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Sunday, June 16, 2024

FDI firms continue to hold lion’s share of Vietnam’s exports

The Saigon Times

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HCMC – Though Vietnam has seen optimistic import-export results this year, its export sector still depends heavily on foreign direct investment (FDI) companies, accounting for nearly three-quarters of the country’s export revenue.

The import and export value this year has exceeded US$700 billion and is estimated at US$732 billion, up 10% over 2021, elevating the nation to a new position in international trade, according to figures released by the Ministry of Industry and Trade.

Vietnam’s exports rose 10.5% year-on-year to US$371.5 billion in 2022, with 39 items bringing in over US$1 billion and nine products valued at over US$10 billion. Of the amount, FDI firms made up 74% of the country’s export revenue.

On the other hand, import spending totaled US$360.5 billion, up 8.5% from last year.

Despite the favorable results, the market diversification progress remained slow and had yet to optimize the benefits of free trade agreements, the news site laodong.vn reported, quoting Tran Thanh Hai, deputy director of the Import and Export Department.

Meanwhile, uncertainties and adverse impacts are expected to linger until next year, with a plunge in new orders for industries related to the consumer sector, such as textiles, apparel and footwear, he added.

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