10 Apr Free trade Agremeent with Vietnam stimulates trade
Free trade agreement with Vietnam stimulates trade
Trade Agreement with Vietnam
On 9 April 2019, Dutch State Secretary of Finance Menno Snel signed a free trade agreement with Vietnam in Hanoi. The agreement enables the two countries to exchange information better, faster, and automatically, allowing their customs authorities to estimate more accurately for which goods physical control is desirable or necessary, thus stimulating trade between the Netherlands and Vietnam.
Second-largest European trading partner
The signing of the treaty took place during a trade mission in Vietnam with a government delegation and more than 70 companies. The Netherlands is currently Vietnam’s second-largest European trading partner, with sales of almost 700 million euros to the Vietnamese market in 2018. Conversely, Vietnam exports more than 6 billion euros to the Netherlands.
Businesses can save a lot of time now that the customs authorities of the two countries are going to exchange information automatically. This is of significant interest as the number of containers arriving in the Netherlands from Vietnam has multiplied by seven to almost 36,000 between 2014 and 2018. These shipments mostly contain clothing, bags, cashews, telephones, and electronic products. The containers going to Vietnam have increased from 17,000 to 27,000 in the past four years and mostly contain flowers, food not suitable for human consumption, and chemical products.
SGS Maco provides support for your import and export declarations to and from Vietnam. Take a look at our products. If you would like further information about our services for import and export declarations to and from Vietnam, one of our experts will be happy to help.
Source: Government of the Netherlands: “Rijksoverheid “