Foreign firms remain key driver of Vietnam's exports

By Ha Phuong   September 20, 2016 | 02:25 pm GMT+7

The FDI sector earns top dollars from hi-tech shipments while local companies continue to stay low on the value chain.

Vietnam's exports reached $113 billion in the first eight months, with foreign-invested companies accounting for 70 percent of the value, according to new customs data.

The FDI sector's total trade turnover in the period was $144 billion, up 5 percent from the same period last year. Exports in particular stood at around $80 billion, a jump of 10 percent, while imports dropped slightly by 0.1 percent.

Foreign companies recorded a trade surplus of $14 billion in the period. Domestic companies, on the other hand, had a deficit of $11 billion.

Key exports of FDI companies are high-tech and manufactured products such as machinery, electronic devices, textile and footwear.

Vietnamese firms are mostly shipping agricultural products and raw materials including coffee, fruit and vegetables and seafood.

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Tags: export FDI