Want to be in the loop?
subscribe to
our notification
Business News
FOREIGN-INVESTED ENTERPRISES' EXPORT TURNOVER ACCOUNTS FOR 73 PER CENT
Foreign-invested enterprises (FIEs) contributed $259.95 billion out of Vietnam’s total export turnover of $355.5 billion in 2023, equalling 73.1 per cent.
According to the General Statistics Office of Vietnam (GSO), in 2023, Vietnam’s export value dropped by 4.4 per cent to $355.5 billion compared to the previous year.
Of the figure, the domestic economic sector grossed $95.55 billion, a decline of 0.3 per cent and accounting for 26.9 per cent of total export turnover, while the foreign-invested sector, including crude oil, raked in $259.95 billion in exports, a drop of 5.8 per cent.
The export turnover of 35 items with export turnover exceeding $1 billion accounted for 93.6 per cent of total export turnover.
Most notably, seven export commodities reported export revenue of over $10 billion, accounting for 66 per cent of total export earnings.
FIEs have played a crucial role in Vietnamese economic growth, which is demonstrated through its contribution to export revenue, job creation, and the formation of supply chains in key export industries, especially in the fields of electronics, machinery, garments and textiles, and footwear.
Furthermore, the country posted a trade surplus for several consecutive years thanks to the significant contribution made by FIEs.
In particular, FIEs account for 99.6 per cent in phones, over 98 per cent in computers, 93 per cent in machinery, and more than 60 per cent in garments-textiles. The country has been listed among the top 20 economies with the largest trade scale in the world thanks to a significant contribution from FIEs.
Statistics indicated that the national economy's import-export scale would exceed $730 billion by the end of 2022. However, due to the unfavourable impacts on the global economy coupled with weakened trade, import-export activities have failed to reach the $700 billion mark, recording only $683 billion.
Ho Chi Minh City, Bac Ninh, Bac Giang, Thai Nguyen, and Haiphong are localities reporting the largest export turnover in the country. These localities are production hubs of “eagles” such as Samsung, LG, Foxconn, Luxshares and Goertek.
Source: VIR
Related News
![Card image cap](/uploads/news/bn-01.jpg)
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.
![Card image cap](/uploads/news/FDI.jpg)
FDI INFLOW INTO VIETNAM REACHES NEARLY 15.2 BILLION USD
Vietnam attracted nearly 15.2 billion USD in foreign direct investment (FDI) in the first six months of this year, a year-on-year increase of 13.1 per cent, according to the General Statistics Office.
![Card image cap](/uploads/news/Eco4.jpg)
GDP GROWTH REACHES 6.42 PC IN FIRST HALF
Vietnam's economy grew by 6.42 pc in the first six months of 2024, slightly lower than the figure of 6.58 pc in the same time of 2022 within the 2020-2024 period.
![Card image cap](/uploads/news/Eco3%20%281%29.jpg)
CAPITAL FLOWS STRONGLY INTO INDUSTRIAL REAL ESTATE
Industrial real estate has had easier access to bank credit since July, when the State Bank of Vietnam (SBV) reduced the credit risk coefficient for industrial real estate from 200 per cent to 160 per cent, encouraging commercial banks to lend to more projects in the segment.