Vietnam grabs ASEAN market share in EU trade

Thailand has lost EU market share to Vietnam which is now biggest exporter to US passing Thailand & Malaysia.

INTERNATIONAL TRADE

Vietnam grabs market share from Asian peers in EU trade

16/06/2016
Bloomberg News agency

Vietnam took market share of European Union (EU) trade away from other Southeast Asian nations last year.

This is a trend that may well continue after Vietnam concluded a free trade agreement (FTA) with the EU regional bloc.

VIETNAM'S RISING SHARE OF EU TRADE

The country accounted for 19.1% of the €201.4 billion in total trade between the EU and members of the Association of Southeast Asian Nations, or Asean, last year.

That figure is up from 15.8% in 2014.

VIETNAM BIGGEST EXPORTER TO US

Signs of Vietnam’s trade prominence are growing.

In 2014, the country overtook its Asean neighbours to become the biggest exporter to the US, powering ahead of traditional manufacturing hubs such as Thailand and Malaysia.

VIETNAM ATTRACTS INVESTMENT FROM SAMSUNG

Vietnam has capitalised on changing production patterns in Asia as labour costs in China rise.

The country has attracted investment from companies such as Samsung Electronics which assembles and exports smartphones from Vietnam.

THAILAND HAS LOST MARKET SHARE TO VIETNAM

While EU trade with Singapore, which is still the EU's biggest partner in Southeast Asia, increased last year, its market share of total trade fell to 24.1% from 25.1%.

Malaysia, Thailand and Indonesia also lost market share to Vietnam.

VIETNAM SECOND IN ASEAN TO GET EU TRADE PACT

Vietnam is the second country in Asean after Singapore that the EU has concluded a free trade pact with.

Exports from Vietnam to the EU are dominated by phones, electronic products, footwear (shoes), clothing and coffee.

VIETNAM & PHILIPPINES ATTRACTIVE TO INVESTORS

Sluggish economic prospects in advanced ecoomies have pushed investors to search for opportunities in markets that are benefiting from faster growth and younger populations, such as the Philippines and Vietnam.

Vietnam “has higher levels of income and is generally more developed", said Mr Pulch. “Some of the products that we can offer now can find a broader audience.”

Vietnam has also matured into a country that demands more advanced technologies, which Europe is still a key provider of, he said.

Total EU trade with Asean rose 12% last year.

China’s trade with the European regional bloc amounted to €520.8 billion in 2015, more than double that of Asean’s trade, according to EU data.

NEW EU DRIVE TO PROMOTE SME TRADE WITH VIETNAM & SINGAPORE

The EU has targeted Vietnam and Singapore in a new business initiative aimed at exposing small and medium-sized (SME) companies in Europe to opportunities in Southeast Asia.

The EU will help facilitate meetings between companies in the two regions in industries ranging from water to food and beverages.

http://www.bangkokpost.com/news/asean/1011701/vietnam-grabs-market-share-from-asian-peers-in-eu-trade

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