Domestic firms surpass FDI sector in export growth

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

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

The positive export situation can be seen in the improved growth rate of the domestically invested sector compared to the foreign invested one, he said, elaborating that businesses totally invested with domestic capital shipped 33.07 billion USD worth of goods abroad over the last six months, up 19.9 percent year on year and higher than the 16.3 percent growth in the same period of 2017.

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

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

Additionally, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the EU-Vietnam Free Trade Agreement, expected to take effect in 2019, have been already been catalysts for foreign direct investment that could help Vietnam further boost its production capacity.

The ministry forecast this year’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 16 percent from the corresponding period last year.

Twenty commodities have posted export revenue of over 1 billion USD so far. They included phones and components (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).

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