European enterprises are gravitating towards Vietnam – especially Northern Europe, claims Trade Counsellor of Vietnam in Sweden and Northern Europe, Nguyen Thi Hoang Thuy.
Denmark in particular is emerging as a new investor in Vietnam, she explains.
A lot of it is thanks to the EU-Vietnam Free Trade Agreement (EVFTA), which became effective from 1 August 2020, and has helped ease the domestic economy of the South East Asian country.
This agreement allowed for easier trade between the continents – which up until now has been hindered by a lack of direct flights and cooperation. But times have changed.
“Many enterprises are planning to relocate to Vietnam to optimise incentives from the EVFTA whilst exporting to the EU,” she adds.
From 2020 to 2022, the Vietnamese exports to Northern European markets grew by 14.7 per cent each year.