The bilateral economic relations between Belgium and Vietnam have increased considerably over the past decennia. This is – amongst others – the result of Vietnam’s strong economic performance over the last decades, but also of the growing international expansion of Belgian companies.
Belgium is the 7th European trade partner of Vietnam: the volume of trade between both countries hovered around €2,8 billion in 2018 (according to European statistics). The trade volume has been steadily increasing over the past years. With its ports and geographical centrality, its state-of-the-art transport infrastructure Belgium has become the entry gate of Vietnamese products to Europe.
In 2018, Belgian investments in Vietnam amount up to $912,53 million for a total of 68 projects.
Belgian companies in Vietnam are discovering more and more opportunities in sectors such as waste management, water sanitation, and medical equipment and applications. Belgian companies hereby support Vietnam’s further development through an exchange of knowledge and skills. The Belgian Government supports these initiatives with concessional loans and other forms of financing.
Bilateral trade relations
In 2018 the bilateral trade between the European Union (EU) and Vietnam amounted up to €49,24 billion. That same year EU exports to Vietnam valued €11,11 billion. European imports of Vietnamese goods had a total value of €38,12 billion. The US and the EU are the main export markets for the South-East Asian country.
Total bilateral trade between Vietnam and Belgium expanded to €2,8 billion in 2018 with a trade deficit for Belgium. Belgian exports outreached the half a billion €. Within the EU Belgium is the 6th largest exporter. Seen per capita it even takes the 4th place. Compared with 2017 Belgian exports increased by 18.7% between 2016 and 2017 and by 3% between 2017 and 2018. Import of Vietnamese goods was worth €2,256 billion in 2018. The main Belgian goods exported to Vietnam are chemicals ( 26,3% in 2018), machinery (15.8% in 2018), gems and precious metals (14% in 2018), and base metals (8% in 2018). Also Belgium’s exports of plant products, food, plastics and optical instruments is in expansion.
The main imports from Vietnam are footwear and headgear (43,7% in 2018), base metals (13,5% in 2018), textiles (9,7% in 2018 ) and fur skins, leather, and products made of these materials (7.2% in 2018) as well as vegetable based products (6% in 2018). This makes Belgium Vietnam’s 8th biggest EU customer in 2018.