Vietnam's exports to the European Union are expected to show better momentum in 2022 compared with this year, as Vietnamese companies are better positioned to take advantage of the free trade agreement (EVFTA) between Vietnam and the Eu, Vietnamese economic experts forecast, The People's Daily reported on December 26.

Experts say that in the two years since the outbreak, Vietnam and the EU have become better adapted to the epidemic, working together to speed up the vaccination process and strengthen vaccination.

In particular, thanks to the solid foundation of EVFTA, economic and trade cooperation between Vietnam and Europe will usher in many opportunities after the outbreak, bringing tangible benefits to businesses of both sides.

The Free Trade Agreement (EVFTA) between Vietnam and the European Union (EU) officially entered into force on 1 August 2020, marking an important milestone in the 30-year cooperation between Vietnam and the EU and ushering in a promising new stage of deepening, pragmatic and efficient development of the comprehensive partnership between the two countries.

According to statistics from Vietnam's General Administration of Customs, one year after the implementation of EVFTA, the bilateral trade volume between Vietnam and the EU reached 54.87 billion US dollars, up 12.1% year on year. Among them, exports reached 38.48 billion US dollars, up 11.3%; Imports amounted to us $16.39 billion, up 14.04%.

In the first 11 months of this year, bilateral trade between Vietnam and the EU showed good growth despite the severe impact of the fourth wave of COVID-19 outbreak in key export bases in southern Vietnam. Specifically, in 2021, the import and export volume between Vietnam and the EU reached us $51.3 billion, up 13.8% year on year. Exports reached 35.96 billion US dollars, up 12.6%, and imports 15.34 billion US dollars, up 16.6% year on year. Among them, Vietnam's trade surplus with the EU was us $20.6 billion, up 9.8% year on year.