FDI sector makes up 64.6% of Vietnam's trade turnover in 5 months
A high trade surplus has cemented the leading status of foreign direct investment (FDI)`s sector in Vietnam`s exports, enabling the country`s positive trade balance in the first five months this year.
Between January and May, the foreign-invested sector's import-export turnover reached US$120.15 billion, up 13% year-on-year or US$13.84 billion. The figure contributed 64.6% to Vietnam's total trade turnover at US$185.99 billion, up 13.9% or US$22.69 billion year-on-year, according to General Department of Vietnam Customs.
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In the second fortnight of May alone, the FDI sector posted trade revenue at US$13.68 billion, representing an increase of 16.3% or US$1.93 billion compared with the first half of May.
During this period, the FDI sector recorded a trade surplus of US$1.49 billion, taking its total trade surplus in the first five months to US$12.53 billion.
The FDI sector has become an important part in Vietnam's economy, contributing about 25% to social investment capital and 20% to gross domestic product, according to the Ministry of Planning and Investment (MPI).
Some 58% of total FDI capital has gone to the processing and manufacturing industries, helping Vietnam increase the value of products and make domestic economic sectors more competitive. The FDI sector last year made up 72% of total export value and more than 50% of total industrial production. Foreign-invested enterprises have generated about 3.5 million direct jobs and 5 million indirect jobs.
In a move to maximize the spillover effects and added value of the FDI investment source, the MPI has drafted the country's new-generation FDI attraction strategy for 2018-2030, in which it plans to shift from profit-based incentives to efficiency-based incentives.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years