FDI sector in Vietnam records trade surplus of $6.5 bln in Jan-Feb

Foreign-invested companies in Vietnam doubled their trade surplus, including crude oil, to $6.51 billion in the first two months of this year, versus $3.02 billion in the same period of 2022.

The FDI sector recorded an export revenue of $37.92 billion, down 6.6% year-on-year and accounting for 76.7% of the total; and an import expenditure of $31.41 billion, down 15.3% year-on-year, or 67.37% of the total, according to the General Statistics Office (GSO).

In January-February, Vietnam reported a trade surplus of $2.82 billion, versus a trade deficit of $300 million in the same period of 2022. Export revenue in January-February fell 10.4% year-on-year to $49.44 billion, while import expenditure dropped 16% to $46.62 billion.

The top three major export products were mobile phones, and components with $9.42 billion, up 7.6% year-on-year; followed by electronics, computers and components with $6.87 billion, down 13.9%; and machines and equipment with $6.4 billion, down 1.6%.

Major imported goods were electronics, computers, and components with $12.76 billion, down 8.3% year-on-year; machines and equipment with $5.54 billion, down 21.8%; and petroleum with $1.7 billion, up 56.3%.

In the two months, China, the U.S., and South Korea were Vietnam’s biggest trade partners with turnovers of $22.8 billion, $15 billion, and $11.7 billion, respectively. Other top trade partners were ASEAN, the EU, and Japan with $10.7 billion, $9 billion, and $6.6 billion, respectively.

China remained the biggest import market of Vietnam with $14.6 billion, while the U.S. was the biggest export destination with $13.1 billion.