How FDI enterprise “rule the roost” in exporting?

VCN – According to the information has been released by General Department of Customs about import-export activities of FDI enterprises, it showed that FDI enterprises are going to rule exporting field.
how fdi enterprise rule the roost in exporting
Chart of the value of export turnover by the end of May 2017 between FDI enterprises and domestic enterprises. Sketch by T. Bình

Accordingly, by the end of May 2017, the total export turnover of FDI enterprises reached $US 56.656 billion, accounting for nearly 71% of the total export turnover of the country in the same time. In particular, while the overall increase of the country's exports was 18.4%, the growth rate of FDI enterprises was 20%.

Notably, FDI enterprises are present in almost major export sectors of our country and almost occupy the absolute share in high-tech industries such as telephones, computers,... Specifically, in the telephone and spare parts items, in May, the country reached export turnover by $US 16.28 billion, while the FDI enterprises contributed to $US 16.22 billion, equivalent to 99.6%.

Another important group is a computer, electronic product, and component, FDI enterprises also account for 97% of the total value of $US 9.383 billion of this industry.

Besides that, among 18 groups of export goods that reached a value at $US 1 billion or more, by the end of May, foreign companies contributed to 11 groups. The groups that were left by FDI enterprises are mainly related to agriculture such as seafood, coffee, cashew nuts, rice, vegetables, etc.

At the third session of the XIV National Assembly, Member of Parliament - Phung Duc Tien (Ha Nam) stated that: The weakness of the domestic manufacturing industry is the reason that led our country spends tens of billions of dollars in every year for importing machinery.

Moreover, the economic expert - Tran Hoang Ngan (National Assembly delegation of Ho Chi Minh City) agrees with this point and emphasized that export activities are now typical examples of the dependence of the economies on FDI enterprises. He also said that we need a stronger solution to limit the dependence on FDI enterprises. And one of the elements that should be considered by the State is the development of private enterprises, small and medium enterprises.

By Thái Bình/Thanh Thuy

Related News

Exports hit more than US$65 billion in January 2024

Exports hit more than US$65 billion in January 2024

VCN - The export turnover achieved more than US$65 billion in January 2024 and recorded impressive growth in exports and imports.
Linking Vietnamese rice exports

Linking Vietnamese rice exports

VCN - Close association based on profit and risk sharing will bring stability in both output and quality, creating a foundation for sustainable and high-value rice exports.
The General Department of Customs proactively implemented many budget collection solutions right from the beginning of the year

The General Department of Customs proactively implemented many budget collection solutions right from the beginning of the year

VCN - The world and domestic economies are forecasted to still have many unpredictable factors, which will impact the operations of the Customs sector in 2024. Facing many difficulties, the General Department of Customs has proposed many specific measures right from the beginning of the year to best complete the assigned state budget collection tasks.
General Department of Customs leads in administrative reform index

General Department of Customs leads in administrative reform index

VCN - According to Decision No. 2664/QD-BTC dated December 1, 2023 of the Minister of Finance, 2022 is the seventh consecutive year that the General Department of Customs ranks first among the General Department and equivalent level of the Ministry of Finance in terms of administrative reform index, with a total score of 91.5/100 points.

Latest News

Packaging among sectors with highest growth in Vietnam: insiders

Packaging among sectors with highest growth in Vietnam: insiders

The packaging industry, which is projected to expand 15-20% in the next few years, is among sectors posting highest growth rate in the country, experts said at a press conference held in Ho Chi Minh City on February 29 to introduce the 17th International Processing and Packaging Exhibition and Conference for Vietnam (ProPak Vietnam 2024.)
US extends investigations into wooden cabinets from Vietnam

US extends investigations into wooden cabinets from Vietnam

The US Department of Commerce (DOC) has announced the extension of the deadline to issue the final conclusion on the investigation of the product scope of wooden cabinets imported from Vietnam, according to the Trade Remedies Authority of Vietnam (TRAV).
Will Vietnam

Will Vietnam's seafood pass the IUU inspection in April 2024?

VCN - The 5th inspection on combating illegal, unreported, and unregulated (IUU) fishing in Vietnam by the EC is scheduled for April 2024. Localities are focusing on conclusively addressing existing limitations and restrictions, with an emphasis on implementing urgent tasks and solutions, particularly by April 30, 2024.
Fruit, vegetable exports see green shoots, targeting 7 billion USD

Fruit, vegetable exports see green shoots, targeting 7 billion USD

Vietnam’s fruit and vegetable exports in the first two months of this year surged 38% to about 749.7 million USD, which is expected to peak at nearly 7 billion USD this year.

