Vietnam-Denmark import-export turnover grows over 20%

In the first 11 months of 2024, the total import-export turnover between Vietnam and Denmark grew strongly, reaching 20.3%.

Two-way trade grows strongly

Speaking to reporters of the Industry and Trade Newspaper, Ms. Nguyen Thi Hoang Thuy - Director, Head of the Vietnam Trade Office in Sweden, concurrently in charge of the Nordic countries (including Denmark) said that after Covid-19, two-way trade turnover between Vietnam and Denmark decreased and has shown signs of recovery from 2022 to present. Vietnam's main export items to Denmark are still mainly traditional items in which Vietnam has strengths such as textiles, electronic components, furniture, iron and steel, footwear, seafood, etc.

Compared to 2023, two-way import and export turnover increased significantly, in the first 11 months of the year, the total turnover increased by 20.3%. It is forecasted that two-way trade will continue to increase throughout the year.

Specifically, in the first 11 months of 2024, export turnover from Vietnam to Denmark reached 400 million USD, up 27.4%; imports from this market reached 213 million USD, up 9%; total import-export turnover reached 614 million USD, up 20.3%.

Vietnamese seafood is popular in the Danish market (Photo: VNA)

Of which, the products with the largest export turnover are iron and steel products with an increase of 104.7%, followed by furniture products (materials other than wood) 62.5%, seafood 27.7% and textiles 13.2%. These are products with stable export growth and are a group of products with potential strengths of Vietnam.

According to Ms. Nguyen Thi Hoang Thuy, the reason for the growth in two-way trade turnover between Vietnam and Denmark is that the cooperation between Vietnam and Denmark has developed strongly and comprehensively in many fields in recent years, especially since the two countries established the Comprehensive Partnership and Green Strategic Partnership. Denmark is currently one of Vietnam's major trade and investment partners in the Nordic region, and plays an important role in supporting Vietnam in achieving sustainable development goals and responding to climate change.

In terms of cooperation mechanisms and frameworks, the two countries have built a solid foundation through specific action plans to effectively implement the contents within the existing partnership framework. Key areas include trade, investment, renewable energy, education, health and environment. The Danish Government has always shown its willingness to expand practical cooperation in all areas, and at the same time wishes to work with Vietnam to elevate the cooperative relationship in the coming time.

Which products have the potential to increase exports?

However, in the context of increasingly deep international economic integration, Ms. Nguyen Thi Hoang Thuy pointed out that Vietnam is currently facing strong competition from a number of countries in promoting trade and investment cooperation with Denmark. Countries such as Thailand, Indonesia, Malaysia and China have implemented many effective measures to open their markets, increase promotion and attract investment from Denmark.

For example, Thailand is currently a country with close trade and investment relations with Denmark, especially in the fields of processed agricultural products, seafood and consumer goods. Thailand focuses on building a national brand with a commitment to high quality, creating trust for Danish consumers. Trade fairs and exhibitions are regularly held in major cities such as Copenhagen, helping to directly connect businesses of the two countries and expand cooperation opportunities...

Indonesia, a leading exporter of agricultural products such as coffee, spices and palm oil, has stepped up negotiations on bilateral trade agreements and encouraged investment in the processing industry to add value to its products. Notably, Indonesia has focused on sustainable production, ensuring that its products meet international standards, thereby capturing the European market.

“From the experiences of the above countries, Vietnam needs to learn and build a suitable strategy to enhance trade and investment cooperation with Denmark. Building a national brand with a commitment to high quality, organizing direct trade promotion events, and focusing on developing products with high added value will help Vietnam compete more effectively,” Ms. Nguyen Thi Hoang Thuy recommended.

In addition, the Vietnam Trade Office in Sweden also stated that businesses from both sides need to promote cooperation in the fields of green technology, renewable energy and sustainable production, considering this an important direction to meet the needs and development priorities of Denmark. Vietnam needs to make the most of the existing EVFTA free trade agreement opportunities and create favorable conditions for businesses from both countries to connect and invest more deeply in the coming time.

Denmark, a country known for its developed economy and high quality of life, is witnessing a strong shift in consumer trends. Danes are increasingly showing a focus on factors such as sustainability, health, and technology, while maintaining an interest in locally sourced products and services. With such trends, in terms of key export items with opportunities to be exported to Denmark, Ms. Nguyen Thi Hoang Thuy suggested that the Danish market has a great demand for tropical agricultural products such as coffee, cashew nuts, fruits, and processed seafood. With the advantage of producing and exporting these items, Vietnam has the potential to dominate the market if it ensures food safety standards and traceability.

In addition, Denmark is one of the largest markets for furniture and wooden products in Northern Europe. Vietnamese wooden products and handicrafts can meet the needs of Danish consumers with competitive prices and creative designs.

In addition, Denmark is a leading country in the development of clean and renewable energy. Vietnam has the opportunity to attract investment and technology transfer cooperation from Danish enterprises in the fields of wind energy, solar power and environmental treatment technology. In addition, with its strategic geographical location, Vietnam can become a production and logistics center, serving Denmark's trade activities with the Southeast Asian region.

In recent times, the economic and trade cooperation between the two countries has recorded positive results. Denmark is a major investor with many large-scale projects in Vietnam, especially in the fields of renewable energy, logistics and processing industry. Danish enterprises are increasingly interested in the business environment in Vietnam, as demonstrated by new cooperation and investment projects. In return, Vietnam also wishes to create favorable conditions for enterprises of the two countries to expand their investment, especially in fields where Denmark has experience and strengths such as green energy, high-tech agriculture and food processing industry.

Source: https://congthuong.vn/kim-ngach-xuat-nhap-khau-viet-nam-dan-mach-tang-truong-tren-20-367609.html