HCM City (VNA) – Europe is alarge market for Vietnamese goods, but businesses need to grasp its qualitystandards and consumption trends so as to fully capitalse on this market, heardan online workshop held on July 7.

Nguyen Tuan, Deputy Director of theInvestment and Trade Promotion Centre of Ho Chi Minh City, said trade betweenVietnam and Europe has recorded encouraging results in the recent past, and itis forecast to grow even more strongly thanks to the EU - Vietnam Free TradeAgreement (EVFTA).

Bilateral trade turnover saw a 12-fold increase from 4.1 billion USD in 2000 to nearly 50 billion USD in 2020.Vietnam’s exports to the EU surged by 13-fold from 2.8 billion USD to 35.1billion USD during the period.

Lastyear, Vietnam posted about 29 million USD in trade surplus with the EU despitethe COVID-19 pandemic. The main importers of Vietnamese goods includeGermany, France, and Poland.

Tuan said as the pandemic is stillwreaking havoc on the global economy and trade, Vietnam, including HCM City,has been working hard to connect local enterprises with foreign markets viaonline platforms and new sale channels. As a result, trading has beenmaintained, thus keeping supply chains uninterrupted.

Adam Koulaksezian, Director of theFrench Chamber of Commerce and Industry in Vietnam (CCIFV), noted Vietnam currentlyranks 15th in the world and first in ASEAN among trade partners ofthe EU.

Thanks to the EVFTA that took effectin August 2020, tariff barriers have been lifted for a number of exports from bothVietnam and the EU, creating momentum for bilateral trade. Export and importbetween the two sides have been on the rise and predicted to grow further in the timeahead, which will be a great opportunity for Vietnamese exporters in manyindustries, he said.

However, Koulaksezian added, EU consumers are paying more attention to sustainability,including origin traceability of products, corporate social responsibility, andenvironmental protection. Therefore, Vietnamese businesses should ensure thesustainability of their products and build an export strategy matching thedemands and trends in foreign markets.

Pointingout certain challenges to bilateral trade, Business Support Service Director atCCIFV Nguyen Dac Boi Quynh said the complex COVID-19 situation, especially in southern Vietnam where many wood and aquatic product processingfirms are located, is forcing businesses to simultaneously implement social distancing andsustain production.

Other challenges include the requirementsfor product origin traceability and different types of certificates, and the fast-changingconsumption trends in the EU.

Sharing her business’s experience, Pham Thi Hong Quang, Director of the VietSource Handicraft Co. Ltd, said the company has built its infrastructuremeeting importers’ requirements, shifted to online marketing in the face of thepandemic, and stay updated with new consumption trends in the EU, which hashelped its shipments to this market increase 20 percent from the pre-pandemicperiod.

She recommended enterprises thatwant to access this market to make proper investment right from the beginning tomeet quality requirements, update themselves with consumption trends, and makeuse of modern marketing channels./.