Considered as one of the traditional export markets with high potential of Vietnam, the European Union (EU) accounts for one fifth of total exports of Vietnam to the world market. In particular, a lever to increase the market share of Vietnam's exports in this fertile market is when the Vietnam-EU Free Trade Agreement (FTA) was signed.

 After Singapore, Vietnam has a strong trade relationship with Europe. Over the past five years, Vietnam's footwear export turnover to the EU has always been double, including 40% growth in years. Exports from the EU to Vietnam have also grown from 20% to 25%. While trade relations between Vietnam and other countries such as China and South Korea are always at a deficit, the trade relations between Vietnam and the EU are always in surplus.

Exports to the EU increased sharply as European consumers were fond of Vietnamese leather and footwear products. Total exports to Europe consistently account for 20% of Vietnam's total exports of goods to the world. Trade surplus with EU is always greater than total of export value from EU to Vietnam. It is noteworthy that the export structure of goods between Vietnam and Europe is always complementary. Vietnam exports to the EU industrial, agricultural and processing products (such as leather shoes, marine foodstuffs, etc.) and Europe exported high-tech machinery and equipment to Vietnam in order to improve the quality of export products. Some of Vietnam's major export items to Europe include approximately $10 billion, accounting for 35% of Vietnam's total exports to the world, $4.6 billion of export of high-end shoes made up 38% of the total volume of footwear exports to the world, textile and garment seafood accounted for 17%, coffee accounted for nearly 50%.

Footwear companies recognize that Europe is one of the key export markets for Vietnam. When the FTA between Vietnam and the EU takes effect in 2018, it promises to contribute significantly to raise the competitive value and increase the market share of Vietnamese footwear exports in the market.

Opportunities are great, but the challenges are not few, in which the biggest challenge is how to take advantage of the FTA preferences in this market. In addition, meeting the environmental and product safety standards will also be a great challenge for Vietnamese enterprises to access this large market.

Europe is one of the markets with strict regulations on products with the aim of protecting the health of users, preserving and developing the ecological environment. Therefore, in order to benefit from the FTA, enterprises must meet technical standards on export goods. In particular, Vietnamese footwear businesses have to create a positive image of Vietnam's export products to the EU market. The sad fact is that only a few Vietnamese footwear exporters have built their own image.

Vietnam has many opportunities to boost exports to Europe, especially in the footwear sector. However, businesses must understand the commitment and the benefits and be more active to meet the requirements of origin, environment and products safety. Exporting to Europe, quality issues are top priority. Over time, many of Vietnam's products are prompted by the EU's rapid alert system because of the failure to meet quality standards.

Therefore, in order to meet the needs of customers, enterprises should have a system of record keeping of product origins, technological innovation, more added value investment and the increase in the ratio of using domestic materials.