More News

Tra fish leads Vietnam’s seafood exports to strong January growth

Tra fish leads Vietnam’s seafood exports to strong January growth

Vietnam's aquatic product exports saw a strong start to the year, recording a 60.8% annual increase to reach 730 million USD in January, reported the Ministry of Agriculture and Rural Development.
Agro-forestry-fishery trade surplus up nearly 2.9-fold

Agro-forestry-fishery trade surplus up nearly 2.9-fold

Vietnam earned some 9.84 billion USD from agro-forestry-fishery exports in the first two months of this year, representing a year-on-year rise of 50.3%, and a trade surplus of 2.68 billion USD, up nearly 2.9-fold, the Ministry of Agriculture and Rural Development reported.
3 recommendations of seafood businesses were promptly answered by the Ministry of Finance

3 recommendations of seafood businesses were promptly answered by the Ministry of Finance

VCN - Recommendations of seafood enterprises on declaring, calculating and paying Value Added Tax (VAT) at the commercial business stage for scrap and discarded products; Invoicing for returned goods; VAT refund, has been specifically answered by the Ministry of Finance.
Expected to catch up with the recovery of wood and furniture exports from trade promotion activities

Expected to catch up with the recovery of wood and furniture exports from trade promotion activities

VCN - With great interest from manufacturing businesses as well as international buyers, VIFA EXPO 2024 is expected to open opportunities for businesses to capture the ongoing recovery in the wooden furniture market, world furniture.
Falling rice price is only short-term, upward trend to continue: Experts

Falling rice price is only short-term, upward trend to continue: Experts

The recent falls in rice prices are only short-term and the upward trend will continue in 2024 on limited supply, providing significant opportunities for Vietnam’s rice export, analysts have said.
Businesses urged to seize opportunities to boost rice exports to Indonesia

Businesses urged to seize opportunities to boost rice exports to Indonesia

Vietnamese enterprises should seize the opportunities to increase rice exports to Indonesia which has allocated an additional rice import quota of 1.6 million tonnes for 2024 as dryness linked to the El Nino delayed harvest in the country, according to the Vietnam Trade Office in Indonesia.
Vietnam eyes semiconductor powerhouse status with new workforce scheme

Vietnam eyes semiconductor powerhouse status with new workforce scheme

By 2045, Vietnam will become an important link in the global semiconductor industry value chain with a contingent of engineers and experts capable of meeting the industry requirements in both quality and quantity, said Minister of Planning and Investment Nguyen Chi Dung.
Vietnam’s FDI inflow surges nearly 39% in two months

Vietnam’s FDI inflow surges nearly 39% in two months

Vietnam has attracted more than 4.29 billion USD in foreign direct investment (FDI) in the first two months of 2024, a year-on-year increase of 38.6%, according to the Ministry of Industry and Trade (MoIT)’s Foreign Trade Agency.
Busy export shipments in early spring at southern seaports

Busy export shipments in early spring at southern seaports

VCN - Thousands of containers of export goods left Vietnamese seaports in the early days of Giap Thin spring have marked prosperity and expectations for a successful year.
Read More

Your care

Latest Most read
Packaging among sectors with highest growth in Vietnam: insiders

Packaging among sectors with highest growth in Vietnam: insiders

The packaging industry, which is projected to expand 15-20% in the next few years, is among sectors posting highest growth rate in the country, experts said at a press conference held in Ho Chi Minh City on February 29 to introduce the 17th International Processing and Packaging Exhibition and Conference for Vietnam (ProPak Vietnam 2024.)
US extends investigations into wooden cabinets from Vietnam

US extends investigations into wooden cabinets from Vietnam

The US Department of Commerce (DOC) has announced the extension of the deadline to issue the final conclusion on the investigation of the product scope of wooden cabinets imported from Vietnam, according to the Trade Remedies Authority of Vietnam (TRAV).
Will Vietnam

Will Vietnam's seafood pass the IUU inspection in April 2024?

The 5th inspection on combating illegal, unreported, and unregulated (IUU) fishing in Vietnam by the EC is scheduled for April 2024
Fruit, vegetable exports see green shoots, targeting 7 billion USD

Fruit, vegetable exports see green shoots, targeting 7 billion USD

Vietnam’s fruit and vegetable exports in the first two months of this year surged 38% to about 749.7 million USD, which is expected to peak at nearly 7 billion USD this year.
Tra fish leads Vietnam’s seafood exports to strong January growth

Tra fish leads Vietnam’s seafood exports to strong January growth

Vietnam's aquatic product exports saw a strong start to the year, recording a 60.8% annual increase to reach 730 million USD in January, reported the Ministry of Agriculture and Rural Development.
Mobile Version