FDI sector – a great contributor to Vietnam’s trade balance
VOV.VN - The total import-export turnover of foreign-invested enterprises (FIEs) last year reached US$506.83 billion, representing an annual rise of 9.3% and making up more than two thirds of the country’s trade value, according to the latest statistics released by the General Department of Vietnam Customs.
Most notably, FIEs grossed US$273.63 billion from exports, up 11.6%, equivalent to an increase of nearly US$28.5 billion compared to 2021, and accounting for 73.7% of the country's total export turnover.
Last year saw Vietnam fetch US$730.2 billion in foreign trade, up 9.1% or equivalent to US$61.2 billion against same period from 2021, with the country racking up a trade surplus of more than US$11 billion.
It’s noteworthy that FIEs witnessed six groups of export items bring in turnover of more than US$10 billion each, namely phones and components, computers, electronic products and components, machinery, equipment, tools and spare parts, garments and textiles, footwear, means of transport and spare parts.
Meanwhile, FIEs spent US$233.2 billion on imports, up 6.7% over the previous year, accounting for 65% of the country’s total import turnover. As a result, FIEs recorded a trade surplus of US$40.43 billion.
Samsung Electronics of the Republic of Korea (RoK) earned approximately US$65 billion from exports, representing 8.9% of Vietnam’s total export turnover and making an important contribution to the country’s post-pandemic economic recovery.
Currently, Samsung has been operating a series of manufacturing plants throughout Vietnam located in the provinces of Bac Ninh, Thai Nguyen, and Ho Chi Minh City.
In December 2022, Samsung inaugurated the largest-scale R&D Center in Southeast Asia in Hanoi, providing a solid foundation for its long-term development in the country.
During a recent conference, Deputy Minister of Industry and Trade Tran Quoc Khanh emphasised that the record figure of over US$700 billion in terms of import-export turnover last year has put Vietnam among the top 20 countries in terms of international trade.
However, the trade official pointed out that despite high export growth, the majority of export revenue heavily relies on the FDI sector. Meanwhile, local enterprises’ export capacity, especially small and medium-sized enterprises, cannot be considered high, he added.
