State budget revenue from import-export activities drops in January
HCMC – State budget revenue from imports and exports totaled over VND24.8 trillion in January 2023, down
Recent data of the General Department of Vietnam Customs showed that the country saw foreign trade dropping 13.4% to US$95.83 billion in January-February.
Imports and exports of FDI businesses in the two-month period totaled US$68.2 billion, down 11.8% while the respective figures of local enterprises were US$27.62 billion and 17.1%.
In February alone, FDI enterprises reported export revenue of US$9.23 billion, declining US$914 billion against the previous month.
Total exports of the FDI sector in January-February amounted to US$37.34 billion, a 7.3% drop over the same period of last year. The sector’s import spending decreased by 16.8% to US$30.87 billion.
According to the Ministry of Industry and Trade, two major export markets of Vietnam, the U.S. and the EU, achieved economic growth of under 1%, thus affecting their demand for imports.
The Ministry of Industry and Trade is taking measures for boosting market and product diversification to reduce reliance on some markets and products. A focus will be given to Northern Europe, Eastern Europe and Latin America.