FDI businesses enjoy US$29 bln export surplus despite COVID-19
Foreign direct investment (FDI) businesses have made a significant contribution to Vietnam’s trade balance during the past 10 months as they obtained an export trade surplus of US$28.92 billion despite the impact of the COVID-19 pandemic.
FDI businesses have excelled in their performance over 10 months despite COVID-19.
According to the General Department of Vietnam Customs, Vietnam’s import-export value rose 2.7% to US$440 billion in 10 months compared to the same period last year. Businesses earned US$229.79 billion from exports and spent US$210.3 billion on imports, securing a trade surplus of US$19.5 billion.
Notably, three groups of hard currency earners, namely computers & electronic components, machinery & spare parts, and woodwork raked in US$36.4 billion, US$21 billion and US$10 billion, respectively, representing corresponding increases of 25%, 43.3% and nearly 12%.
In contrast, exports of other key products such as garments, footwear and mobile phones fell year on year by more than 9%, nearly 9%, and more than 4% respectively.
Meanwhile, the import value of raw materials and accessories for garments & leather shoes decreased by 13.5% over the same period, and machinery and equipment down by 0.6%.
The General Department of Vietnam Customs noted a large disparity between FDI businesses and domestic firms.
The import and export value of FDI businesses over 10 months reached US$295.86 billion, an increase of US$20.49 billion or 7.4% over the same period of 2019.
Of the total, they bagged US$162.39 billion from exports and spent US$133.47 billion on imports, thereby enjoying a trade surplus of US$28.92 billion.
Regarding the export market, Asia is Vietnam’s trade partner, making up 64.2%) of the country’s total trade in the reviewed period. Statistics show the 10-month import-export value to this market reached US$282.49 billion, up 0.8%, of which exports brought back US$113.31 billion.
The US was Vietnam’s largest export market, accounting for more than 27% of total export turnover. Key export items were machinery, equipment and spare parts, electronic products, mobile phones, computers, garments, footwear, wood and wood products.