Belgium offers gateway to EU market

According to the Ministry of Industry and Trade, economic cooperation and trade between Vietnam and Belgium have expanded rapidly. Belgium has been one of Vietnam’s leading trading partners in the EU, while Vietnam is Belgium’s largest trading partner in ASEAN.

The EVFTA benefits Vietnamese goods in the Belgian market

Currently, Belgium is Vietnam’s sixth largest trading partner in the EU, after the Netherlands, Germany, France, Italy, and Austria. In 2021, Vietnam was the 15th largest non-EU importer of Belgian goods. Bilateral trade has grown rapidly, from US$1.8 billion in 2013 to approximately US$2.8 billion in 2020, and reached US$4.29 billion in 2021, US$4.5 billion in 2022, and US$2.27 billion in the first seven months of 2023.

Goods traded between the two countries do not compete but complement each other. Although Belgium is a small market, Vietnam’s trade with Belgium is higher compared with many other EU and European countries. Via Belgium, Vietnamese goods can enter other West European countries (the Port of Antwerp is a major transshipment port in Europe). Vietnamese economic organizations, localities and sectors have expanded relations with the three regions of the Kingdom of Belgium: Wallonia, Flanders and Brussels.

To help Vietnamese businesses take advantage of the EU-Vietnam Free Trade Agreement (EVFTA), the Vietnam Trade Office in Belgium and the EU has supported their access to the Belgian market by organizing business meetings and providing information about the Belgian market on the website of the office and that of the Ministry of Industry and Trade. The office also sent its officials to Belgian companies to seek cooperation opportunities for Vietnamese businesses.

Vietnamese goods in a Belgian supermarket

However, the EU and Belgium are changing their trade policies, and Vietnamese goods have to abide by their new regulations. Tran Ngoc Quan, Vietnamese Trade Counselor in Belgium and the EU, said that Belgium’s policies are not exclusive for Vietnam but are applied among all EU countries. Therefore, Vietnamese businesses should be updated on the variety of EU regulations, especially those related to green, clean and responsible production. This will enable them to make suitable changes to production to meet EU regulations. Quan also warned domestic companies to avoid fraud and tax evasion to protect their benefits from the EVFTA.

At a recent meeting with President of the Belgian Senate Stéphanie D’Hose, Prime Minister Pham Minh Chinh said the two countries should make the most of the EVFTA to increase bilateral trade to US$7 billion in the next two to three years. PM Chinh asked Belgium to continue facilitating Vietnamese seafood, farm produce, textile, garment, leather, footwear and electronics exports to Belgium and the EU.

President Stéphanie D’Hose said that the Federal Parliament of Belgium is accelerating steps towards the ratification of the EU-Vietnam Investment Protection Agreement (EVIPA) before Belgium completes its EU Council Presidency. “The Belgian Senate will strive to boost Vietnam-Belgium relations through specific programs and projects, especially in the fields of creative innovation, trade development, supply chain connection and support for Vietnamese victims of Agent Orange/dioxin, as proposed by the Vietnamese PM,” President Stéphanie D’Hose emphasized.