Tiếng Việt
In the first 6 months of 2023, the EU is Vietnam’s 4th largest trading partner, after China, the United States and South Korea. According to statistics from the General Department of Customs, in the first 6 months of 2023, two-way trade turnover between Vietnam and the EU reached 28,66 billion USD, down 10% compared to the same period in 2022.
- Export: Inflation in the EU continues to remain high, causing consumer demand and import of EU goods to decrease, affecting Vietnam’s export activities to this market. In the first 6 months of 2023, Vietnam’s export turnover to the EU reached 21,4 billion USD, down 10,8% compared to the same period in 2022. Main export items include: phones types and components, computers, electronic products and components, footwear of all kinds, machinery, equipment, tools, other spare parts, textiles, garments, iron and steel of all kinds, coffee, etc. Exports of many agricultural products have shown positive signs of growth such as: vegetables, rice, tea, cashew nuts, etc.
- Import: In the first 6 months of 2023, Vietnam’s import turnover of goods from the EU market reached 7,1 billion USD, down 9,6% over the same period in 2022. Regarding main imported goods from the EU market, including: computers, electromagnetic products and components, machinery, equipment, tools and other spare parts, pharmaceuticals, chemical products, chemicals, etc. Notably, imports of chemicals, milk and dairy products, paper of all kinds, pharmaceuticals, etc. show signs of increasing sharply.
Two-way trade turnover between Vietnam and the EU
| Q.II/2023
(million USD) |
Compared Q.I/2023 (%) | Compared Q.II/2022 (%) | First 6 months of 2023 (million USD) | Compared to same period in 2022 (%) | Proportion of EU turnover/total country (%) | |
| Total import-export turnover | 14.784 | 7,4 | -9,7 | 38.548 | -10,0 | 9,0 |
| Export | 10.976 | 5,2 | -11,5 | 21.404 | -10,8 | 13,0 |
| Import | 3.807 | 14,1 | -5,2 | 7.143 | -9,6 | 4,7 |
| Balance of trade | 7.169 | 1,1 | -14,4 | 14.261 | -10,6 | 111,0 |
Source: Calculated from data of the General Department of Customs
The Netherlands, Germany, Italy, Belgium, Spain, and France are the main export markets for Vietnamese goods in the EU. However, in the first 6 months of 2023, the market structure will change when the proportion of export turnover to the Netherlands, Italy, Spain, Poland, Austria increases, while the proportion of exports to Germany, Belgium and France decreased.
Export – import of Vietnamese goods to markets in the EU
| Market | The first 6 months of 2023 (thousand USD) | Compared to same period in 2022 (%) | ||
| Export | Import | Export | Import | |
| Netherlands | 4.833.432 | 320.254 | -4,7 | 7,0 |
| Germany | 3.696.303 | 1.769.734 | -15,8 | -2,6 |
| Italia | 2.313.391 | 800.699 | -0,9 | -9,1 |
| Belgium | 1.613.628 | 311.093 | -28,5 | -15,2 |
| Spain | 1.628.862 | 316.187 | -0,3 | 14,0 |
| France | 1.561.654 | 790.835 | -12,2 | -2,4 |
Source: Calculated from data of the General Department of Customs
Note: The article is excerpted from VIETNAM – EU TRADE NEWS, Quarter 2/2023 issue of the MINISTRY OF INDUSTRY AND TRADE OF VIETNAM
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