EU brands scramble to enter Vietnam
About 80 European brands from the fashion and accessory, food and beverages , perfumes , interior design, etc will come under the banner of Eurosphere to Vietnam on June 16 & 17 in anticipation of EU- VIETNAM FTA becoming active in early 2018. Eurosphere 2017 is a new concept trade event dedicated to bringing various European quality products to the Vietnamese and Southeast Asian market. It was introduced in the context of the new Free Trade Agreement between the EU and Vietnam (EVFTA), Vietnam being the second country in the ASEAN, after Singapore, to sign such an agreement. With strong expectations of the FTA being effective in early 2018, the European companies have started to explore the Vietnamese market in fashion and various other categories .
Vietnam’s trade with the EU in the first 11 months of 2016 totalled $40.76bn, according to Vietnam Customs. The bloc was Vietnam’s second-biggest export market, worth $30.72bn (up 9 per cent on the same period of 2015, and accounting for 19.2 per cent of the total), and its fourth-biggest source of imports ($10bn, up 9.7 per cent, and 6.4 per cent of the total). Machinery and appliances accounted for just over half of Vietnam’s exports to the EU, 50.1 per cent, with telecommunications equipment comprising 33.5 per cent of all exports. Footwear and hats accounted for 12.1 per cent, and textiles and textile articles 10.4 per cent. Vietnam’s imports from the EU, meanwhile, included machinery and appliances (27.4 per cent of the total), chemicals (17.8 per cent) and manufactured goods (11.3 per cent).
Vietnam’s exports of textile, clothing and footwear to the EU are expected to more than double in 2020 as a result of the EVFTA.