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Monday, June 17, 2024

Vietnam’s foreign trade surges 16% in Jan-Apr

By Le Hoang

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HCMC – Vietnam’s foreign trade in the first four months of this year expanded 15.9% year-on-year to US$242.43 billion even though its economy had yet to be at full throttle due to the lingering impact of the Covid pandemic.

Data from the General Department of Vietnam Customs showed that in the second half of April alone, the nation’s import-export value picked up 4.4% compared to the first half of the same month, reaching US$33.57 billion.

Foreign-invested enterprises (FIEs) contributed some US$168.37 billion to the total value of foreign trade, up 14.9% year-on-year, while the figure of domestic businesses was US$74.06 billion, up 18.1%. This indicates FIEs remained the biggest contributor of the import-export sector.

FIEs exported US$89.62 billion worth of goods in January-April, accounting for 73.2% of Vietnam’s total of US$122.48 billion.

In 2021, the export turnover of domestic companies was US$91.09 billion, representing 27.1% of the country’s total, and the FDI sector (including crude oil) posted a total export value of US$$245.22 billion.

Over the past 10 years, FIEs have played the leading role in the export sector, normally contributing about 70% of Vietnam’s total export revenues.

Regarding import, in the year to end-April, Vietnam’s total import spending had amounted to US$119.95 billion, up 15.3% year-on-year. FIEs accounted for 65.7%.

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