return icon Vietnamnet.vn

FIEs still dominate Vietnam’s exports

Vietnam’s import and export value has exceeded $400 billion and is moving towards the $500 billion threshold. 

However, exports from Vietnamese enterprises are proceeding slowly, while exports from foreign invested enterprises (FIEs) continue to increase.

 

{keywords}



Reports from the General Department of Customs (GDC) and Ministry of Industry and Trade (MOIT) show that Vietnam’s import and export turnover has reached $403 billion by October 15, an increase of $30.2 billion over the same period last year. The export increase has led to a trade surplus increase to $6.83 billion.

The country’s export turnover hit $204.9 billion, and import turnover $198.1 billion. More than 63 percent of import and export value, or $255 billion, was from foreign invested enterprises (FIEs).

Of this, the foreign invested sector had export value of $140.3 billion, up by 4.8 percent compared with the same period last year, which amounted to 68.5 percent of total export turnover. The trade surplus in goods of the economic sector hit $25.4 billion.

Vietnam’s import and export value has exceeded $400 billion and is moving towards the $500 billion threshold.

As of the end of September, export turnover of 28 product items with export value of over $1 billion had accounted for 90.9 percent of total export value of the country. And FIEs made great contributions to the results.


Reports show that the export items with export value of $1 billion and higher include hi-tech products such as smartphones, computers, cameras and equipment. Most of the products are exported by FIEs, while Vietnamese enterprises play an insignificant role in the export of the products.

Vietnamese enterprises are believed to have advantages in some traditional products such as textiles and garments, and footwear. However, FIEs have also shown their competitiveness in the fields. Footwear exports by FIEs at times accounted for 80 percent of total exports of the industry.

Even in agriculture, the export turnover of seafood, coffee, vegetables and fruits, and pepper from the foreign invested economic sector also increased sharply in recent months with export turnover of hundreds of millions of dollars for each category of products.

Experts warn that exports by FIEs now account for a high proportion of Vietnam’s total exports, and that this shows Vietnam has been relying on the foreign invested sector.

“Vietnam’s trade status – surplus or deficit – totally depends on FIEs. The country has been enjoying a trade surplus for the last four years due to FIEs. Vietnamese enterprises still import more than export and their export value in many fields is low compared with FIEs,” said a high ranking official from MOIT.

Mai Lan 

 

Temporary suspension of import and re-export of plywood to US

Temporary suspension of import and re-export of plywood to US

The Ministry of Industry and Trade (MoIT) has decided to suspend the import of plywood products to Vietnam for re-export to the US to prevent commercial fraud on goods' origin and illegal transshipment.

e

In trade war, FIEs in Vietnam get biggest benefits

In trade war, FIEs in Vietnam get biggest benefits

In the first half of the year, foreign invested enterprises (FIEs) saw an excess of exports over imports of $15.68 billion, while the domestic economic sector witnessed a trade deficit of $15.7 billion.

MORE NEWS

Shelter cares for 20 breast cancer patients in HCM City

No longer allowed to stay in a hospital, a breast cancer patient sold her house to rent and provide a shelter for 20 patients coming from all over the country to Ho Chi Minh City for chemotherapy and radiation treatment.

G&P Global Ratings raises Vietnam’s sovereign credit rating

The S&P Global Ratings on May 26 raised its long-term sovereign credit rating on Vietnam to “BB+” with a “stable” outlook on the back of strong economic recovery, according to the Ministry of Finance.

Domestic airlines offer millions of tickets for summer travel season

Anticipating that travel demand during the upcoming summer will rise sharply, and even higher than the pre-pandemic levels, local carriers are offering millions of air tickets.

American doctor’s endless love for Vietnamese ethnic minority cultures

When listening to him talk for hours and hours about the objects he found by chance on trips to different mountainous regions, it is easy to see Mark Rapoport's passion for the ethnic groups of Vietnam.

Two new Viettel inventions granted exclusive protection certificate in the US

Viettel Aerospace Institute (VTX), a member of Viettel Group, was officially granted an exclusive protection certificate by the US Patent and Trademark Office (USPTO) for two works in the field of optoelectronics and materials industry.

SEA Games 31 fuels recovery of local tourism industry

The hosting of the recent 31st Southeast Asian Games (SEA Games 31) between May 12 and May 23 can be viewed as a golden chance for the local tourism industry to recover after months of little activity due to the impact of the COVID-19 pandemic.

HCM City Mayor shows concerns as doctors turn from ‘heroes’ to ‘violators’

With great efforts in the fight against Covid-19, medical workers have been honored as heroes.

Stopping the licensing of new airlines, restricting the expansion of fleets

Controlling the number of new airlines until the market recovers and restricting licensing to expand fleets in the immediate time are solutions proposed by the State Capital Management Commission (SCMC).

Luxury-tax hike should be postponed until after 2024

Discussing the luxury tax law, experts said it is necessary to design a reasonable taxation roadmap and begin raising the tax only after 2024.

Huge haul in new markets for Vietnam’s tra fish exports

Demand for Vietnam’s tra fish (pangasius) is up in major markets, driving the export of the catfish overseas, reports the Vietnam Association of Seafood Exporters and Producers (VASEP).

Facebook collects money from partners to pay tax in Vietnam

The amount of money Facebook is planning to collect from Vietnamese partners accounts for 5 percent of invoice value. The money will be used to fulfill tax obligations.

Vinh Phuc: Wall collapse kills three people

Three people were killed and another seriously injured in the northern province of Vinh Phuc after a wall of a house collapsed and buried them.

JPMorgan Chase announces fresh capital injection into VN

JP Morgan Chase on Thursday announced a capital injection of US$123 million into its branch entity in HCM City, bringing the firm’s total capital investment into Viet Nam from $77 million to $200 million, or VND4.6 trillion.

Vietnam ready to facilitate long-term business and production of foreign firms

The nation continues to pay close attention to and attaches great importance to improving the investment environment and creating favourable conditions in which foreign enterprises can conduct long-term production business in the country.

Family of four found dead in Hanoi in apparent murder-suicide

Four members of the same family were found dead in an apartment complex in Hanoi's Hoang Mai District.
back_to_top