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Vietnam

Vietnam

In June 2012 the EU and Vietnam launched negotiations for a comprehensive free trade agreement with a view to ensuring an effective environment for trade and investment relations.

The EU works closely with Vietnam under the framework of a Partnership and Cooperation Agreement - signed in June 2012 - creating a solid foundation to intensify relations further in a broad range of areas.

Trade picture

  • EU exports to Vietnam are dominated by high tech products including electrical machinery and equipment, aircraft, vehicles, and pharmaceutical products. Vietnam's key export items to the EU include telephone sets, electronic products, footwear, textiles and clothing, coffee, rice, seafood, and furniture.
  • The EU has a negative balance of trade in goods with Vietnam. In 2013, EU-Vietnam trade in goods was worth over €27.6 billion, with €21.3 billion in imports from Vietnam into the EU, €5.8 billion in exports from the EU to Vietnam.
  • The EU is one of the largest foreign investors in Vietnam. In 2013, EU investors committed a total US$ 656 million in Foreign Direct Investment and thus remain Vietnam's sixth largest foreign investor’s partner.

EU-Vietnam "trade in goods" statistics

Trade in goods 2011-2013, € billions
Year EU imports EU exports Balance
2011 13.0 5.2 -7.8
2012 18.6 5.4 -13.3
2013 21.3 5.8 -15.5

More statistics on Vietnam

EU and Vietnam

After "region-to-region" negotiations on a free trade agreement (FTA) between the EU and ASEAN countries proved difficult, negotiations for an EU-Vietnam FTA were launched in June 2012. The EU considers the FTAs with individual ASEAN countries as stepping stones towards an agreement in the regional framework, which remains the ultimate goal.

Vietnam has experienced a radical economic and social transformation over the past two decades alongside integration into the global economy. As a rapidly developing and fast growing ASEAN economy, Vietnam holds substantial potential for EU businesses.

The Partnership and Cooperation Agreement between the EU and Vietnam - signed in June 2012 - offers a solid foundation to intensify relations between the two parties.

Vietnam enjoys trade preferences with the EU under the Generalised Scheme of Preferences.

Vietnam and ASEAN

ASEAN as a whole represents the EU's 3d largest trading partner outside Europe (after the US and China). Of the ten ASEAN members, Vietnam is the EU's fifth most important trading partner. Negotiating better access for EU exporters to the dynamic ASEAN market is a priority for the EU.

The EU-ASEAN Dialogue includes discussions on trade and investment issues at ministerial and senior economic official levels. It plays an important part in the trade co-operation between the EU and ASEAN.

More information on ASEAN

Trading with Vietnam