Vietnam’s exports to Italy have enjoyed robust growth during the first eight months of the year, a sharp increase of up to 29.1 per cent in comparison to the country’s export growth of 8.1 per cent, according to the General Department of Vietnam Customs.
During the reviewed period, Vietnam's export scale to Italy grew strongly, accounting for more than 1.3 per cent of the country's total export turnover. This figure saw the Southeast Asian nation ranked 18th in the world for exporting goods to the Italian market.
With the EU-Vietnam Free Trade Agreement (EVFTA) expected to gain approval and take effect in the near future, the nation’s exports to Italy and the wider EU market are expected to increase more due to import tax being substantially reduced.
As a result of increased trade, Vietnam's export turnover to the European nation stands at much higher than in previous years, surpassing previous records of US$3.27 billion in 2016 and US$2.74 billion in 2017.
During this year, Vietnam is projected to rake in US$3.75 billion from exports to the Italian market.
Of the commodities exported to Italy, 18 export items earned over US$10 million. Furthermore, seven items including telephones and components, garments and textiles, footwear, coffee, machinery, equipment, spare parts, computers, electronics products and components, and means of transport, made over US$100 million.
The export scale of telephones and components enjoyed a rapid increase with turnover of more than US$812 million, a 2.1-fold increase in comparison with the same period last year.
This was followed by garments and textiles at US$201.5 million, a sharp rise of 15.1 per cent, and footwear with US$198 million, a slight decline of 0.8 per cent.