Export turnover to Switzerland sharply increased

Vietnam is actively preparing to welcome the Swiss Minister of Economy in July, 2017. It is expected that after the visit, bilateral trade between the two countries will continue to grow stronger.

Switzerland is now an important trading partner of Vietnam in Europe and the third largest European investor in Vietnam, with total FDI capital of 2.9 billion USD. Switzerland was also one of the first Western countries to establish diplomatic relations with Vietnam.

According to Customs statistics, Vietnam's merchandise exports to Switzerland in the first two months of 2016 reached $ 62.09 million, an increase of 139.03% over the same period of last year.

Vietnam exports the main products to Switzerland such as seafood, machinery, equipment and spare parts, footwear, textiles and garments and so on. Of which, the export value to Switzerland in the first two months of 2016 was $3.81 million, down by 13.23%. 

Currently, Switzerland is particularly interested in agricultural products, seafood, food processing. There are, however, certain limitations as the Swiss market is small with 8 million people, while the requirements for quality are very high. It can be said that this is a difficult market so Vietnamese businesses need to know the quality standards of products as well as competitiveness with the same products in the Swiss market.

During the meeting with President of the Swiss Federal Council (Senate) Ivo Bischofberger on the occasion of official visit to Vietnam in late March of 2017, President Tran Dai Quang asserted that the more Swiss companies invest and do business in Vietnam, especially in the fields of Switzerland's strength and Vietnam's needs such as finance, banking, insurance, high technology, manufacturing industry, pharmaceutical products, agricultural product processing, tourism, etc.

Translated by Tuan Minh

(Source: Vietnam Economy Times)