In August, Vietnam and the European Union agreed in principle on a free trade agreement. That agreement was finalized this week, as detailed in this European Commission news release. We summarized the FTA’s red meat trade provisions in the Aug. 28 edition of the Export Newsline.

While Vietnam typically maintains a high rate of self-sufficiency in pork production, EU pork exports to Vietnam expanded dramatically last year, increasing more than 400 percent in both volume and value compared to 2013, reaching 16,315 metric tons (mt) valued at $21.7 million. Through September of this year, exports had already reached 23,214 mt (up 118 percent year-over-year) valued at $25.7 million (up 86 percent). Exports are mainly variety meat, accounting for about two-thirds of the volume.

EU beef exports to Vietnam also rose significantly last year, increasing 68 percent in volume to 5,240 mt and nearly doubling in value to $18.4 million. This year, January-September exports were 36 percent ahead of last year’s pace in volume (4,682 mt) and 11 percent higher in value ($14.1 million), with variety meat accounting for nearly 70 percent of the volume.