Tuesday, February 20 2018

VietNamNews

VN trade with Germany flourishes

Update: February, 20/2014 - 09:24
Pottery products are made for export to Germany at the southern province of Binh Duong. Last year, Viet Nam's exports to Germany reached US$4.72 billion, a year-on-year increase of 15.4 per cent. — VNA/VNS Photo Vu Sinh

HA NOI  (VNS) — Germany is Viet Nam's largest trade partner in the EU, accounting for 20 per cent of the country's total trade turnover from the bloc.

This was announced by the Information Centre under the Ministry of Industry and Trade.

The centre used statistics from the General Department of Customs to illustrate that last year, Viet Nam's exports to Germany reached US$4.72 billion, a year-on-year increase of 15.4 per cent.

Among the exports, mobile handsets and components were at the top of the list with earnings chalking $1.54 billion, which represented an annual increase of 32 per cent and constituted one-third of the total export value.

Other export items included footwear, garments, coffee, and timber products. Seafood, handicrafts, computers and electronics were also among the basket of goods exported.

In the first month of this year, Viet Nam exported $462 million worth of goods to the market, higher than in last December.

Trade experts advised Vietnamese companies to accelerate their exports to Germany, which is also a gateway to the huge, lucrative European market.

To do so, businesses must meet both EU and German standards; German regulations are stricter than the former. The top criteria were product quality, food safety and social responsibility.

They also suggested that Vietnamese businesses thoroughly explore their German partners before signing economic contracts, besides crafting long-term business strategies and making provisions for the adequate supply of commodities to meet large orders. — VNS


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