue to support the promotion of international trade relations. The cooperation system between the two Parties, especially in the fields of trade and investment, contributes to maintaining stability and diversity of the supply chain connecting the economies of the two regions, creating favorable conditions for activities. cooperation between ASEAN & EU business communities.
Representative of the European Business Delegation, Mr. Jens Rübbert, Chairman of the EU-ABC Council, said that EU-ABC always strives to maintain a sustainable cooperative relationship with ASEAN and its member countries; highly appreciated Vietnam's role in ASEAN in promoting common economic goals. European businesses operating in Vietnam still have faith in this market. According to the Business Confidence Index published by EuroCham Vietnam in early 2024, nearly three-quarters (3%) of EU businesses positively evaluated the long-term prospects of operating in Vietnam. The index shows positive and optimistic sentiment about the business investment environment in Vietnam, as well as affirming the cooperative efforts between the two sides.
At the meeting, leaders of functional units of the Ministry of Industry and Trade and the European Business Delegation had specific and practical discussions surrounding many groups of issues such as implementing the EVFTA Agreement, cooperation in transforming energy conversion and sustainable development, e-commerce, prevention of counterfeit goods, smuggled goods, etc. The EU - ABC side recognized the efforts of the Vietnamese Government in promoting a green, sustainable economy; This is also a common vision to help enhance the attractiveness of Vietnam's investment environment for European businesses and it is expected that with this orientation, Vietnam and Europe will achieve more positive changes in the bilateral economic cooperation activities in the coming time.
Concluding the meeting, the two sides affirmed and highly appreciated the prospects for developing economic and trade relations between ASEAN - EU and Vietnam - EU; At the same time, they agreed to strengthen close cooperation, creating favorable conditions for the business community to do business and invest effectively and long-term. The Ministry of Industry and Trade proposed to make the most of the opportunities and advantages from the EVFTA Agreement, promoting cooperation in the industrial sector, especially fundamental industries (mechanics, processing, manufacturing, electronics, supporting industries, materials industries, chemicals, pharmaceuticals...). At the same time, strengthen new and important areas of cooperation of mutual interest and strengths of the EU such as green economy, digital economy, energy transition, circular economy... Vietnam wishes to continue continue to receive investment, technical support and high technology transfer from EU partners to build production models, product quality control systems, and ensure compliance with regulations and standards. internationally, together building a diverse and sustainable supply chain.
Year 2023 in the context of European economy lost growth momentum, high inflation, the decline in consumption and import demand for goods in the EU has had a significant impact on trade exchanges between Vietnam and this market area. According to statistics from the General Department of Customs, two-way trade turnover between Vietnam and the EU in 2023 will reach 58,6 billion USD, down 5,8% compared to 2022, of which exports will reach 43,7 billion USD, down 6,7%, imports reached 14,9 billion USD, down 3,2%. Vietnam's trade surplus to the EU market in 2023 is at 28,7 billion USD, down from 31,4 billion USD in 2022.
However, the import-export turnover of goods between Vietnam and the EU has shown signs of improvement since the last quarter of 2023 when it only decreased by 0,4% compared to the same period in 2022. Step to the first months of 2024, bilateral trade activities record Positive start khi continue dress anise and positive growth, despite the regional economy still facing many difficulties and instability. According to statistics from the General Department of Customs, in the first 5 months of 2024, two-way trade turnover between Vietnam and the EU reached 2 billion USD, an increase of 26,6% over the same period in 12,9, of which export turnover Exports reached 2023 billion USD, up 20,3%, imports reached 14 billion USD, up 6,29%.
According to data from Eurostat, EU imports of goods from Vietnam in the first 4 months of 2024 reached EUR 16,54 billion, up 5,5% over the same period last year; Notably, in the context of reduced EU import demand, imports from Vietnam still recorded growth. Vietnam's market share of goods in the EU's total imports from foreign markets in the first 4 months of 2024 accounts for 2,1%, higher than the market share of other ASEAN countries such as Malaysia (1,1%), Thailand (1,1%), Singapore (0,7%), Indonesia (0,6%).
Source: Vietnam.vn
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<p>Time: 2024 By: Ministry of Industry and Trade</p>
