Earlier last week, the Executive Vice President of the European Commission Frans Timmermans paid a visit to Vietnam on February 17-19.
On February 18, Prime Minister of Vietnam Pham Minh Chinh hosted a reception for visiting the Vice President. During the meeting, the Prime Minister affirmed that EU is an important trade partner of Vietnam over the past few years. In fact, EU is now the 3rd largest export market of Vietnam (after the US and China) and the 5th largest import market of Vietnam.
From EU side, Vice President Frans Timmermans expressed his impression on Vietnam’s progress on becoming a self-reliant economy and hoped to further boost the trade relations between Vietnam and EU. At this point, Vietnam is the 5th trade partner of EU in Asia and the 15th trade partner of EU in the world.
Despite the huge impact of Covid-19, the two-way trade surged 56.8 billion USD in 2021, in which the total exports of Vietnam to the EU valued 39.9 billion USD and exports from EU to Vietnam valued 16.9 billion USD.