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Vietnam

Vietnam

The European Union and Vietnam signed a Trade Agreement and an Investment Protection Agreement on 30 June 2019. . The European Parliament subsequently gave its consent to both Agreements on 12 February 2020 and the Free Trade Agreement was concluded by Council on 30 March 2020.

The agreements now need to be ratified by the Vietnamese National Assembly, as well as to by the EU Member States in the case of the Investment Protection Agreement.

Trade picture

  • Vietnam is the EU's 17th trade in goods partner and the EU's second largest trading partner in the Association of Southeast Asian Nations (ASEAN).
  • The EU's main exports to Vietnam are high tech products, including electrical machinery and equipment, aircraft, vehicles, and pharmaceutical products.
  • Vietnam's main exports to the EU are telephone sets, electronic products, footwear, textiles and clothing, coffee, rice, seafood, and furniture.
  • With a total foreign direct investment stock of €6.1 billion (2017), the EU is one of the largest foreign investors in Vietnam. The largest sector of investment by the EU is industrial processing and manufacturing.

EU-Vietnam: Trade in goods

Trade in goods 2017-2019, € billions
Year EU imports EU exports Balance
2017 30.8 10.0 -20.9
2018 32.4 10.4 -22.0
2019 34.4 11.1 -23.3

EU-Vietnam: Trade in services

Trade in services 2016-2018, € billions
Year EU imports EU exports Balance
2016 1.6 1.5 -0.1
2017 1.8 1.9 0.1
2018 1.8 2.1 0.4

EU-Vietnam: Foreign direct investment

Foreign direct investment 2018, € billions
Year Inward stocks Outward stocks Balance
2018 0.4 7.4 7.0

Unless otherwise mentioned “EU” concerns for all indicated years the current European Union of 27 Member States.

Date of retrieval: 22/04/2020

More statistics on Vietnam

EU and Vietnam

Bilateral trade and investment agreements with Vietnam, concluded by the EU in March 2020, and the trade agreement is expected to enter into force in summer after final ratification by Vietnam.  The agreements with Vietnam are the second (following those with Singapore) to have been concluded between the EU and a Southeast Asian country, and represent stepping stones to a greater engagement between the EU and the region.

The trade and investment agreements develop the commercial dimension of bilateral relations between the EU and Vietnam that find their foundation and are governed by the EU-Vietnam Framework Agreement on Partnership and Cooperation (PCA) that entered into force in October 2016.

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

Vietnam and ASEAN

Vietnam is one of the 10 members of the Association of Southeast Asian Nations (ASEAN) and has become the EU's second most important trading partner in the region after Singapore. An increasing number of European companies are establishing in the country to set up a hub to serve the Mekong region.

Taken as a whole, ASEAN is the EU's third largest trading partner outside Europe (after the US and China). Ensuring better access for EU exporters to the dynamic ASEAN market is a priority for the EU. Negotiations for a region-to-region trade and investment agreement between the EU and ASEAN were launched in 2007 and paused by mutual agreement in 2009 to give way to a bilateral format of negotiations. These bilateral trade and investment agreements were conceived as building blocks towards a future region-to-region agreement.

More information on ASEAN

Trading with Vietnam