Business

Vietnam’s industrial export still relies on FDI sector

Vietnam posted an estimated trade surplus of 1.3 billion USD in January, according to a report recently announced by the Ministry of Industry and Trade (MoIT).
Vietnam’s industrial export still relies on FDI sector ảnh 1A production chain at Thang Long industrial park. Illustrative image (Photo: VNA)

Hanoi (VNA) – Vietnam posted an estimated trade surplus of1.3 billion USD in January, according to a report recently announced by theMinistry of Industry and Trade (MoIT).

Of the figure, the domestic economic sector posted a deficit of 1.8 billion USDwhile the foreign-invested sector (inclusive of crude oil) ran a surplus of 3.1billion USD.

The statistics showed that Vietnam’s industrial production andexport was still driven by the FDI sector which accounted for some 70 percentof the country’s total exports.

The MoIT reported that the index of industrial production in January rose 22.2percent year-on-year. With a 27.2 percent growth, manufacturing and processingsector contributed 21.6 percentage point to the country’s common growth.

Export of processed industrial goods was estimated at 23.96 billion USD duringthe month, up 1 percent from December and 54.5 percent from one year ago.

Mobile phones and accessories remained the biggest currency earner with 5.8billion USD, up 25.9 percent from December.

Minister of Industry and Trade Tran Tuan Anh said the country has developed anumber of key industries such as mining, oil and gas processing, electronics,telecommunications, information technology, metallurgy, iron and steel, appareland footwear, which has laid an important foundation for long-term growth aswell as the country’s modernisation and industrialisation.

In the near future, the MoIT will tap opportunities from trade agreements to enternew markets and boost exports following the pandemic.

It will also improve the working efficiency of its two technical supportcentres for industrial development in the north and the south, which areworking closely with multinational groups in Vietnam such as Toyota, Mitsubishiand Canon to seek suitable suppliers for their value chains.

At the same time, the ministry will also develop downstream industries such asenergy, precision engineering and mechanical engineering industries, thuscreating conditions for support industry to develop./.

VNA
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