Import-export turnover of FIEs drops by $9 billion

The import-export turnover of foreign-invested enterprises declined by $9 billion, photo Ha Vy

The General Customs of Vietnam statistics show that in the first two months of 2023, the total import-export turnover of Vietnam reached $95.83 billion, down 13.4 per cent.

Between January and February, the import-export value of foreign-invested enterprises (FIEs) alone was $68.2 billion, a decrease of 11.8 per cent or ($9.15 billion) on-year. The export turnover was $37.34 billion, down 7.3 per cent on year, simultaneously accounting for 75 per cent of the total import-export value of the whole country.

In addition, in the second half of February, the export turnover of FIEs declined to $9.23 billion, equalling a decrease by $914 million compared to the figure of January 2023.

The export value of the key sectors saw a drop. Notably, the computers, electronic products and components took $6.87 billion in export turnover, the machinery, and equipment sector $6.4 billion, garments and textiles $4.55 billion, footwear $2.76 billion, signifying decreases of 13.9 per cent, 1.6 per cent, 19.6 per cent and 15.8 per cent, respectively.

The difficulties in export impact on the contribution of FIEs to the state budget. For example, in the southern province of Dong Nai, in the first two months of 2023, FIEs in the province contributed $147 million to the provincial budget, a decrease of 10 per cent on-year.

According to the forecast of the Ministry of Industry and Trade (MoIT), the drop in orders will continue until the first half of this year. The ministry is supporting the business community to diversify the export markets and projects, avoiding dependence on traditional markets such as the United States, China, Japan, and Korea.

“Businesses should pay attention to markets in Northern Europe, Eastern Europe, and Latin America. Besides this, they should take advantage of the speedy recovery of markets in ASEAN to foster export activity,” the MoIT noted.

Vietnam-Korea trade turnover touches $80.5 billion Bilateral trade turnover between Vietnam and South Korea reached $80.5 billion in the first eleven months of this year, exceeding the figure for all of 2021.

Trade between Vietnam and Korea surges by $9 billion According to the Ministry of Industry and Trade (MoIT), bilateral trade between Vietnam and South Korea in 2022 exceeded about $87 billion, nearly $9 billion more than the previous year's total of $78.1 billion.

Vietnam's IT and electronics sector reaching $70 billion in export turnover Vietnam raked in approximately $77 billion from the export of phones, computers, electronic products, and spare parts during the past eight months of the year, according to the information published by the Ministry of Industry and Trade.

Garment and textiles going green in push to hit turnover goals The garment and textiles industry in Vietnam is going green, with a series of companies and factories embracing eco-friendly initiatives firmly in line with global trends.

Trade turnover of foreign-invested enterprises maintain growth momentum Foreign-invested enterprises (FIEs) acquired $407.21 billion in import-export turnover in the first ten months of 2022, up 14.9 per cent (or $52.92 billion) on year, according to statistics published by the General Statistics Office of Vietnam.