Vietnam’s foreign direct investment (FDI) sector earned revenues worth $43.2 billion in the initial two months this year—up by 14.7 per cent year on year (YoY) and accounting for 72.8 per cent of the country’s total export value.

Export of garments and textiles experienced strong growth as well.

Meanwhile, manufacturing of electronic products, garments, textiles, footwear and other products gave a boost to raw material imports, which marked a YoY rise of 18 per cent during the period.

The country witnessed a trade surplus of $4.72 billion during the period, with the FDI sector (including crude oil) recording a surplus of $8.25 billion.

The United States imported $17.4 billion worth of goods from Vietnam during the period—a YoY increase of 33.7 per cent. The latter ran a trade surplus of $15.2 billion with the former—up by 36.3 per cent YoY.

Almost all most-purchased items, including garments, textiles and footwear, were supplied by FDI firms.

The US market can offer more than $100 billion in export revenue annually to Vietnam by next year, if fully tapped, Do Ngoc Hung, trade counsellor and head of the Vietnam Trade Office in the United States, told a domestic news outlet.

More trade barriers have, however, been established by the United States to protect their domestic production, he noted.

During the two-month period, the country also exported $7.7 billion worth of goods to the European Union (EU)—a rise of 14.2 per cent YoY.

Fibre2Fashion News Desk (DS)

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