10:15 | 06/06/2015 Economy
(VEN) - Exports from the foreign direct investment (FDI) sector have increased in recent years contributing tremendously to the overall growth and becoming an integral part of the Vietnamese economy.
The FDI sector contributed 70 percent of Vietnam’s total export earnings in the first four months of this year
FDI sector records US$2.7 billion export surplus
Exports from the FDI sector have increased in recent years, reaching US$39 billion in 2010 including crude oil and accounting for 54.1 percent of total export earnings.
The sector achieved US$55.1 billion worth of exports in 2011 accounting for 57 percent of total export revenues, US$72 billion and 64 percent in 2012, US$88 billion and 66.9 percent in 2013, respectively.
The figure increased to US$101.59 billion in 2014, an increase of 14.8 percent on 2013 and 68 percent of Vietnam’s total exports.
The sector exported US$35.07 billion worth of goods in the first four months of this year, an increase of 12.6 percent from a year ago and 70 percent of total export revenues. The sector also bought US$32.35 worth of goods abroad during this time, an increase of 27.8 percent from the same period last year, accounting for 61 percent of total import purchases. As a result, the sector recorded an export surplus of US$2.719 billion in the first four months of this year.
While Vietnam suffered a trade deficit of US$3 billion in the first four months of the year, the FDI sector achieved a trade surplus of US$2.7 billion.
Caption: Exports from the FDI sector accounted for 70 percent of total export earnings in the first four months of this year.
According to the Ministry of Planning and Investment’s Foreign Investment Department, while Vietnam suffered a trade deficit of US$3 billion in the first four months of the year, the FDI sector achieved a trade surplus of US$2.7 billion contributing 70 percent of the country’s total export earnings.
FDI businesses play key role in exports
Major exports from the FDI sector included telephones and telephone accessories, computers, electronic ware and electronic accessories, footwear and textiles. Of these, telephones and telephone accessories have been dominant.
The Ministry of Planning and Investment said that FDI projects in the processing and manufacturing sectors have recently rapidly increased. Of these, several major export production projects are actively disbursing their investment capital and expanding production. For this reason, exports from the FDI sector will continue to account for a large percentage of Vietnamese foreign trade.
According to experts, FDI businesses, particularly multinationals, have strengths and advantages in seeking export markets.
Exports from the sector are high. However, their import purchases are also tremendous. Experts said that to peg their imports, it is necessary to carefully identify what goods major FDI businesses require for processing, in order to help domestic businesses invest intensively in support industries to meet the need for materials in the FDI sector./.
By Nguyen Hoa