FDI sector an export pillar of Vietnamese economy

Export items such as phones, computers, machinery, equipment, and garments-textiles all experienced strong growth, ranging from 4.1% to 33.9%.
Meanwhile, electronic products, garments-textiles, and footwear, among others, gave a boost to the import of materials in service of production, which marked an annual rise of 18%.

During the reviewed period, the nation ran a trade surplus of US$4.72 billion, with the FDI sector, including crude oil, recording a trade surplus of US$8.25 billion.
Most notably, the United States imported US$17.4 billion worth of goods from the Vietnamese market, a yearly increase of 33.7%. Indeed, the country ran a trade surplus of US$15.2 billion with the US, up 36.3% from the same period last year.

Almost all most-purchased items were supplied by FDI firms, including computers, phones, electronics and components, machinery, equipment and spare parts, garments-textiles, and footwear.

Once fully tapped into, the US market can offer more than US$100 billion in export revenue to the Vietnamese side in 2025, said Do Ngoc Hung, trade counsellor and head of the Vietnam Trade Office in the US.

Hung, however, noted that more trade barriers have been set up by the US side in an effort to protect their domestic production, thereby advising Vietnamese management agencies, businesses, and localities to stay updated on changes in politics and policies to take timely response.

During the two-month period, the country also exported US$7.7 billion worth of goods to the EU, a rise of 14.2% on-year, whilst the increase is expected to continue in the time ahead thanks to the EU-Vietnam Free Trade Agreement (EVFTA).

After the deal came into force in August, 2020, two-way trade has enjoyed double-digit growth, as compared with a 5% to 7% rise in Vietnamese exports to the EU, along with a 3% to 5% in imports during the previous period.