After nearly 3 years, the EVFTA Agreement has actively supported Vietnamese and EU goods to access each other's markets, meeting the supply diversification needs of both sides. Vietnam's exports of goods to most markets in the EU have recorded the best growth, with regions such as Northern Europe, Eastern Europe or Southern Europe recording the best growth.

Currently, the EU is the 3rd largest export market and the 5th largest import market of Vietnam. The structure of export products to the EU also tends to expand and diversify. Some high growth products such as coffee increased by 54%, seafood increased by nearly 42%, textiles increased by 41%, footwear increased by 36%, machinery and equipment increased by 35%, pepper increased by 25%, rice increased 22%, vegetables increased 18%...

In addition, Vietnam also increased imports of many products from the EU, typically chemicals increased by 102%, milk and milk products increased by 29%, wood and wood products, and animal feed increased by 15.5%. %, other food products increased by 45%...

Regarding investment, the EU is currently also the 5th largest foreign investor in Vietnam with a total registered capital of 27.6 billion USD accumulated by August 2022. In the first 8 months of 2022, the total registered investment capital of EU in Vietnam reached 2.2 billion USD, up 70% over the same period last year with 104 new projects.

Domestic and international experts highly appreciate the potential of the Vietnamese market, at the same time, pointing out many existing limitations and challenges posed from both internal capacity and market context, especially When the international situation is forecast to continue to become complicated and unpredictable, with the potential risk of recession and high inflation, the issue of energy and food security becomes increasingly urgent. Currently, Vietnamese export enterprises only focus on large markets such as the Netherlands, Germany, France, Italy... while the remaining markets have a very small market share. Therefore, businesses need to diversify into the remaining markets of the bloc to increase export turnover.

According to Minister of Industry and Trade Nguyen Hong Dien, with great advantages from EVFTA and the upcoming EVIPA, Vietnam will have many favorable conditions in attracting investment capital, technology transfer, and support projects from on the part of EU partners to promote green and sustainable economic structure, including the use of clean energy, renewable energy, and high-tech conversion in production, helping Vietnamese goods meet Meet EU technical and environmental standards, participating more deeply in a complete supply chain that benefits the EU.

Also noting the issue of redirection for Vietnamese businesses, Mr. Giorio Aliberti, Ambassador of the European Union (EU) Delegation to Vietnam emphasized that the EU is a market that constantly updates policies towards green growth goals. and sustainable. "Therefore, Vietnamese businesses that want to export goods to the EU need to change, paying special attention towards green and sustainable growth," Mr. Giorio Aliberti said.

EuroCham also informed that European businesses are currently looking to take advantage of the advantages from the EVFTA to promote cooperation and expand investment, and trade promotion activities in Vietnam are stronger, especially in the areas of investment. Strong areas of European businesses such as: science and technology, green and renewable energy development towards green and sustainable growth for businesses and communities./.

Minh Toan