Foreign-invested firms contribute 73.1% of total export turnover
VOV.VN - Foreign-invested enterprises (FIEs) contributed US$259.95 billion out of Vietnam’s total export turnover of US$355.5 billion last year, according to figures released by the Ministry of Industry and Trade.
The level of reliance on the FDI sector in terms of exports remains huge as the export revenue of FIEs including crude oil, still makes up about 73% of the country’s accumulative export turnover.
According to details given by the General Statistics Office (GSO), Vietnamese export earnings dropped by 4.4% to US$355.5 billion compared to the previous year.
Of the figure, the domestic economic sector grossed US$95.55 billion, a decline of 0.3% and accounting for 26.9% of total export turnover, while the foreign-invested sector, including crude oil, raked in US$259.95 billion in exports, a drop of 5.8% and accounting for 73.1%.
Last year saw a total of 35 items with export turnover exceeding US$1 billion, making up 93.6% of total export turnover.
Most notably, seven export commodities enjoyed export revenue reach over US$10 billion, thereby accounting for 66% of total export earnings.
In fact, the FDI sector has played a crucial role in Vietnamese economic growth, which is clearly demonstrated through its contribution to export revenue, job creation, and the formation of supply chains in key export industries, especially in the fields of electronics, machinery, garments and textiles, and footwear.
Furthermore, the country posted a trade surplus for several consecutive years thanks to the significant contribution made by the FDI sector.
2023 was the eighth consecutive year that Vietnam racked up a trade surplus, hitting a record high of US$28 billion with the FDI sector making up 99% in multiple fields.
In particular, FIEs account for 99.6% in phones, over 98% in computers, 93% in machinery, and more than 60% in garments-textiles. The country has been listed among the top 20 economies with the largest trade scale in the world, with a significant contribution from the FDI sector.
Huge FDI inflows into production activities have also given a fresh impetus for robust economic growth, a factor which has helped to advance the nation’s position on the global trade map.
Statistics indicate that the national economy's import-export scale exceeded US$730 billion by the end of 2022. However, due to the unfavourable impacts on the global economy coupled with weakened trade, import-export activities have failed to reach the US$700 billion mark, recording only US$683 billion.
