Vietnam and EU Trade Reaches Nearly USD 45 Billion in 2024
Ho Chi Minh City, Vietnam – The bilateral trade between Vietnam and the European Union (EU) reached nearly USD 45 billion in the first eight months of 2024, reflecting a 15.8% increase compared to the same period in 2023. Vietnam’s exports to the EU amounted to USD 34.1 billion, a 17.4% rise from the previous year.
Nguyen Thao Hien, Deputy Director-General of the European-American Market Department under the Vietnam Ministry of Industry and Trade (MoIT), attributed this growth to the economic recovery in the EU and the adaptability of Vietnamese businesses. She emphasized the positive contributions of the Vietnam-EU Free Trade Agreement (EVFTA) and the logistics sector.
Hien noted that 2024 marks the fourth year since the EVFTA came into effect, serving as a lever to maintain growth momentum in bilateral trade despite challenges like the COVID-19 pandemic and geopolitical conflicts. She made these remarks at a forum on seizing opportunities from the EVFTA and changes in the logistics industry, held in Ho Chi Minh City.
Doubts Revealed
Vietnam -: Vietnam is a country in Southeast Asia. It is known for its beautiful landscapes, rich history, and delicious food.
EU -: EU stands for the European Union. It is a group of 27 countries in Europe that work together on many issues, including trade.
USD 45 Billion -: USD 45 Billion means 45 billion US dollars. It is a way to measure a large amount of money.
Bilateral trade -: Bilateral trade means the exchange of goods and services between two countries. In this case, it is between Vietnam and the EU.
Exports -: Exports are goods or services that a country sells to other countries. Vietnam is selling products to the EU.
Nguyen Thao Hien -: Nguyen Thao Hien is a person who works for the Vietnamese government. She helps manage trade with European and American countries.
Deputy Director-General -: Deputy Director-General is a high-ranking job in a government department. It means Nguyen Thao Hien has an important role in managing trade.
European-American Market Department -: This is a part of the Vietnamese government that focuses on trade with Europe and America.
Vietnam-EU Free Trade Agreement (EVFTA) -: The EVFTA is a deal between Vietnam and the EU to make trading easier by reducing taxes and other barriers.
Resilience -: Resilience means being strong and able to recover quickly from difficulties. Vietnamese businesses are doing well despite challenges.
Forum -: A forum is a meeting where people discuss important topics. This forum was held in Ho Chi Minh City, a big city in Vietnam.