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Vietnam Today

Foreign enterprises account for 70% of export value

Released at: 15:28, 19/05/2016

Foreign enterprises account for 70% of export value

Domestic enterprises being overwhelmed in almost all sectors.

by Minh Tuyet

The value of exports by foreign-invested enterprises (FIE) in the first four months of the year was $37.23 billion, accounting for 70 per cent of Vietnam’s total export value, according to General Department of Vietnam Customs.

Exports of high-tech products such as phones and computers overwhelmingly came from FIEs. The export value of phones and components from FIEs was $11.315 billion, accounting for 99.8 per cent of the total export value in the sector.

The export value of electrical products and components from FIEs was $4.912 billion, or 97.5 per cent of the total.

FIEs also made up 89.4 per cent of the export value in machinery, equipment and tools, with $2.571 billion out of a total of $2.877 billion.

Many products considered an advantage of Vietnam, such as textiles and footwear, are being gradually overwhelmed by FIEs.

Total textile export value of FIEs was $4.136 billion, equal to 60.4 per cent of the total, while they accounted for 80.9 per cent of footwear exports.

Only agricultural products and natural resources remain solid advantages of Vietnamese exporters, such as coffee, rice, cashew nuts, crude oil, coal and ore.

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