Domestic firms surpass FDI sector in export growth
Updated : Wednesday, July 11, 2018 9:38 AM (GMT+0700)

Domesticbusinesses recorded a 19.9-percent rise in their exports over the first half of2018, higher than the export growth rate among FDI firms of 14.5 percent,according to the Ministry of Industry and Trade (MoIT).

 
Textile-garment products are among the 20 items with export revenue of over 1 billion
USD in the first half of 2018 - Photo: VNA

Duong Duy Hung, Director ofthe MoIT’s Planning Department, said at a meeting on July 9 that this upwardtrend has been visible since the last few months of 2017, reflecting positivesignals for the local economy.

The positive exportsituation can be seen in the improved growth rate of the domestically investedsector compared to the foreign invested one, he said, elaborating thatbusinesses totally invested with domestic capital shipped 33.07 billion USDworth of goods abroad over the last six months, up 19.9 percent year on yearand higher than the 16.3 percent growth in the same period of 2017.

Meanwhile, FDI enterprisesearned 80.86 billion USD from exports, including crude oil shipments, up 14.5percent but lower than the 20.7 percent growth in the corresponding period lastyear.

At the meeting, the MoITsaid there are many favourable conditions set for export throughout the rest ofthe year, adding that agricultural and fishery exports often increase in themiddle and peak at the end of each year. Industrial products with big exportrevenues, like textile-garment, footwear, and wood products, have entered theirexport season since the second quarter.

Additionally, theComprehensive and Progressive Agreement for Trans-Pacific Partnership and theEU-Vietnam Free Trade Agreement, expected to take effect in 2019, have beenalready been catalysts for foreign direct investment that could help Vietnamfurther boost its production capacity.

The ministry forecast thisyear’s exports at 236.6 billion USD, up 10 percent against 2017.

In the first half of 2018,overseas shipments were estimated at nearly 114 billion USD, rising by 16percent from the corresponding period last year. 

Twenty commodities haveposted export revenue of over 1 billion USD so far. They included phones andcomponents (22.5 billion USD); computers, electronic products and components(13.45 billion USD); textile-garment (13.42 billion USD); machinery, equipment,tools and spare parts (7.8 billion USD); and footwear (7.79 billion USD).

Source:VNA

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